Client control
Is disintermediation coming to the collateralised debt obligation (CDO) market? Since their deregulation in the 1970s and 1980s, the major financial markets have typically moved from a paternalistic paradigm where a structurer/provider/ intermediary takes the blame or praise for the performance of a product, pocketing fees plus, usually, some lucrative but hidden basis, to a paradigm where clients are given more or less control (or blame) for the performance of the product they buy in return for more price transparency.
Now, as Gallagher Polyn explains in Bespoke panacea? (Credit risk
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