Scrutiny and Frictions Follow EMS Vendors into Fixed Income

Aggregators are facing resistance from venues and attracting the attention of regulators.

Trading systems of the type used in foreign exchange to aggregate prices from multiple dealers and venues are increasingly sought after in fixed income markets, where direct streams and upstart execution platforms are starting to fragment liquidity.

For tech vendors, already facing scrutiny of their activities and fee models in FX, expanding into fixed income may be a case of ‘out of the frying pan and into the fire’.

The European Securities and Markets Authority (Esma) is currently

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Waters Wrap: The tough climb for startups

Anthony speaks with two seasoned technologists to better understand why startups have such a tough time getting banks and asset managers to sign on the dotted line.

FCA declines to directly regulate market data prices

A year-long investigation by the UK regulator to determine whether competition is hindered in the wholesale data markets has concluded with its decision not to directly regulate much-maligned data pricing and licensing structures.

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