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Electronically, it is a relatively new phenomenon to the last four to five years, and the protocol has gained momentum alongside other forms of electronic trading that differ from request for quote (RFQ) protocols on multi-dealer platforms, as participants look to minimise their market impact and avoid information leakage.
Historically, investmentbanking and trading was fairly wild and there was a lack of control generally in terms of the way banks managed traders, P&L and risk,” he adds. Due to lower demand, bulgebrackets will sometimes not cater for the particulars of what frontier traders are looking to execute. “Say
We can’t possibly cover them all in one article, so this one will focus on fundamental research at banks , primarily for investment-grade and high-yield bonds. Liquidity is also more limited, and more trading is still done over the counter (OTC) rather than electronically. closer to the work at a quant fund ).
Given the proliferation of high frequency trading (HFT) several investmentbanks chose to launch these alternative trading systems (ATS) as a means of protecting institutional clients who are typically slower to execute. TCA can be done in-house but is also offered by third party providers.
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