A BUY-SIDE TRADER
AT HEART, PLACED IN
THE DRIVING SEAT OF
EVOLUTION
Christophe Roupie
Head of Europe and Asia, MarketAxess and Trax
K&K Global Consulting Ltd. met with Christophe Roupie on 23rd May 2018 to
hear about his journey over the past year at MarketAxess.
This is his story:
2018 thus far… Open Trading and the growth of all-to-all liquidity is set to continue
T
he adoption of all-to-all
trading has certainly been an
evolution to the traditional
way buy-side traders execute
orders. It does challenge the
more established workflow when it
comes to price formation on one hand,
and the provision of liquidity on the
other.
The discussion on alternative pools
of liquidity at the Alpha Trader Forum
France in Paris on the 15th of May
was refreshing and quite revealing.
14
Buy side trading desks are starting to
embrace the many benefits of all-to-all
trading. With the quality of pre-trade
price information that is available on
MarketAxess, traders are starting to
be increasingly confident in using
all-to-all trading protocols, including
Market Lists and Private Axes for block
trading. I particularly enjoyed the
discussion between our existing Open
Trading buy-side users and their peers
on the positive impacts of having a
diversified and alternative source of
liquidity. The risk appetite of banks has
www.buysideintel.com
reduced dramatically over the years as
balance sheet constraints and capital
requirements continue to impact
dealers’ ability to provide liquidity.
The alternative route, which is to have
a more direct and broader access to
institutional participants’ inventory
through our all-to-all network, is a
transformative evolution. With more
than 1300 institutions and thousands
of end-users linked on to MarketAxess
on a daily basis, this network is an
alternative pool of liquidity which never
existed before.
Summer 2018