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It is an electronic broker that is owned by the major primary dealers.
ICAP agreed to buy BrokerTec Global's bond business for as much as $240 million in stock, making it the largest electronic broker of government debt after Cantor Fitzgerald.
With its huge customer base and marketing might, Schwab established itself as the dominant electronic broker in the first quarter of the year, handling 32percentt of the country's on-line trades, according to Piper Jaffray.
The trading volume in government bonds "was equivalent to a preholiday trading day," said Hal Kinkle, chief executive of BrokerTec, an electronic broker that is owned by the major primary dealers.
Cantor Fitzgerald managed to get its eSpeed electronic broker system up and running by 7 a.m., an hour before the bond market resumed trading, said Howard W. Lutnick, Cantor's chairman.
And the consortium of banks and fund managers, along with Instinet, an electronic broker, that took over Tradepoint in 1999 can itself bring orders to the new stockmarket.Ms Hunziker-Ebneter's plan is to trade 10% of European blue chips after a year.
Similar(50)
Last week Instinet, an electronic broker-dealer formerly owned by Reuters that is seeking regulatory approval as an authorised exchange, launched its own IPO.
Electronic brokers merely search for the best current price.
Intermediaries provide something else that electronic brokers cannot: price improvement.
Euronext, fully electronic, will be open to the Internet and to electronic brokers.
They probably represent a bigger threat to the floor exchanges than do electronic brokers.
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