As investors press ahead looking for ways to push up yields, many are turning to what is coming to be called "nonlinear finance": a growing market for often-complex private credit asset deals that can be difficult to trade because they don't have public credit ratings. It is becoming a challenge for regulators to keep up with what is going on in this business, which is largely run by the trading arms of big investment banks.
Search for yield drives demand for private, difficult-to-trade deals
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