Three Wall Street bond giants joined forces Tuesday to create an online bond trading system that could inject efficiency into a cobwebbed business and may also force a generation of middlemen out of a job.
Goldman Sachs Group Inc., Merrill Lynch & Co. and Morgan Stanley Dean Witter & Co. said they will launch BondBook, an online marketplace bringing together buyers and sellers of corporate, junk and municipal bonds. The firms said the move could shake up the $11.7-trillion market, cutting trade costs and improving price transparency.
