In the asset-backed securities market, where Merrill Lynch and Citigroup historically fought tooth and nail for the top two slots, the emergence of a much smaller player is the best indication yet that the battle lines have been redrawn.

Asset-backed securities are taking tentative steps back on to the road to recovery. In 2009, 121 deals were completed, a fraction of the 1,034 that were completed at its peak in 2007, although analysts claim the uptick in volumes this year suggests the tide is finally turning.