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[MKTX, TW] Market infrastructure: part 3

During the mid/late-90s, electronic trading networks eSpeed (acquired by NASDAQ) and BrokerTec (acquired by NEX, which was then acquired by CME) rolled out central order limit booking (CLOB) for the inter-dealer trading of US Treasuries.  Today, more than 80% of dealer-to-dealer Treasury volumes are electronic, the overwhelming majority of which is executed via CLOB. The [...]
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