E-commerce – Bonding on the internet

Selling of primary bond issues via the internet has diverted attention from more revolutionary developments in e-trading - such as the plethora of bond-trading platforms, owned by different constellations of players, and the channelling of several banks' research and dealing services through a single portal. Where's it all going? Antony Currie reports

   

Phillip Buhannic




Let’s hope that Larry Fondren has a sense of humour. If not, the events of the past month are going to depress him. Fondren had worked in investment banking, and in 1992 decided to set up his own firm, InterVest. He aimed to provide an electronic marketplace for investors and broker-dealers to trade bonds in the secondary market. He reckoned it would improve price transparency, cut costs and as a result increase the amount of trading.

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