In today's episode, we discuss Citadel's potential white label offering of their Equities trading operations to investment banks --- discussed in this article as something to fill the gap of banks pulling back from Equities Sales & Trading: https://www.bloomberg.com/news/articles/2024-07-11/citadel-securities-crafts-plan-to-shake-up-banks-trading-desks

We also discuss the theoretical possibility that something similar might emerge in the Fixed Income space as well as capital requirements remain a challenge for banks. We know banks are continually thinking about how to strategically allocate balance sheet in light of a previous article discussing how they've already established a pattern of outsourcing balance sheet to the Private Equity & Private Credit realm.

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