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New players challenge Wall Street

Buy side bond traders are now calling the shots.

The buy side - from asset managers to hedge funds - are exerting more influence than ever on the market. Those on the sell side once employed armies of analysts to come up with the smartest trade ideas to make money. All that changed after the 2008 financial crisis when regulations intended to make banks safer and discourage risk-taking started eroding profits of the sell side and forcing dealers to rethink their business model.

New York

IT'S NOT Wall Street, where the biggest names in banking stalk the canyons of Manhattan. And it's not the City of London, where grand financial institutions new and ancient grace the shores of the slate-gray Thames. No, this is Columbus, Ohio, and John McClain, a portfolio