Multi-Dealer Platforms Increasingly Costly, FICC Traders Agree – The Trade

“Over the last few years, the dominant narrative has been that more transparency is a good thing, hence the focus on getting more execution on venues,” said Tom Jacques, senior research manager at Coalition Greenwich. “This is largely true, but while transparency has increased, so have the fees earned by the intermediaries and the overall costs incurred by liquidity providers, which ultimately negatively impacts the end investor.”