Hey Joel, yeah, that's from 2004.The recent developments aren't entirely clear, but IBKR has mentioned on their con calls that they are hiring bond traders and moving in to disrupt this market pretty clearly.I don't know how it will play out... but it's been a long time coming. They were instrumental in moving stocks from 1/8 to penny spread pricing. Doing the same from nickels to pennys with options. They were the first to really push electronic trading hard, and I really the the OTC derivatives (hard) and OTC bond markets (easier) are their next steps.I don't know enough to know how exactly they will create a market, but there is just too much captive profit at the big boys for them to hold off the wolves like IBKR any longer.Will be interesting. I'll try to follow it a bit more closely now that I've become more interested in bonds and (more importantly) have initiated a small position in IBKR (for reasons outside of their bond involvement).Ben
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