Cantor Fitzgerald’s Howard Lutnick reportedly has set his sights on reclaiming a prime cut of US Treasury bond trading.
The Financial Times reported Lutnick “is betting a significant increase in speed will transform the process” of buying and selling government debt in the $14 trillion Treasury market.
“We think the marketplace that exists today in US Treasuries has dumbed down,” says Lutnick, whose return with a new electronic trading platform comes four years after he sold the first, eSpeed, to Nasdaq for $1.2 billion.
“I don’t talk about how we do it, but we expect to be materially faster than all other platforms,” he told the Financial Times.
His new platform, known as FENICS UST, will be showcased at a fixed-income conference in Boston this week, the FT reported.
Every price on the FENICS UST screen will be executable at that price, rather than requiring further confirmation, the FT explained. “It requires a quantum leap of speed to make that available,” he says.
To be sure, bond trading itself can be a fickle mistress indeed.
For its part, Goldman Sachs Group Inc. recently stunned Wall Street with a rare shortfall in bond-trading revenue, a traditional strength, in a quarter when rivals gained momentum, Bloomberg reported.
Revenue from fixed-income trading of $1.69 billion suffered from weaker demand in commodities and currencies, the New York-based company said Tuesday in a statement, and fell short of analysts’ $2.03 billion estimate.
(Newsmax wires services contributed to this report).
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