BBC, L&G, CQS, FCLT, CalPERS, APK, Central Beheer, Xerox, Metro, Telegraaf, Pantheon, Merian, SEI, Amundi, M&G, Willis Towers Watson. : No wonder the discussion of trade is in such a tangle. The terminology around the subject is almost designed to cause confusion. The rampant bull market of the past decade could already be a thing of the past and institutional investors are understandably nervous about the future The lending environment is undergoing a worrying change.