Fuller figures

e-trading introduction

During the late 1990s, almost everyone decided that electronic trading was the ‘New Jerusalem’ for fixed income. The rationale was enticingly clear cut: trading and settlement costs in the market were high; there was enormous duplication in effort as investors and banks phoned around for quotes on securities; and it was clear that the fixed-income market was set to grow further.

In short,the market was ripe for the dynamism of the internet. Industry veterans speak nostalgically of