Hairy Days as New Bond Shops Struggle to Dent $8 Trillion Market

In mid-July, Amar Kuchinad, a former Goldman Sachs Group Inc. banker turned bond entrepreneur, was sporting a thick beard. He refused to shave, he said, until his new company, Electronifie Inc., turned a profit.

As Electronifie competed among the dozen or more new electronic bond-trading systems to come on the scene in the last year, Kuchinad’s beard was growing conspicuously bushy. The new trading venues face the unenviable challenge of changing the behavior of bankers and investors who for decades have bought and sold corporate bonds over the telephone or by instant message.

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