Terminal velocity: MarketAxess bets on algo trading as electronification of fixed income gathers speed
MarketAxess hopes to bring fresh ideas from other asset classes with acquisition of multi-asset algorithm provider Pragma.
When it comes to markets, the celebrated economist John Maynard Keynes believed that “the difficulty lies not in the new ideas, but in escaping from old ones.”
Keynes’ struggle to shrug off habitual modes of thought feels particularly prescient today, as the rapid modernization of traditionally analog markets has paradoxically prompted industry leaders to import familiar ideas wholesale from more developed asset classes.
Yet, for the players who first identify the gold standard in other
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