12% of FI traders are there. The other 88% apparently know they need to be.
Great time last week at FILS hanging with clients and partners. A few takeaways from panels and conversations:
- Spread bond tickets are getting smaller, and though more is happening electronically (mostly via RFQ), far more than 50% of volume is still done by voice as e growth has slowed
- There is a lot of data to harness out there to support trading decisions. One manager highlighted the need for a solution to ingest, interpret and store 5 billion market quote messages per day.
- Bonds don’t trade in a vacuum…they work with ETFs, OTC derivatives, loans, FX, and futures. A Fixed Income EMS needs to handle much more than e-traded corporate bonds.
- 12% of surveyed managers have a FI EMS (vs nearly 100% of clients who have one for listed markets). 100% of surveyed trading professionals believe FI EMSs give them an edge wile trading (thanks to Kevin McPartland and Coalition Greenwich (a division of CRISIL) for the stats)
FI EMS adoption was a topic that featured in at least a half dozen panels. There were a few bizarre comments about trader resistance to adoption, which I found encouraging as they highlight why others have failed, and why Adroit has been winning.
Adroit is proud to be at the forefront of these developments. Our EMS rides on top of existing buyside OMSs, integrates with trader workflows, and has specialized in FI (cash AND derivatives) since onboarding our first clients in 2016. We are nimble, hungry, and this is all happening right now. Let’s talk.
PS – As good as we are in swaps, even more clients use Adroit for bonds than derivatives. Just sayin’
