Fuller figures

Electronic 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 settlementcosts in the market were high; there was enormous duplication in effort as investorsand banks phoned around for quotes on securities; and it was clear that the fixedincome market was set to grow further.

In short, it was a market ripe for the dynamism of the internet. Industry veteransspeak with nostalgia of how there we

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