Lessons of Bondcube

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22 July 2015


  • Bondcube was trying to solve the illiquidity of the fixed income cash market through helping the buyside find potential matches via IOIs and intermediating brokers. In my current update of Celent's annual European fixed income market sizing report, the feedback the street provides is that the buyside is still not committing liquidity, still not ready to participate directly into the market.

    We are looking for change to know what is coming and work on how to adapt to it. At Celent we get asked to forecast changing trading methods, electronification trends, which platform is going to gather more interest. But change is sometimes slower than we all think. This year it seems the fixed income market in Europe is nearly flat YoY, and that trading methods have overall not changed.

    But you will see when you all come back from your holidays that if the big picture is stable so far, there are still some interesting micro-trends such as how many buy-side have gone from 10 to 80 dealers to execute their business, which has in turn triggered big opportunities for tier3 and tier4 niche dealers to start working with them.

    To be continued. Enjoy the beach in the mean time...