After months—arguably years—of little change in the competitive landscape for trading U.S. Treasurys (UST) electronically, the CME’s acquisition of NEX effectively dropped the yellow flag on the market. Now, like it or not, everyone will need...

There still seems to be a misconception that markets primarily driven by central limit orders books (CLOBs) are the most liquid, and that all other markets should strive to move in that direction.   Despite numerous attempts to move the...