Better tech brings threat of two-speed trading in fixed income

When expensive new technology comes along, it’s usually the bigger, richer firms that can benefit from it the most.

And so it goes with automated trading in fixed income, a practice that has so far lagged its equity and foreign exchange cousins. But as technology and access to data continue to improve in the asset class, some buy-side traders believe the costs involved in building the most up-to-date systems will invariably lead to a divergence in performance between the algo ‘haves’ and ‘have