Talking Heads 2023: A turf war in credit markets

Banks are looking to reclaim territory they previously ceded to market-makers and private funds

The credit markets, once the exclusive domain of banks, long ago splintered into walled enclaves.

Tech-savvy market-makers like Flow Traders and Jane Street got the jump in fixed income exchange-traded funds (ETFs) and portfolio trading. Private credit funds cornered the loan market. Traditional dealers were left to focus on derivatives and the more liquid corporate names that trade in large size.

This year’s Talking Heads interview series with credit specialists suggests those walls are now

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