The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

The inevitability of consolidation

All the online bond trading platforms that are likely to emerge have already been announced. That already seems to be too many. One merger has already taken place and others will probably follow soon.

Ben Cohen

It took a while for the internet to have any significant impact on wholesale financial markets. While the rest of the global economy was busy diving into the dot com pool, the largest financial institutions, especially their fixed-income departments, were cooling their heels, not wanting to commit themselves too early to the so-called new economy.

But last year the leading bond market firms finally dived in. All the big players have stakes in a wide variety of platforms, seeking to ensure a presence as the winners and losers sort themselves out. In the fixed-income markets dozens of platforms have been launched in the past year, all promising to provide buy-side institutions and issuers with the benefits that electronic trading can bring.

It's becoming clear that not all will be able to survive in what is a highly competitive arena.

Broadly, the main platforms can be split into two groups: multiple-dealer sites aimed at providing buyers with a range of prices, usually in a limited array of products; and single-dealer, multi-product sites where one dealer offers access to many categories of instruments but with no price comparison.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree