Trading venues decry disruptors as MTF battle heats up

Unregulated tech vendors accused of operating as de facto venues; claim dismissed as “entirely outrageous”

Imagine, for a moment, a trading tool that allows buy-side users to send quote requests to multiple dealers in one click. The tool collects responses and then displays the quotes on the buy-sider’s screen. The dealer sees only a single request for a trade. Should this service be described as a trading venue, or is it a chat tool with extra frills?

The tool exists: it is called Sparc, and it was launched last year by tech vendor Symphony as a bolt-on to the firm’s messaging platform. Sparc is

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