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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