Week InReview: September 21, 2018

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

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