Fixed Income EMS Providers Take the Next Step Forward

Fixed income EMSs are designed to help investors overcome the structural limitations of the fixed income market and make better decisions.

Boston, April 9, 2020 – The fixed income execution management system is the new kid on the block of fixed income trading tech. Similar to EMSs available to trade equities and foreign exchange, the fixed income EMS is designed to enable global traders to aggregate liquidity across various sources, provide some automation of trading, and layer necessary analytical capabilities into the process. However, bonds have their own unique market structure limitations that present challenges to the development, adoption, and ultimate success of an EMS.

This report seeks to unveil the current state of fixed income EMS technology and the motivation behind the adoption of solutions, focusing on several current trends and shedding light on what technological changes the market might expect to see in the next 18 months. Based on Aite Group interviews of technology providers between December 2019 and March 2020, this report profiles 12 EMS vendors: Adroit Technologies, AxeTrading Ltd., BlackRock, Bloomberg L.P., Charles River Development, Enfusion Systems, FactSet Research Systems Inc., FIS, FlexTrade Systems Inc., InfoReach Inc., Trading Screen, and Virtu Financial.

This 46-page Impact Report contains 19 figures and 14 tables. Clients of Aite Group’s Institutional Securities & Investments service can download this report, the corresponding charts, and the Executive Impact Deck.

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