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Concannon ‘Graduates’ to Fixed Income – Markets Media

Full Article: Markets Media

“The FX market used to be dealer-driven until the banks withdrew from taking risk,” he added. “Technology developed in FX can be deployed in fixed income algos, and to provide anonymous liquidity in an agency model.”

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  • Goose
    GooseFebruary 8, 2019"Color me skeptical.. the liquidity profile of credit...market size, daily volume, strategies, turnover, consistent bid/ask are all very similar to FX and will support a robust agency model. Also this... "Open Trading is MarketAxess’ all-to-all trading model which allows the buy side to also supply liquidity, rather than the traditional model of only banks supplying liquidity to investors". Saw a linkedin article that said buyside to buyside corporate bond trading is 2…"

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Goose
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Color me skeptical.. the liquidity profile of credit…market size, daily volume, strategies, turnover, consistent bid/ask are all very similar to FX and will support a robust agency model. Also this… “Open Trading is MarketAxess’ all-to-all trading model which allows the buy side to also supply liquidity, rather than the traditional model of only banks supplying liquidity to investors”. Saw a linkedin article that said buyside to buyside corporate bond trading is 25% of Open Trading, which is about 370mm a day or 1.3% of the corporate bond market. The rest is dealers and “market makers”. I poked around and couldn’t… Read more »