, Columnist
Bond Markets Are the New Stock Markets
Electronification, the private secondary market, Bill Hwang’s motives and Hunterbrook’s music section.
Traditionally there are three main things you need to be a good bond dealer:
Historically, in the US, this was a business done by investment banks and trading firms; eventually it became largely a business done by big universal Wall Street banks. Banks had famous brands and lots of salespeople to take customers out to dinner and get to know their needs, so customers knew to call them. They had lots of smart people who were good at pricing bonds, and their customer flow gave them a good sense of market prices. And, being banks, they had money.