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These are revolutionary times in the fixed-income market. Like the foreign exchange and equity markets before it, fixed-income trading now appears hell-bent on going electronic, and firms, vendors and brokers are all rushing to roll out execution systems.
But electronic trading isn’t the only revolution taking place in that market. In December, Goldman Sachs, Morgan Stanley Dean Witter and Salomon Smith Barney (SSB) announced that they had joined forces with (and taken minority shares in) a
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