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workflows, and adding measurable value”.
Expanding on this, Frew highlights that there are particular areas within the fixed income sphere which would benefit from closer attention – namely, that of the credit new issue market.
“ Here, legacy inefficiencies remain widespread. I have experience from both the selland buy-side perspectives and little has changed in what is a pretty painful part of the market.
“ For years, sales have fought each other for allocations, syndicate managers have been harangued by sales for more bonds and sales credits, portfolio managers or buy-side traders have had a good yell at sales or syndicate. Occasionally trading lines have been pulled.”
He tells The TRADE that over the last year, Pictet has developed a workflow which integrates Bloomberg PREL, Interop, CRD and TSOX in order to capture, monitor, and process orders digitally from inception through compliance checks, order transmission and ultimately to allocation.
“ Efficiency and transparency will improve with faster data prints, but it risks eroding the interpersonal dimension of market engagement- the instinctive read of tone, conviction, or urgency that comes through voice interaction.”
JAMES FREW AND PATRICE GUESNET
Through this, manual intervention has been reduced, as well as enhancing transparency, and creating a scalable workflow aligned with compliance and operational teams.
Importantly, Frew explains that the goal in the end is to help promote and extend this framework further, with the support from global industry partners, adding that of course the sell-side can also play a part, suggesting that they also join the negotiation table.
Guesnet agrees that integrating data and technology into the workflows is essential for optimising trade execution, highlighting several priorities when it comes to growth and innovation.
“ By employing advanced execution algorithms and real-time analytics, we empower our traders to make informed decisions, regardless of the trade size. This approach enables thorough analysis to determine the most suitable brokers, timing, and strategy.
“ We incorporate a blend of macroeconomic data, significant events, behavioural biases, market flows, and trading axes to guide our traders, providing clarity on whether to execute a trade now, in five minutes, an hour, or even in two days. While this framework works for all trades, it offers enhanced insights for larger, less liquid transactions.”
32 // TheTRADE // Q3 2025