They were both founded prior to Basel III at which point the ability of the dealers to warehouse the risk was their chief competitive advantage, particularly in credit. Post Basel III, they can't warehouse to systems that match buyers and sellers live are far more powerful.
Head-exploding levels of irony in this piece.
Rick McVey founded $MKTX in... a JPMorgan startup lab.
Tradeweb was launched by... a consortium of banks.
"Hey guys, those things we started way back when are kind of a problem now."https://www.businessinsider.com/jpmorgan-warns-competition-bond-trading-venues-marketaxess-tradeweb-bloomberg-2021-6 …
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Banks love creating trading platforms then hate them few years after, create a new one, only for this cycle to repeat, until they manage to create an unsuccessful one
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