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On the buy side, the key issues for fixed income as we go into 2017 include the difficulty of understanding and comparing incompatible data from different brokers in various different formats, as well as the estimated cost of implementing MiFID II in Europe. In addition, under the new rules, OTC sellers will be required to have an APA (Approved Publication Arrangement) in place so the majority of the buy side, who made their decision, are already planning to establish direct relationships with APAs to satisfy regulatory requirements.
Rewriting the rulebook
In fixed income, one of the core concerns of the global buy side is whether technology can support in the formation of a reference price. Attendees at the Paris and London Alpha Trader Forums are determined and claim that they must become price makers and take charge of their destiny to become less dependent on the sell side to find liquidity.
Rising tides and shining lights
In the world of fixed income, one of the more interesting observations of recent months has been the inflow into fixed income funds in July, August and September, following on from the UK referendum result in favour of Brexit in June. Much of this activity has been driven by investors switching from equities into fixed income, as they seek safety in uncertain times...
Making sense of markets
Yann Couellan, AXA Investment Managers
Asset managers in France are increasingly using sophisticated data and aggregation tools to trade fixed income. Yann Couellan, head of fixed income execution at AXA Investment Managers is leading a push to use these tools to provide a powerful trading proposition at the fixed income trading desk...
Fixing fixed income
Brett Chappell, head of fixed income trading at Nordea Asset Management
Voice trading is going to be a thing of the past. There will be consolidation on the sell-side. The buy-side needs to learn how to aggregate data and above all how to aggregate liquidity. Attitudes and behaviour will have to change, and the buy-side will have to open up more...
The challenge of regulation
Cathy Gibson, head of fixed income trading at Deutsche Asset Management UK
It’s no secret that regulation is having an impact on the buy-side trading desk across all asset classes. But in fixed income, regulation is also accompanied by other factors including the current negative interest rate environment, ongoing quantitative easing in Europe and the consequent pressure on liquidity...