Next Lutnick ignored a potent threat from two rivals that merged to form BrokerTec.
FORBES: Briefing Book: Howard Lutnick
ESpeed by itself is the second-largest broker of Treasury bond trades (after BrokerTec).
By September 2003 BrokerTec had 30% of the market for on-the-run (recently issued) Treasurys, eSpeed's bread-and-butter business--and Lutnick was forced to take notice.
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