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become increasingly siloed to a certain number of asset managers dependant on where certain relationships lie, and this is contributing to changes in the buy-side competitive landscape.“ At some point in time, we ' re going to be left with maybe eight or nine asset managers in the country. Is that really what we want? The market is becoming increasingly fragmented through bilateral trading agreements the proliferation of private rooms and single dealer platforms. If a select few are getting access to liquidity that others are not, how can we really say there is price discovery in our markets?”
The issue, Hinmon highlights, is the lack of transparency in the US as new venues and forms of trading continuously expand the competitive landscape. If volumes are becoming increasingly siloed into less transparent corners of the market that often do not print on the SIP, traders are faced with a greater challenge when looking to be executed in the market.
Data released by Jefferies’ Anna Kurzrok in a
“ Own up to your mistakes and learn from them.”
18 // TheTRADE // Q1 2025