Wall Street fears the end of an era. Some of the world's largest banks suspect that interdealer brokers - who only broker trades between banks - may secretly be allowing buy-side clients to trade in the interdealer market. "The traders aren't claiming any laws are being broken. But they say that - in addition to their own profits - it's threatening long-standing conventions that have helped maintain market integrity and liquidity. One senior trader at a French lender said banks often try to buy or sell bonds for clients in the interdealer market, and if those investors are also present on the platforms then their ability to trade will decrease." Bond Dealers Say Hedge Funds Gatecrashed Their Exclusive Club
Week InAdvance | Mon Sep 17 G20 Think 20 Summit. | Tue Sep 18 Senate fintech hearing. | Wed Sep 19 Basel Committee meets. | Thu Sep 20 Regulation Best Interest at the SEC. | Fri Sep 21 SEC HFT & liquidity forum. Quadruple witching day. | Sat Sep 22 Autumn equinox.
Crisis Retrospective Tomorrow marks the 10th anniversary of the bankruptcy of Lehman Brothers. A look ahead to the next crisis, Can We Survive the Next Financial Crisis?, is a nuanced look at the important ways in which the system that led to the last crisis has become safer and also the pockets of risk that have grown since 2008.
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