Darkness Rising: Can Dark Pools Cure What Ails Credit Trading?

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The solution will probably require a mix of platform types and trading styles, participants say.

As 2014 drew to a close, a multi-strategy hedge fund in the US Midwest was puzzling over the performance of its credit strategies. The firm had been deeply pessimistic about credit markets for some time, and told its clients as much in a series of gloomy investor letters. Despite this, its credit strategies were consistently beating expectations. Now, some of its investors wanted to know why.

"We were scratching our heads," says a partner at the firm. "We eventually realized we had slipped into

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