Single-Dealer Platforms Still Work for FX, Fixed Income

Patrick Myles, CTO, Caplin

Equities have largely fled these platforms, confessed the head of JPMorgan's own such platform, JPMorgan Markets, to a Waters USA audience. But as long as other asset classes don't move in equities' direction from a market structure perspective, they will continue to serve a need.

While equities have mostly moved onto broker-neutral platforms like Redi, foreign exchange (FX) is still core to single-dealer platforms. "If you look at the market structure of FX, the prices are principal," said

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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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