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Fuller figures

It should be the perfect match of technology to market, but that hasn’t stopped a major shake-up of the electronic trading platform industry, as Laurence Neville discovers

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

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