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Wall Street Fears the End of an Era

  • Bank trading heads say funds now have access to trading data
  • Banks’ complaints highlight scramble for profit in debt world
A Wall Street sign is displayed in front of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, May 25, 2018.
Photographer: Michael Nagle/Bloomberg

The masters of the corporate-bond world believe one of their few remaining preserves is slipping away. But they’re not letting it go without a fight.

Credit traders at some of the world’s largest banks are convinced hedge funds and brokers have penetrated their members-only club. The claim -- based on interviews with more than 16 bankers, including seven who head trading desks -- is that rivals and even clients are now accessing information from trading platforms that have long been the exclusive domain of the banks.