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:
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That said, there were also a lot of IDB phone brokers too that had good share like Garban (which was eventually bought by ICAP), Liberty (another dealer consortia), Tullett, FBI and others
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