Technology and Voice: The Twin Pillars of Over-the-Counter Fixed-Income Trading

This notion has been most evident in the over-the-counter (OTC) markets for the last 18 months, where the market has thrived on dynamically linked voice and electronic services contributing to a single global liquidity pool. At the peak of the global financial crisis, when many largely electronic markets in the fixed-income space were non-functional due to high-velocity price providers pulling or drastically curtailing their contributions, it was the voice markets that kept the markets open