Multitrace formulations (MTF) for boundary integral equations (BIE) were developed over the last few years in [4] and [1, 2] for the simulation of electromagnetic problems in piecewise constant media, see also [3] for associated boundary integral methods. The MTFs are naturally adapted to the developments of new block preconditioners, as indicated in [5], but very little is known so far about such associated iterative solvers. The goal of our presentation is to give an elementary introduction to MTFs, and also to establish a natural connection with the more classical Dirichlet-Neumann algorithms that are well understood in the domain decomposition literature, see for example [6, 7]. We present for a model problem a convergence analysis for a naturally arising block iterative method associated with the MTF, and also first numerical results to illustrate what performance one can expect from such an iterative solver.