Dark pools and platforms vie to fix credit markets

There is widespread agreement that buy-side firms need to trade with each other to boost dwindling credit market liquidity, and at least 15 platforms are offering to make it happen. It could see a chunk of trading shift to dark venues

Crossover: some participants believe the answer may lie in combining dark pools with the concept of session-based trading

As 2014 drew to a close, a multi-strategy hedge fund in the US mid-west was puzzling over the performance of its credit strategies. The firm had been deeply pessimistic about credit markets for some time, and told its clients as much in a series of gloomy investor letters. Despite this, its credit strategies were consistently beating expectations. Now, some of its investors wanted to know why.

"We were scratching our heads," says a partner at the firm. "We eventually realised we had slipped into

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