This week was good for Bitcoin as its value soared to an all-time high of more than $1,000 on Thursday. Its worth has doubled since a US Senate committee hearing earlier this month backed Bitcoin as a legitimate financial service. Launched in 2009, the alternative currency can be traded anonymously and freely worldwide and is increasingly seen as an efficient way of handling global money transfers. The increased valuation also means that Exante’s Bitcoin fund is the best performing hedge fund so far in 2013 with a return of 4,847%.
On Monday, five major US banks said they would fund a new electronic bond trading venue on Tradeweb, a company owned by Thomson Reuters and a consortium of banks. This is regarded as an attempt to improve liquidity in the $9tn market for US corporate debt while retaining their control over the way securities change hands.