Trading Firm Jane Street Challenges Wall Street

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Trading Firm Jane Street Challenges Wall Street
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Bond markets are finally being transformed by electronic and algorithmic trading, innovations that swept stock and currency markets more than a decade ago

A high-tech trading firm known for its dominance of the exchange-traded fund market is pushing into territory long controlled by Wall Street banks: corporate bonds.

Investment banks and brokerages are the main go-betweens for money managers looking to buy and sell corporate bonds, about $25 billion of which trade daily in the U.S. Now, Jane Street Capital LLC, has begun offering the same service to investment firms on electronic trading platform MarketAxess and has recruited about 60 clients, people familiar with the matter...

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