While the issuing of loans to companies is a core functionality of modern banking, the size, or risk, of a request can exceed the limits, or appetite, of a single bank giving ground for syndication where the funding comes from a collegium of lenders. This not only provides better risk management, but also, allows smaller institutions, and non-banks, access to a highly lucrative market segment inducing competition. Syndication can also limit competition if participants form closed circles, coordinate prices, or bundle services, which is why competition authorities lately have taken an interest in the matter.