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Search for yield drives demand for private, difficult-to-trade deals

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.

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