Instinet’s Fenichel: Profit Beats Market Share
2002 PREVIEW
NEW YORK--The future of online bond platforms in 2002 and beyond will be determined less by their market share than by their profitability, says Peter Fenichel, CEO of Instinet Global Fixed Income Markets.
"The idea that ‘liquidity begets liquidity’--that’s largely a throwaway line," Fenichel says. "You can’t spend more than you make in perpetuity. If you have a business model where, even at 100 percent market share, it would still not make you money, you have a problem."
That’s precisely what
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