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eSpeed currently owns ~15% of the inter-dealer Treasury market; BrokerTec owns more than 70%:pic.twitter.com/JJ8OmaqMYL
Takeaways: A consortium of banks is behind almost every change in exchange power. If banks aren't behind it, it probably won't succeed. Sometimes it takes a perfect storm of competition, technology and even tragedy for an incumbent exchange to lose its hold on a market.
Sources: https://www.nytimes.com/2002/05/17/business/bond-broker-inquiry.html … https://www.ft.com/content/05c4376e-7955-11d9-89c5-00000e2511c8 … https://www.economist.com/finance-and-economics/2001/09/20/carrying-on … https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr381.pdf …
I once said that the goal of the CEO of a particular exchange was to ensure that a particular big bank never thought about funding its own exchange with the other big banks; every day that passed without it happening was a success - the rest took care of itself
great one - reminds me (a bit) the ICE emergence story in the aftermath of 2001's financial scandal (post-Enron)
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