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.

Read the White Paper here