the banks created their own hedge fund like vehicles called CDOs and alikes and sold it to customers who need a rating and think in basispoints. they created their own hedging vehicles in form of tranched credit indices like CDX and Itraxx. question: after the business model has been changing, what will be left from that era? is the substance of tranched credit strong enough to stay alive? my guess is yes, but i am not sure. i believe for the next year or two the potential buyer group has been imploded or is going to.