A decade is a long time in any business, but in fixed-income it seems like an eternity. It has been long enough for trading to change beyond recognition. Whereas 10 years ago corporate bonds, for instance, were still mostly traded over the phone, by last year 20% of trading had become electronic, and by 2016 it could reach 37%, according to US research house Tabb Group.

Tradeweb, one of the firms that has helped to drive this change, passes a 10-year milestone this month. In April 2004, it underwent a significant change in ownership, agreeing to be bought by Thomson, now part of Thomson Reuters.