Streaming prices in corporate bonds is one of the more fascinating market structure tech developments across the Street. Wrote about those efforts and how some firms view it as an opportunity to cut out the middle man and go direct to the buy side. https://www.businessinsider.com/top-corporate-bond-dealers-pushing-to-electronically-trade-directly-2019-5 …https://twitter.com/dandefrancesco/status/1397899101874884616 …
Thanks for sharing. Question - doesn't streaming prices on Live Markets still involve MarketAxess as the middleman? Why does Barclays need Live Markets if they're streaming to buyside clients directly?
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Yes, so that’s the rub. Ideal world: Banks go straight to clients with streaming prices via own APIs. Reality: Tech becomes too hard and instead banks turn to trading venues to help them do it. Trading venues still get to wet beak, but clients get faster pricing.
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So announcements like these are acknowledgement that while streaming pricing is the future, it won’t necessarily occur without trading venues involvement (as some had hoped).
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