Within the world of Fixed Income we are seeing a rapid proliferation of new venues that are attempting to bring about structural change in the Fixed Income market place. How does a sell-side operate in this new paradigm of Fixed Income trading venue proliferation?
One impact is that the typical sell-side connectivity implementation faces structural difficulties. In the past a sell-side would typically use a well known vendor for all of their connectivity or build in-house. In either case the implementation would be expensive to run and not very flexible.