There are probably a lot of people out there praying this doesn't work out.
But knowing BlackRock, the biggest asset management firm in the world, led by the legendary Larry Fink, it likely will.
The firm is planning to launch a trading platform later this year that would allow it to trade bonds with its peers without the aid of Wall Street, says the Wall Street Journal. That means way less cash for anyone that deals with BlackRocks $3.5 trillion of assets. Moreover, BlackRock plans on charging a fee substantially lower than the going rate.
This is epic. It could completely cut dealers out of a lot of action. And the question is, if BlackRock can do it, who else can?