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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Our take
Roll over, SRTs: Regulators fret over capital relief trades
Banks will have to balance the appeal of capital relief against the risk of a market shutdown
Thrown under the Omnibus: will GAR survive EU’s green rollback?
Green finance metric in limbo after suspension sees 90% of top EU banks forgo reporting
Has the Collins Amendment reached its endgame?
Scott Bessent wants to end the dual capital stack. How that would work in practice remains unclear
Talking Heads 2025: Who will buy Trump’s big, beautiful bonds?
Treasury issuance and hedge fund risks vex macro heavyweights
The AI explainability barrier is lowering
Improved and accessible tools can quickly make sense of complex models
Do BIS volumes soar past the trend?
FX market ADV has surged to $9.6 trillion in the latest triennial survey, but are these figures representative?
DFAST monoculture is its own test
Drop in frequency and scope of stress test disclosures makes it hard to monitor bank mimicry of Fed models
Lightening the RWA load in securitisations
Credit Agricole quants propose new method for achieving capital neutrality
