Spend too much time looking in the rear-view mirrors and you risk hitting oncoming traffic. But that is what our regulatory authorities are doing, while remaining blissfully ignorant of some of the pressures building up in markets. I have written before about syndicate desks allocating bonds to their best friends (which happen, to be fair, to be their best customers). What I had not clocked until recently was what a significant influence the practice has on the overall asset management market.
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