More contraction in PB and market-making ahead
Banks' retrenchment from market-making and credit provision will be key themes
2015 saw banks retrench from levels of market-making they previously felt comfortable with, as regulatory changes reduced the viability and profitability of devoting capital to certain segments.
John Miesner, head of global sales for GTX, says banks increased the flow they put through the institutional trading venue over the year, as they sought to move out of positions as soon as possible, rather than warehousing risk internally.
"The prevailing thought is that a number of banks are becoming
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