The Fixed Income execution venue space is still in the growth phase - there are more announcement and initiatives on the way.
The Fixed Income execution venue space is also in the consolidation phase - the closure of Bondcube is not the last. M&A and running out of funds will claim more scalps...
The buy-side OMS is (according to two senior buy-side traders speaking under Chatham House rules) effectively dead from the perspective of trading, it's just there as a booking system but adds no value to the trading process. That's the realm of the EMS.
A crowded room of c. 100 buy-siders, sell-siders, execution venue and vendor staff estimate that after a shake out the 90 execution venues for Fixed Income will end up as being around 10.
The problem of buy-side desktop real estate is real and one that may require a sensible technical solution, rather like one proposed in 2008.
Many buy-sides(perhaps two thirds on a show of hands) have not put in place concrete efforts to deliver what is required for MIFID2.