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Are bond traders the new Masters of the Universe?

Traditional dealers pull back as traders assume bigger role in market for US government debt

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Master of the Universe Sherman McCoy (right, played by Tom Hanks in the 1990 movie "Bonfire of the Vanities"), once held Wall Street in his thrall as a hotshot bond dealer.

New York

TIME was, Sherman McCoy could stride into Pierce & Pierce to bray for money on the bond markets with other Masters of the Universe.

That was 1987. Mr McCoy, the hotshot bond dealer at the centre of the Bonfire of the Vanities, would be 66 by now, and he'd scarcely...

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