On a stronger footing

Last year saw a shake-out among fixed income e-trading systems, and the product has emerged the stronger for it. Attention is focusing on models that fit best with the realities of the market, including disclosed multi-dealer systems for credit trading. There is still an exploratory feel to the e-trading of credit, but acceptance of the new medium is growing. Euan Hagger reports.

Until two years ago, banks were rushing to introduce electronic trading platforms for fixed income securities like there was no tomorrow. One year later, this ‘must have’ mentality was replaced by a more sober assessment of the role that e-trading has to play in the bond markets, and these same platforms started falling like nine-pins.

In its 2002 review of fixed income e-trading, the Bond Market Association (BMA) put the grand total of platforms that were scrapped last year at 21. According to

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