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.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Agency brokers offer new hope for bond market liquidity

Secondary bond markets are hopelessly illiquid. Dealers refuse to make markets to investors. But a new breed of agency broker now offers the chance to match buyers and sellers.

INVESTMENT BANKS ARE riven by fear – the reason why managers have removed virtually all risk from their bond trading desks. Not that they have much capital to support risk-taking anyway. But amid the gloom and dislocation, there are at last signs of organic repair in the debt markets.

This is not a government-sponsored initiative to fix some broken aspect of the financial market. Agency brokers are returning to the debt markets, a development heralded as a return to the primacy of relationships. These brokers aim to reconnect investors with each other, offering access to dark pools of liquidity that undoubtedly exist but at present cannot be easily tapped.

“We are really busy!” says Guy Cornelius, head of fixed income at Evolution Securities. “Of course the volumes are a fraction of what we used see at a full-service investment bank but these are very early days.” As the man charged with leading a bold expansion at the boutique operation, Cornelius can hardly contain his excitement at how well the business is already going. He worked at UBS for most of his career before joining the doomed Lehman Brothers in 2006. He was recently offered a senior sales role at one of the few investment banks to come through the crisis relatively unscathed but instead chose to join Evolution.

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