A new service that could increase competition for programme trades opens in London this July.
The web-based service, called BidRoute, hopes to help fund managers automate the cumbersome process that they have to go through to get quotes for their programme trades from brokers, allowing them to share information with more brokerage houses while introducing a competitive auction for the business.
"Forty percent of equities trading in the US and Europe is done through programme trades but the business is overwhelmingly dominated by just three brokerages, which have over...
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