JPMorgan [JPM], the nation’s third largest municipal underwriter, and Charles Schwab [SCHW], one of the world’s largest financial services companies, have joined forces to meet what they see as increasing demand from retail investors in the fixed-income market.

The agreement, three months in the making and announced yesterday, gives Schwab preferential treatment in JPMorgan’s new-issue and secondary municipals, as well as corporate debt and other fixed-income securities.

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