Interdealer electronic bond trading has had an unexpectedly dramatic year. Cantor Fitzgerald and its daughter company eSpeed have continued their impressive recovery from their September 11 losses, with the electronic execution platform now taking its place at the centre of Cantor’s strategy.
Cantor and eSpeed also surprised many in the market by entering into public recriminations with arch-rival Icap over Icap’s attempts to poach its staff. The UK press delighted in courtroom stories of high-paid brokers bullying each other before repairing to lap-dancing bars for rest and relaxation.
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