[ BUY-SIDE COVER | DEGROOF PETERCAM ]
“ We view network management as a genuine area of expertise- one that underpins effective trading.”
PIERRE RENNA
counterparties. Collaboration is, as previously stated, at the heart of the desk’ s approach, with the focus on teamwork prioritised not just internally, but also externally.
“ We don’ t see counterparties as mere liquidity providers but as long-term partners who play a crucial role in helping us deliver value to our clients […] we aim to get the best out of each counterparty by adapting our interactions to their strengths. Counterparties have diverse profiles- some excel in high touch execution, others in low touch or algorithmic trading- and we tailor our approach accordingly.”
With the electronification of fixed income markets, an undeniable trend, also comes opportunity. As well as adding more methods to interact, the evolution has also led to greater transparency, efficiency, and scalability in trading processes.
Speaking to how this looks in practice, Renna explains:“ It is now clear to everyone – even those who fondly remember the days of negotiating every trade over the phone – that electronic trading can enhance execution quality by providing access to deeper liquidity pools, such as open trading or dark pools, or enabling more tailored strategies, like portfolio trading, which is particularly effective for managing large in- and outflows.
“ That said, it’ s important to recognise that for some market participants, particularly those managing a very high number of tickets, this shift is often driven by necessity. These players face a trade-off: to ensure that their trades are executed, and size is moved by the end of the day, they have to automate. This can sometimes come at the expense of performance, as automation may not always allow for the same level of price discovery or negotiation that a more high touch approach could provide.”
Further expanding on the topic of liquidity and price discovery in the fixed income sphere, Renna adds that there is room for more effective regulatory changes to bolster both.
20 // TheTRADE // Q3 2025