Relying on number one

Does Pimco rely on tools from the sell side or are they primarily built in-house? It has been our philosophy since our founding 35 years ago that our technology would be developed in-house. Has this offered advantages – like not being too reliant on the sell side?Yes, particularly in the mortgage market, but also with the derivative markets, treasury futures and options as well as the credit default market. All our technology across those markets is proprietary. It's definitely a competitive