1) Why separate “credit trading” now? Credit trading across rates, spreads, structured products, and relative value is operationally demanding. 2) The strategic bridge: from liquid credit to private credit economicsThe most important meta-trend isn’t just “credit trading.” It’s the convergence of:liquid credit trading (hedge-fund style) and(hedge-fund style) and private credit / structured credit (private-markets style)Even if Millennium’s unit is framed as a trading business, the industry trajectory is pulling the largest hedge funds toward credit products that look and feel closer to private markets: longer-duration fee streams, scalable AUM, and stickier client relationships. Reuters’ Breakingviews has argued that private credit’s evolution will increasingly make it resemble “plain old credit,” reinforcing the idea that boundaries between public and private credit ecosystems are blurring. IG vs. HY ,, rates vs. spreads ,, macro credit vs. capital structure ,, structured credit and mortgages ,, special situations / stressed / distressedA dedicated credit trading unit is, therefore, a governance tool: it helps Millennium allocate risk more precisely, evaluate performance more cleanly, and recruit PMs with sharper mandates.