Chase, J.P. Morgan, Bear Stearns to launch fixed-income portal

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New York--Chase Manhattan Bank, J.P. Morgan & Co. and Bear Stearns & Co. will jointly launch a fixed-income portal aimed at institutional investors and securities dealers. The financial giants will provide $24 million in financing for the site, which will be called Market Axess. The portal, which will allow for online fixed-income trading and research, is due to launch by the end of second quarter. The companies' announcement sets the stage for an Internet bond showdown: Salomon Smith Barney, Goldman Sachs & Co. and Morgan Stanley Dean Witter & Co. are prepping their own fixed-income portal, called Bond Hub.
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