Wednesday, December 17, 2008
As in equity, there are dark pools in fixed income
Agency brokers offer new hope for bond market liquidity “There are deep pockets of liquidity away from your real-money managers: structured products desks, [credit] correlation desks – real-money accounts haven’t had access to this sort of business,” says Howitt. The concept of dark pools of liquidity has, thus far, been limited to equity markets where the expected demise of the exchanges’ monopoly as trading venues has contributed to new trading venues on both sides of the Atlantic. As is often the case, Europe was late to the trend – requiring the impetus of the EU’s Markets in Financial Instruments Directive to build up momentum, and in the past 18 months...
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