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Andy Browning
August 6, 2021
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Fixed Income, Electronic Trading

Looks like it isn’t a case of all-to-all or nothing just yet.

As I travelled into London this morning to look for new office space with Peter Holmgren, I came across a recent post from Tradeweb providing their latest insights on the uptake of all-to-all trading. Having touched on the subject a couple of weeks ago, and with our white paper being released imminently, I’m revisiting the topic.

In the article, the author talks at length about AllTrade bringing further efficiencies to the market and all-to-all is clearly a key strategy for Tradeweb. The growth in volumes imply that it is being well received by many parts of the ecosystem, with it creating a greater pool of corporate bond liquidity connecting wholesale, retail and institutional markets.

Based on this growth, and with the clear backing of a number of market participants, it looks like all-to-all trading is here to stay with further expansion on the horizon. At what point will the banks say enough is enough? Or, are we past the point of no-return with multiple D2C platforms for corporate bonds now embracing all-to-all trading in some form? Could the balance be tipped in favour of all-to-all trading further and will we see the blurring of lines between the D2C and D2D markets?

#valanticFSA #tradeweb #electronictrading