Human traders are increasingly losing out to machines in theworld's biggest bond market.

While investors traditionally negotiated prices for U.S.Treasuries by telephone, they're increasingly turning to computer-basedmarketplaces for a range of price quotes from different dealers. Arecord 48 percent of trades in U.S. government debt have occurredon electronic platforms this year, up from 31 percent in 2012,according to a study released yesterday by research firm GreenwichAssociates.

Bond managers are looking for more efficient ways to determinevalues in a US$12 trillion market, as banks use less of their ownmoney to opportunistically buy and sell, giving them less of anedge when they pitch their brokerage services.

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