BlackRock's recent announcement that it will be working alongside electronic market leader MarketAxess on the trading of corporate bonds has been called many things. BlackRock called it a "strategic alliance" and a "partnership." Others called it a "retreat," a "failure," and a "surrender."
Two weeks after BlackRock and MarketAxess, former rivals for a piece of the electronic credit market, emerged from the New York money manager's headquarters surprisingly holding hands, the industry still isn
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