Waters Wrap: Reading the fixed-income tea leaves
A lot gets made about how much fixed income has been electronified. Anthony says that “percentage” ignores the important technological evolutions and strategic shifts being made by the vendor community.
Some selected quotes from recent earnings calls:
“In 2023, as we’re entering 2024, there are still clients that pick up the phone and do trades like it’s 1994.”
—Billy Hult, CEO, Tradeweb
https://www.waterstechnology.com/trading-tech/7951394/tradeweb-turns-attention-to-automating-larger-trades-in-credit
“As we approach peak interest rates, we expect a resurgence in fixed-income flows, with clients capitalizing on higher yields.”
—Larry Fink, CEO, BlackRock
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