“ However , sometimes it ’ s a bit like retail shopping . You go into the shop and they don ' t have the sizes that you want anymore but you can get it online .”
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the inventory that we need and therefore we need to find some different ways of addressing and finding that liquidity .”
Technology at its heart Already on an accelerated path to electronification , this drive to source new liquidity has fuelled new technology developments in fixed income as heads of trading increasingly move to add execution management systems ( EMS ), portfolio trading and allto-all trading to their stable when it comes to execution .
“ The idea that one tool does not fit everything is becoming so much more apparent because liquidity is so much more scattered around the market ,” Ruffles explains . “ When I joined State Street in 2004 , we were electronically trading then .
“ In Europe , for our style of business we don ’ t use portfolio trading that much . When we evaluated the tool versus doing it ourselves we tended to evaluate that our results would be better than the results we would get from the portfolio trade . If we ' re
“ However , sometimes it ’ s a bit like retail shopping . You go into the shop and they don ' t have the sizes that you want anymore but you can get it online .”
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