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Senior buy-side bond traders have previously made the case that most EMS platforms in the market are a tool for equities markets and not fixed income . Like Kumaresan , they argued that many of the systems have applied equities models to fixed income , despite stark differences in trading processes and liquidity landscapes .
In contrast , Kumaresan states the backbone of the eLiSA system , which was developed by Wave Labs following in-depth discussions with traders , portfolios managers and analysts , is a new workflow that is inherent to fixed income trading , focused on indepth analysis , and execution .
“ This is a very innovative piece of trading technology that has a uniquely fixed income workflow ,” Christoph Hock , head of multi-asset trading at Union Investment , told The TRADE about the eLiSA platform .
The system offers multiple channels for execution , including high-touch trading , semi-automated and fully-automated execution , auto-quoting , and automated liquidity seeking and smart order negotiation and routing functionality . eLiSA offers a suite of tools for high-touch traders for visually identifying liquidity spots and price differences , as well as a data mining tool to score , rank and make broker recommendations . Kumaresan believes a ‘ black-box ’ spurting out recommendations doesn ’ t suffice anymore . His system ’ s broker recommendations include a summary of why the broker is recommended , with the benefits of the recommended broker visually highlighted in comparison to all other brokers .
“ This is a much more complex math problem than what meets the eye ,” Kumaresan adds . “ You
62 // TheTRADE // Fall 2020