bulge-bracket firm

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Bulge-Bracket Firm

In bracketing, an underwriting firm responsible for placing a certain amount of a new issue with investors. If a bulge bracket firm is the single largest underwriter, it may be responsible for assigning parts of the issuer to other underwriters. Brackets are listed in order of size on an advertisement detailing each new issue, known as the tombstone.

bulge-bracket firm

A large investment banking firm that is considered to have an exceptional reputation and customer base. Investment bankers such as Merrill Lynch, Morgan Stanley, and Goldman Sachs are held to be among the relatively small group of firms that qualify.
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Unlike the bulge bracket firms for whom high-touch trading is a substantial part of the business, agency brokers have smaller budgets and tend to rely on their technology and low-touch trading services to win clients.
Altman aggressively recruits managing directors from the Wall Street bulge bracket firms, each with a $10 million revenue target and has won many trophy mandates in TMT deals.
The best example of unbundled purchasing and the importance of expertise is the advisory business, where bulge bracket firms or "pure" investment banks have dominated.