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Abstract
From its perspective as a large-scale aggregator, New Jersey-based Pershing sees most of what is happening in the US issuance and broker-dealer space, from reverse convertibles to principal-protected notes to certificates of deposit. In August, the firm's structured products offering went live on its BondCentral online platform in partnership with TradeWeb, offering up to 300 products. The platform's typical clients include independent broker-dealers, investment advisory firms and insurance companies. Of the several hundred million dollars' worth of products bought through Pershing each year,a significant amount comes from reverse enquiries and is offered to a range of issuers who compete on pricing. Member firms can ring-fence certain product channels on BondCentral to prevent advisers from accessing them.