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are continuously monitored and adjusted throughout the execution process as market conditions evolve […] In certain market environments, standardised algorithms are highly effective, while in others active interaction with the market is required.”
Hecker echoes this sentiment:“ Technology is the backbone of how we trade […] Our approach is built on data-driven, robust cost-control and a systematic decision-making framework. We continuously challenge our brokers and liquidity providers on their assessment of our flow, including venue selection and algo performance against multiple benchmarks.”
He adds:“ The best trading teams fully embrace the power of data and technology. It’ s not enough to use it – you need to understand it, continuously enhance it, and actively engage with it.”
Of course, without rigorous evaluation, even the best tools can underperform. Constant scrutiny is essential. As Muller points out:“ Trading requires a high level of discipline and reliability – minimising operational errors is just as important as making the right market decisions.”
A principle which demonstrably guides every aspect of Quoniam Asset Management’ s trading philosophy.
‘ Understanding and managing liquidity is essential’ For the desk, technology is an essential aspect of the trading processes, however other topics are also moving to the fore as key priorities. Liquidity is one such focus, says Muller, alongside the identification of relative-value opportunities – which are actively discussed with portfolio management.
He adds:“ The most important lesson I’ ve learned is that liquidity is key in credit markets. Understanding and managing liquidity is essential for pricing, execution, and risk control.”
Peeling back the layers on this further, equities trader Hecker explains that current dialogues revolve a great deal around enhancing the opportunities offered by bilateral trading and adapting to new regulatory requirements, particularly in frontier and emerging markets.
“ A core part of my role is fill-based implementation shortfall trade analytics through our integrated end-to-end trading infrastructure across multiple liquidity ecosystems – ranging from bilateral trading and crossing networks to low- and hightouch execution channels and direct market access destinations.
“ We are also closely monitoring changes in market
“ Trading requires a high level of discipline and reliability – minimising operational errors is just as important as making the right market decisions.”
ALAIN MULLER, FIXED INCOME TRADER
structure that influence price formation and the way liquidity is sourced across venues,” he adds.
Touching on the topic of automation within this scope, Stein shares that discussions on the desk focus strongly on automation as a way to free up resources for higher value-added trading activities.
From the fixed income perspective, Riemenschneider points out that liquidity and automation are very much topics du jour not just within the firm, but also across the wider market.
“ In general, the more liquid an asset class is, the more its trading processes can be automated – something we have long seen in FX and equities. Fixed income has started to move in this direction more recently, but the shift is clearly accelerating.
“ Three key forces are driving this change in fixed income liquidity: the rapid growth of ETFs, the expansion of electronic trading, and the increasing use of portfolio trading. Some market participants refer to this development as the‘ equitification’ of fixed income, which is becoming more and more evident especially when we look at rates.”
46 // TheTRADE // Q1 2026