Axe throwing gets out of hand at FIX EMEA

The use of ‘axes’ that dealers provide to buy-side clients, giving an indication of the price at which they will trade at a given size, proved controversial on a panel at the FIX EMEA Trading Conference in London.

Just under half of the audience called it “an indication of interest to trade that is provided by a dealer” in a straw poll, but around 39% labelled axes as “a position that is held by a dealer in which they want to advertise to clients”.

Only 13% defined an axe as “a firm price”.

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