The end of an illusion

An especially precipitous CDO (collateralised debt obligation) downgrade by Standard & Poor's (S&P) in early November could prove a watershed moment in the current crisis once forensics are complete and history is compiled, although it should be borne in mind that the slide started in April when S&P put a slew of RMBS (residential mortgage-backed securities) on watch, with the first downgradings following a month later. At the very least, many financial firms' fourth quarters will be especially

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Systematic tools gain favor in fixed income

Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.

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