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