Corporate history is littered with examples of leading companies that have been laid low by disruptive technology.
In the electronically traded swaps space, Bloomberg’s swap execution facility (Sef) has been the dominant dealer-to-client execution venue in the US since the electronic mandate came into force, recording a 55% average market share by volume for interest rate swaps in 2014, according to Futures Industry Association data.
But just three years later, Tradeweb has overtaken its rival
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