21 May

Weekly Roundup - The View From Boston

There is a lot of talk about the Fixed Income Leaders Summit in Boston. Steve attended and wasn't disappointed.

Some takeaways:

- The key themes were fragmentation, regulation, transparency and the growth of e-trading.

- FI volumes are now 37% electronic (up from 11% in 2011) according to Greenwich Associates.

- The era of platform fatigue is over. The focus is now on using the most appropriate channel to get trades done.

- All-to-all venues are gaining traction (corroborating Shanny Basar's recent article in Markets Media)

- ETF's are grabbing headlines and helping with liquidity, but they still only account for 1% of overall FI traded volumes.

- The role of Non-Bank Liquidity Providers is growing, but the transition from price taker to price maker is not straightforward.

- TCA is a major focus. 87% plan to invest in TCA analytics in the next 18 months.

- Congratulations to Trounce Flow
who won The Shark Tank session. Steve pitched TransFICC alongside Liquidity Cube and AQMetrics, who both had great offerings. FinTech is coming to FI markets.

- Steve Eisman of The Big Short fame is
a great speaker.

Thanks to Oliver Kirkbright and the team at WBR for a great conference. See you in Barcelona.