David Karp discusses how bankruptcy claims trading, long established in the U.S., is increasingly expanding into European markets as investors seek new opportunities abroad. He explains that while the space has grown significantly since the financial crisis—drawing in hedge funds and private equity firms—it has also become more competitive, with limited supply of attractive claims and complex risks tied to individual creditors and legal frameworks. As a result, investors are pushing into more international and complex situations, signaling that claims trading is evolving into a global market despite structural and regulatory challenges.