How DIY Bond Traders Displaced Wall Street’s Hot Shots

Bloomberg reports:

The shift to a more do-it-yourself approach to trading can be seen in many ways. At U.S. auctions this year, the 22 primary dealers designated to underwrite the debt and trade directly with the Fed bought 36 percent of Treasuries sold, the smallest share on record, Treasury data compiled by Bloomberg show.

Deutsche Bank AG, the biggest bond firm by trading volume, is looking to shrink its interest-rate trading business, a person familiar with the matter said this month.

Today's bond market.