The Electronic Bond Market--Phase Two?

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One of last year's big stories in the bond market was Internet-based electronic bond trading--more correctly, the number of firms jockeying for position in the nascent electronic bond trading world. Almost every week it seemed there was an announcement that yet another venture had been launched with the goal of capturing a piece of the bond ECN pie.

By the end of the year, the number of firms that had either launched a trading platform or were promising to do so in the near future had

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