[ M A R K E T R E V I E W | F I X E D I N C O M E ]
Nordea Asset Management ’ s former global
head of trading is looking to revolutionise institutional bond trading as he prepares to launch a bond execution system via his start-up . Miles Kumaresan , founder and CEO of Wave Labs , has unveiled details of the new platform exclusively to The TRADE ahead of its launch in early September .
The platform was due to launch earlier this year , but Kumaresan delayed the rollout due to the COVID-19 crisis . He has since demoed the system with six buyside heads of trading , most of which he expects to onboard upon launch .
Known as eLiSA ( Electronic Liquidity Seeking Application ), the web-based platform
“ A fixed income aims to solve the
EMS is a hard sell complexities and challenges in institutional bond trading for any vendor . The systems that Kumaresan says in the market he faced during his time with Nordea
have replicated Asset Management , workflows from and that other fixed income execution equities , adding no management systems value for traders .” ( EMS ) have failed to address .
MILES KUMARESAN , FOUNDER “ At Nordea , I really
AND CEO , WAVE LABS struggled to grasp the nuances of fixed income trading which were new to me at the time ,” he tells The TRADE . “ When the penny finally dropped and I suddenly realised the complexities of the whole process , I understood there was no way I could solve these problems from within . A fixed income EMS is a hard sell for any vendor . The systems in the market have simply replicated workflows from equities , adding no value for traders , and any adaptations in these systems have been rudimentary – simply facilitating the status quo in liquidity sourcing .”
“ I knew I had to find a solution to the fixed income EMS , and in order to do so , I had to look at the fundamentals – the A , B and Cs of fixed income – and solve each of those issues . I understood that only then will the fixed income EMS truly make a difference . This is what we have spent the past two years doing , creating a system with a vast array of features that would level the playing field for all market participants – a tech suitable for buy-side , sell-side , ETF liquidity providers , hedge funds and others .”
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