Citi, BofA Want to Save Traders’ Time With Fixed-Income Platform
- New trading venue will initially focus on market for CLOs
- The two banks plan to invite other dealers to participate
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If Citigroup Inc. and Bank of America Corp. have their way, CLO traders are about to become a lot more productive.
In the market for collateralized loan obligations, traders still spend the majority of their time helping clients manually compile bid lists for auctions known as “bid wanted in competition,” or BWICs. It’s a slow process, and there’s usually little revenue generated by the effort.