Consortia Under Scrutiny
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Ever since bank-backed trading platforms, or consortia, began to emerge in the dot-com boom days, a nagging suspicion throughout the industry that these joint ventures may use unfair trading practices has continued to dog them. In mid-May, these suspicions grew when BrokerTec, the online bond exchange formed by 14 Wall Street bond dealers, confirmed it had received a Civilian Investigative Demand (CID) from the US Department of Justice. Meanwhile, CIDs were also sent to other online bond trading
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