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In this article on Global Trading, Lee Sanders, Head of Execution FX and U.K. and Asian Fixed Income Trading at AXA IM, focuses on Fixed Income and its continuing change. He examines the impact that this is having on the buy side desk, and how that is impacting their sell side counterparts. As the buy side's mentality evolves and they become more willing to be a price maker, there needs to be examination of the consequences of this for both sides of the Street.
As Sanders writes "The next wave of development could come from those contrarian investors and opportunistic liquidity providers as they come into trading platforms and put their liquidity on systems for traders to find. Certain banks are reinventing their business model into a more hybrid agency model, but they could also be called opportunistic liquidity providers. This model allows them to potentially take advantage of market conditions with a more prohibitive bid offer spread."