Bond market axes struggle in electronified markets, ICMA finds

ICMA and the FIX Trading Community have issued a white paper examining issues with market axes in an increasingly electronic bond market, warning that both the buy- and sell-side need to be confident in the security and accuracy of their communications.

“Translating this age-old process into the new world of electronic trading is proving more difficult than for other protocols,” states report author Andy Hill, managing director and co-head of market practice and regulatory policy at ICMA.

Although dealer axes have historically catalysed client activity, ICMA suggests that this is changing in the electronic age.

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