the possible outcomes. ESMA may
re-calibrate the liquidity definitions
somewhere down the line but more
importantly, we as an industry must
collectively help shape the ecosystem
of tomorrow in order to avoid such
shortcomings. investments and developments is a
game changer. Innovation is at the
heart of superior performance,
regardless of the industry. Artificial
intelligence and machine learning
are reshaping our vision of the
future.
Our proprietary Axess All platform
is the closest you can get to a
consolidated trade tape in Europe and
at any time represents up to two thirds
of the European trading activity of any
given day, from highly liquid to less
liquid bonds, including Asian credit.
Once certain parameters are met our
system provides users with pre-trade
information to better understand
market flows and the latest pricing
information on any given bond. By
leveraging the Trax database, Axess All
provides a market-wide view agnostic
of execution sources. The technology available today is
helping deliver efficiencies across all
types of trading strategies. More firms
are relying on data to improve their
efficiency and implement superior
execution strategies.
The level of adoption in e-trading
technology for fixed-income markets
continues to grow from a relatively
low base to a more diversified set of
users including private banking and
central banks. We therefore see a
substantial opportunity for growth in
transparency, particularly in markets
like Asia. When finding liquidity with
the other side is challenging in certain
markets, further electronification helps
improve liquidity by creating new
trading connections and ultimately
expanding the all to all network.
Innovating in a new market
environment
Despite increased regulatory
scrutiny, cost and fee pressures and
market structure changes, financial
markets and the fixed-income
world in particular are continuing to
innovate. In my experience, being
the first or early mover in technology
Summer 2018
We recently released an algo-driven,
fully automated machine learning
pricing tool called CP+. The CP+
engine generates nearly 20 million
price levels per day, refreshed every
15 to 60 seconds for over 23,000
corporate bonds globally and sits
within the trading screen on the
MarketAxess platform, giving traders
high quality information directly at
their fingers tips. Data tools, such as
CP+, and the range of trading solutions
available to clients significantly
improves the efficiency of any trading
desk, giving them more confidence in
the price formation process.
Setting the Brexit strategy
On an anecdotal note, I moved to the
UK two weeks before Theresa May
triggered Article 50, bringing my
family to London at a time when many
continental Europeans were opting to
do the exact opposite move. Uncertain
and historical times to say the least.
But I cannot think of a better place to
be in at the moment, and my work
as UK Chairman of the CityUK Anglo-
Dutch dialogue is an illustration of the
many unexpected impacts of Brexit.
www.buysideintel.com
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