Late adopters: why buy-siders are sticking to RFQ

Asset managers have been slow to embrace alternative trading protocols in fixed income


Investment banks have talked of asset managers playing a new role as price-makers, trading with each other directly, perhaps algorithmically on order book platforms – as banks retreat from their role as liquidity providers.

But the same enthusiasm is not necessarily shared by the buy side. Fixed-income platforms are struggling to recruit asset managers onto their central-limit order books (Clobs) – venues that anonymously match buy and sell orders – as demand for request for quote (RFQ) trading

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