Direct streaming gains foothold in US Treasuries market
Cost savings drive dealers away from Clob model into alternative venues
In the safe and predictable world of government bonds, banks wishing to trade US Treasuries on an electronic platform traditionally had a choice of two venues: BrokerTec and Nasdaq Fixed Income (known as eSpeed until last year). Trading remained free of the fragmentation that has beset markets such as foreign exchange.
Until now, that is. The rise of a different kind of entity is threatening to erode the cosy duopoly by enabling banks and, latterly, proprietary trading firms to stream automated
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