Codestreet Builds First Sell-Side Corporate-Bond Dark Pool

Many vendors, dealers, dealer consortiums, and large institutional investors have attempted to fundamentally transform the institutional credit market through automation over the last 15 years. Yet for reasons almost entirely stemming from market structure, rather than technology, block credit-trading remains largely voice based, even as equities, foreign exchange and other asset classes have moved online.

Corporate bonds used to be dominated by the dealers, who could service client orders out