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Hide Not Slide
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Hide Not Slide
@HideNotSlide

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Hide Not Slide

@HideNotSlide

Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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    1. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      In 1999, Cantor Fitzgerald's eSpeed owned the Treasury market. Today they have less than 10% of a business they once dominated. A thread on how competition, government action & 9/11 changed eSpeed's trajectory & the balance of power in the government bond market:

      2 replies 4 retweets 25 likes
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    2. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      The 90s were a golden era for Cantor Fitzgerald. The firm served as the top Treasuries bond broker with 90%+ market share. In 1999, they launched electronic platform eSpeed and began migrating customers onto their new screen.pic.twitter.com/rb1nF2Gq4Z

      2 replies 0 retweets 2 likes
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    3. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      Cantor's big bank clients wanted to take power from the broker & launched a rival platform, called BrokerTec, that same year. The fight for the Treasury market looked set to begin, with the top broker facing off against its largest clients. That is, until September 11, 2001.

      1 reply 0 retweets 1 like
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    4. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      Cantor Fitzgerald's offices were located near the top of the north World Trade Center tower. That terrible day, over 650 of its employees were killed in the attacks - including many Treasury bond brokers & eSpeed market operators.pic.twitter.com/UEedpYRKX9

      1 reply 0 retweets 2 likes
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    5. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      Miraculously, the firm's survivors were able to re-open their electronic markets two days after the attacks, but the impacts of Cantor's loss loomed large. While Cantor turned to recovery mode in 2002, BrokerTec began to overtake eSpeed's market share.

      1 reply 0 retweets 2 likes
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    6. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      BrokerTec's rise was not without scandal. As market share quickly flipped their way, the Feds began investigating anti-competitive practices among the owning banks. They argued the banks were boycotting eSpeed, not trading efficiently but to build up their own platform.pic.twitter.com/7CVrMtk79i

      1 reply 0 retweets 1 like
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    7. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      In 2003, the DOJ pressured BrokerTec's owners to sell to ICAP. BrokerTec stayed w/ ICAP until 2018, when $CME bought it as part of a $5.5 billion deal for NEX Group. Meanwhile, eSpeed kept lagging, and was ultimately sold to Nasdaq in 2013, where it still sits today.pic.twitter.com/N4Gv71dIgq

      1 reply 0 retweets 2 likes
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    8. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      eSpeed currently owns ~15% of the inter-dealer Treasury market; BrokerTec owns more than 70%:pic.twitter.com/JJ8OmaqMYL

      1 reply 0 retweets 2 likes
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    9. Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      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.

      3 replies 0 retweets 8 likes
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      Hide Not Slide‏ @HideNotSlide 23 Nov 2020

      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 …

      6:02 AM - 23 Nov 2020
      1 reply 1 retweet 1 like
        1. New conversation
        1. Philip Stafford‏Verified account @staffordphilip 23 Nov 2020
          Replying to @HideNotSlide

          And the Cantor-ICAP rivalry a reminder of what must surely be one of the most expletive-ridden cases of all time in the High Court https://www.independent.co.uk/news/uk/crime/employee-offered-to-set-hitman-on-cantor-chiefs-rival-110619.html …https://www.theguardian.com/business/2003/sep/14/theobserver.observerbusiness7 …

          1 reply 1 retweet 0 likes
        2. Hide Not Slide‏ @HideNotSlide 23 Nov 2020
          Replying to @staffordphilip

          🔥🔥🔥

          0 replies 0 retweets 0 likes
          3. End of conversation

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