The quest for best execution quality matters above all else. The drive on the buy side to find and improve access to liquidity, the innovation of 3rd party trading platforms, and a reduction in the concern of the identity of trading counterparties have all been fundamental to increased volumes in all-to-all trading. The dynamic of liquidity provision is changing with the rapid diversification of protocols, increased concerns over information leakage and risk management, and efficiency of execution beginning to trump counterparty relationships. As a result, buy side firms now play a larger role in liquidity provision as their trading desks are now engaging in a price making capacity.
To better understand how European buy side leaders are embracing automation in fixed income trading, The Finance Hive and MarketAxess hosted a digital boardroom for a select group of head traders and technologists to brainstorm, benchmark and share experiences.
This report provides some of the key takeaways from this buy side discussion and focusses on the critical themes below:
- The most efficient usage of all-to-all
- Setting a strategy for price making and taking
- Automation to improve all-to-all engagement
- Measuring the success of all-to-all
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The way we see all-to-all trading is that it can help us improve different aspects of the trading value chain for corporate and emerging markets bonds. The first of these is the broader liquidity landscape we can make use of. Only requesting established broker-lines can limit you when it comes to accessing liquidity in the market. All-to-all trading gives you a broader reach and increases the likelihood of execution.”