Fixed Income EMS, Part 2: The New Vendor Landscape

2023 is shaping up to be a pivotal year for the besieged U.S. fixed income marketplace.

This era has already seen tremendous gains in e-trading market share, dramatic swings in volatility, one of the most significant bond sell-offs in history, the adoption of novel trading protocols, and a potential expansion of clearing and dealer registration mandates. A new taxonomy that considers the entire EMS landscape is essential in understanding what is unique about pure fixed income EMS solutions vs. traditional EMS solutions with fixed income offerings. Each has its own advantage.

This report is a follow-up piece to a previous report that aimed to unveil the current state of fixed income EMS technology and the motivation behind the adoption of solutions and provides a layout of the fixed income vendor landscape. Datos Insights interviewed a combination of 14 technology providers and users using a series of qualitative and quantitative questions between June and December 2022 to shape this research report. This report profiles the following vendors: Adroit, AxeTrading, BlackRock, Bloomberg, Charles River Developemnt, FactSet, FIS, FlexTrade, InfoReach, ION, TS Imagine, and TORA Trading Services.

Clients of Datos Insights’ Capital Markets service can download this report.

This report mentions: Algomi, BGC Fenics, BondCliq, CanDeal, China Bond,  Connect/CFETS, CBIM-Direct, DirectBooks, ICE TMC, Euronext, GLMX, ICE Bondpoint, ICE Municenter, IDX, IPREO, ITG/Virtu, Liquidnet, LTX, MarketAxess, MTS Bondvision, MTS Bondspro, Nasdaq Fixed Income, Neptune, Ratesmatch, Stuttgart Exchange, TP-ICAP, Tradeweb, TruMid, UBS Bondport, UBS PIN, Xetra Vienna, Yensai, and Yieldbroker.

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