PaineWebber invests in L.L.C.

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New York--The bond exchange space is officially becoming crowded. PaineWebber Group Inc. has invested an undisclosed amount in L.L.C., a New York-based b-to-b fixed-income exchange. PaineWebber is one of the largest securities companies in the U.S. but an Internet latecomer. More than 70 b-to-b bond exchanges have been announced.
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