Wall Street's beleaguered bond traders relive their glory days with a breakout quarter. Sponsored by FlexSharesETFs
Their exploits were detailed in books from the Bonfire of the Vanities in the 1980s to the more recent The Big Short.
But then the financial crisis happened, spurred in part by out-of-control risk taking at banks, and new rules tamped down on the industry's hedge fund-like bets. Central banks around the world drained volatility from markets and big hedge funds struggled to beat index funds, closing shop and shrinking the roster of bank clients.
Fixed income trading, which includes corporate and sovereign bonds, mortgages, currencies and commodities, is still the biggest single business on Wall Street. But it's been in a long decline, and one good quarter is unlikely to change that. The biggest global investment banks generated $64 billion in fixed income revenue in 2018, less than half the 2009 haul, according to financial research firm Coalition.
The fixed-income realm has also been more resistant to automation when compared to stocks, a fact that will likely change at some point. For instance,
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