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Startups aim to revamp trading in world’s biggest debt market

A handful of startup trading platforms is trying to reshape the $15tn US Treasurys market

Cantor Fitzgerald CEO Howard Lutnick last year launched an alternative trading system that now accounts for about 1% of electronic Treasurys trading
Cantor Fitzgerald CEO Howard Lutnick last year launched an alternative trading system that now accounts for about 1% of electronic Treasurys trading Photo: Getty Images

A handful of startup trading platforms are trying to reshape the $15tn US Treasurys market.

Although Treasurys are the world’s largest securities market, most investors looking to trade must request individual price quotes from traders, known as “dealers,” which are typically big banks or investment houses.

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