Remove 2012 Remove Bulge Bracket Remove Underwriting
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The 20 greatest trading innovations

The TRADE

However, first off the bat was MarketAxess which launched its Open Trading all-to-all trading environment in 2012. Usually hosted by bulge bracket banks, SIs are an internalising mechanism that allow banks to execute flow over the counter or off exchange. TCA can be done in-house but is also offered by third party providers.

Trading 120