Panelists: As All-to-All Trading Inches Forward, Single-Dealer Platforms Wither

All-to-all platforms are slowly gaining favor to address some of the ills facing the fixed-income market. But they're not cure-alls, either.


When it comes to fixed-income trading there's a natural inclination to want to rehash what worked in equities and carry it over. But fixed income—with its credit and rates markets, on-the-run treasuries and off-the-run treasuries—is vastly more complex and nuanced. Equities has pre-trade price discovery, with a well-lit, multi-lateral best bid/best offer structure built in that industry participants can see, whereas fixed income largely works on a request-for-quote (RFQ), dealer-centric model.