Connective tissue: S&P's InvestorAccess enables secondary market-like trading of primary issues
Through a combination of its own technology and partnerships with fixed-income mainstays Bloomberg and Tradeweb, S&P is looking to create end-to-end workflows to simplify trading of primary bond issues for both buy-side and sell-side firms.
Just like in the animal kingdom, different markets evolve at different rates. As a result, certain asset classes benefit from technology that has not yet reached others. For example, bonds pre-date equities by hundreds of years, but equity markets are much more advanced in terms of how they leverage technology than the collection of asset classes broadly classified as fixed income.
In the corporate bond market, these differences become even clearer when looking at the primary and secondary
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