Special Report: The E Bond Revolution

How the Internet is reshaping the world's largest financial market

At precisely 11:30 a.m. on Nov. 9, Pittsburgh Mayor Tom J. Murphy aims to make bond market history. With the click of a computer mouse, Murphy will auction $55 million worth of municipal bonds directly to institutional investors over the Internet. The deal would be the first of its kind in the bond market. By cutting out Wall Street's middlemen and appealing directly to buyers, Murphy hopes to eliminate steep underwriting fees and cut the city's cost of issuing bonds by paying a lower yield. "For the first time, we're controlling our own destiny," Murphy declares.

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