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What future for the SSA business model after UBS?

When UBS shut down its SSA DCM business overnight in November, it marked a turning point in the way banks view their SSA franchises. Many will have rushed to reassure clients that they are committed to this most core and venerable of bond markets, but must now be wondering whether it has become a white elephant. Ralph Sinclair assesses what life remains in the SSA business and how to revitalise it.

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