A new survey by the New York-based Bond Market Association (BMA) has found 81 electronic trading systems currently operating in the US and Europe versus 79 last year, indicating some stability in the e-trading arena.After several years of expansion and consolidation among fixed-income trading systems, platform operators have been focusing more attention on product enhancements, such as the drive towards straight-through processing, the BMA said. However, the association also expects some consolidation going forward as less efficient platforms exit the space or are absorbed into larger systems.
Of the 81 systems currently operating, 52 are based principally in the US and 28 are based principally in Europe. There are 11 names listed in the 2001 report that are not in this year's edition. However, 13 new names have been added to the survey this year. Nine of the 81 platforms can be used for trading derivatives: Blackbird, BrokerTec Global, Chicago Board of Trade, CreditTrade, DealComposer, Eurex, Garban-Intercapital. Merrill Lynch Capital Markets and SEB Merchant Banking.
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