But Singapore brokerages are reeling not just from the arrival of the big global guys, but also from online securities trading and falling local fees.

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The Financial Industry Regulatory Authority (Finra), a self-regulator for the broader securities industry, also has an online bond-trading database.

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CBM, a consultancy, the main potential for online bond-trading is in fixed-income securities that are already fairly liquid: these (notably government bonds and blue-chip corporate bonds) are likely to become more liquid, and more keenly priced.

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At Charles Schwab, an American retail brokerage firm, it took just three years for online dealing to account for more than half of all its securities trading.

ECONOMIST: Idea