BT's Fragmentation Fighters

IMD:

How do you see the European market evolving? Could it ultimately resemble fragmentation in the US?

Pickles

: There are differences in most cases, but that multi-centre market is forming. Partly, you have marketplaces like Turquoise and Chi-X competing against exchanges. And then you have exchanges that don't compete against each other. So you really end up with a combination, requiring domestic infrastructures where people want to get to their local exchange-which are typically running on

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Systematic tools gain favor in fixed income

Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.

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