As liquidity further diminishes in the corporate bond market, several initiatives have sprung up to encourage the investors that own the vast majority of inventory to submit orders on to exchange-like electronic platforms and provide liquidity to each other through central limit order books. Banks themselves have set up internal crossing networks to match client orders. One of the first to do so was UBS, which launched its Price Improvement Network (UBS PIN-FI) back in 2010.
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