US investment banks : the capital markets limited risk and diminished opportunity - Article en Anglais

Over the last few weeks, equity and bond market dynamics have conjured up flashbacks to the fall of 1998 when a liquidity crisis gripped the global capital markets precipitating a grinding deceleration. In the subsequent weeks of that crisis, US securities firms exerienced, in varying degrees of intensity, trading losses and higly compressed marcket making revenues as underwriting business vanished and demand for expanding inventories of emerging market and high yield securities dried-up.