The Trillion-Dollar Incentive: Microstructure mechanics in the Face of a Record Fee Pool
As 2026 approaches with the largest capital raises in history, the distinction between “market stability” and “manufactured liquidity” becomes critical for professional risk managers.
Bill Cara
December 21, 2025
Executive Summary
As the capital markets approach 2026, the global banking sector faces perhaps the most lucrative fee opportunity in the history of underwriting. With mandates for “mega-cap” listings such as OpenAI and SpaceX potentially requiring the largest equity issuances on record, the incentive for investment banks to mai…
