A novel preconditioning scheme for Method of Moment computations is proposed. It consists of an adapted version of an accelerated direct solution method, the Multiscale Compressed Block Decomposition. It is of particular interest for accelerating the convergence of the iterative solution of open problems that are electrically large and exhibit strong concavity. For such problems, when solved with the Multilevel Fast Multipole Algorithm, the convergence is the main efficiency bottleneck. The novel scheme is compared with the de facto standard preconditioner ILU for a representative problem and shown to be considerably more efficient

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