A tussle is emerging between underwriters over who controls the levers of a $2.3 trillion market for new company bonds, with the U.S. as the chosen battleground.

Tech firm Ipreo, jointly owned by a unit of Goldman Sachs Group Inc. and Blackstone Group LP., is taking a system for ordering bonds to Wall Street this year. That puts it in competition with the three U.S. banks that sold the most bonds in 2017—Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co.—which are setting up a rival platform.

“The U.S. banks have a privileged position in the dollar market, and it's probably one they like to defend,” says Armin Peter, London-based global head of debt syndicate at UBS Group AG, which is using Ipreo's platform.

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