Private Credit
Apollo's entire credit book now carries a daily mark, three days after the SEC pressed registrants on private asset valuation. Credit, rates, munis and the data stack all turned this week on who sets the price.
Treasury
Treasury's long-end buyback ceiling doubled to $4bn an operation, and the market erased the rally within a day. Across the week, the same pattern: liquidity provision migrating away from balance sheets, and valuation infrastructure that cannot keep up.
Private Credit
Nvidia's platforms, Bank of America's $250bn and an SEC letter lifting data-centre bonds out of ABS disclosure move credit risk onto collateral nobody prices publicly — a week in which venue, wealth and muni data all grew harder to see.
Wealth Management
LPL's model platform passed $100 billion the same week Edward Jones grew advisory assets 29% on a shrinking roster, making retail bond allocation a gatekeeping decision. The week ran that way throughout: fewer published numbers, concentrated in fewer hands.
Venues & Exchanges
ICE is paying $6bn for MarketAxess just as venue fee capture erodes and the public data on who trades what goes dark — a week in which the price of measurement kept rising.