[ I N D E P T H | B U Y - S I D E P R I C E M A K I N G ]
income ,” adds Poole . “ There are opportunities out there to know where and how things are clearing , such as the dealer sweep and some post-trade tools , which come at a cost . Until we have more colour on that I think there will be still reticence to leave large orders without knowing where they might trade . The consolidated tape of the future is seeking to solve that . Without that consistent resetting of where risk can get priced and where investors are willing to put money to work , long only managers especially will remain reluctant to make those prices .”
The need for quality pre- and post-trade data has only been exacerbated by Mifid II and best execution requirements where firms – especially if
“ If I go out and advertise that I ’ m the seller of a bond at 90 or 90.5 , I need to be able to capture alternative data to prove that that was in fact the correct level for the bond .”
CATHY GIBSON , HEAD OF TRADING , NINETY ONE
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