-Caveat Lector- <A HREF="http://www.ctrl.org/"> </A> -Cui Bono?- from: http://www.aci.net/kalliste/ Click Here: <A HREF="http://www.aci.net/kalliste/">The Home Page of J. Orlin Grabbe</A> ----- Digital Society European Government Bond Trading Goes Online The Internet continue to change financial markets. A group of European investment banks joined forces yesterday to unveil a web site for trading in European government bonds, taking the huge but old-fashioned market a giant step towards permanent residence in cyberspace. BondClick.com will allow institutional investors to check prices of government bonds and execute trades without having to call individual brokers or bond-trading houses. The multi-billion euro market is still mainly a costly and time-consuming over-the-counter operation. The new site, which its backers say is the first in Europe, mirrors similar ventures in the US such as Tradeweb and Market Axess. It reflects the growing desire among investors, brokers and even governments to move the entire market into the electronic era to cut costs, increase the transparency of pricing and make access easier. "This is a notable step forward for the European bond markets," said Saman Majd, global head of government bonds at Deutsche Bank, one of the six founders of BondClick.com. "The idea is a site that becomes the means by which institutions get prices from multiple dealers and execute their trades." ABN Amro, BNP Paribas, Dresdner Bank, J.P. Morgan and Italy's Caboto Holding Sim are the venture's other founders. The banks said they would form a joint venture to operate the system and would own equal shares. Other market participants may be invited to join later. Trading in euro-zone government bonds is likely to be the main service BondClick.com provides when it is up and running towards the middle of this year, but bonds of governments outside the euro-zone will be included. The six banks are among the biggest traders of government bonds, so bankers said there should be no liquidity problems. BondClick.com does not intend to be an exchange or inter-dealer market. It therefore should complement rather than compete with EuroMTS, an electronic trading platform for European bonds, and BrokerTec, a global bond trading system proposed by a consortium of investment banks. The launch of the site reflects the way the internet is transforming the world's bond markets. Equity markets have already succumbed, leading to the rise of day traders in the US and initial public offerings sold over the web. Governments are now looking to the internet to allow retail investors to buy and sell bonds directly. The French, British and Spanish debt management offices plan extensive use of the internet as they modernise their government bond markets and make them electronic marketplaces. The aim is to cut costs for retail investors, who could avoid paying fees to brokers, and to lower the cost of debt by reducing the role of the middlemen in bond issues. The Financial Times, January 25, 2000 ----- Aloha, He'Ping, Om, Shalom, Salaam. Em Hotep, Peace Be, All My Relations. Omnia Bona Bonis, Adieu, Adios, Aloha. Amen. Roads End <A HREF="http://www.ctrl.org/">www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are not allowed. Substance—not soap-boxing! These are sordid matters and 'conspiracy theory'—with its many half-truths, misdirections and outright frauds—is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
