The biggest U.S. bond dealers are maintaining the bulk of their market share while morphing into bond brokers who facilitate trades without putting their own capital on the line.
Boutique institutional equity investors are less-than-satisfied with the support they are getting from their trading technology providers, but fears of the potential disruptions associated with a change in vendors often cause them to stay the course with current partners.
Asset managers, wealth management firms, banks, and broker-dealers globally are opening their wallets for market data.
Spending on market data is expected to increase by 10% or more next year in priority areas including equites, fixed income and alternative data, and by at least 5% across other asset classes.
Investments by dealers in increasingly sophisticated e-trading systems and growing liquidity on multidealer platforms have set the Japanese FX market on a course toward increasing electronification.
While investment consultants continue to play a critical role for asset managers looking to grow their businesses, building strong relationships with these intermediaries has become more complicated and challenging than ever.