contents
03 Editor ’ s note 06 News update
12 In depth
The evolution of the buy- and sell-side relationship
Wesley Bray explores the impact that new technology and alternative liquidity sources are having on traditional buy- and sell-side roles .
22 Buy-side cover interview
Keeping an aircraft carrier nimble in times of turbulence
Annabel Smith sits down with head of US trading at Legal and General Investment Management ( LGIM ), Ryan Raymond , to explore the nuances of the US market in light of changing central bank policy and the upcoming election , his journey to the trading desk , and the importance of portfolio diversification in order to be able to adapt quickly .
34 In depth
Don ’ t sleep on emerging markets fixed income
As the industry turns its collective attention to the potential for a rebounding of emerging markets in the fixed income sphere , Claudia Preece takes a look at the current state of play , unpacking how both firms and providers are keeping EM bonds front of mind to maximise opportunities in the space and the key motivations for desks going forward .
42 Meet the Desk Trading at the frontier
Annabel Smith sits down with the Londonbased trading team at emerging and frontier markets trading specialist Ninety One to get the inside track on how the desk fits into the global asset manager ’ s remit , along with discussing market themes , and the team ’ s technology wish list .
52 In depth
A look into the centrally cleared future
Wesley Bray explores the latest rule changes for fixed income clearing in the US , what institutions should be most conscious of , how to navigate these changes and what their impact will likely be on competition .
4 // TheTRADE // Q3 2024