When Miles Kumaresan was Global Head of Trading at Nordea Asset Management, he saw that it was quite easy to optimize trading costs in most asset classes by using statistical models and technology. But he also saw how difficult it was to optimize trading costs in fixed income due to the market structure of the fixed income market.
“While other asset classes have become liquidity driven, fixed income, however, has remained intermediary-driven due to the intricate properties of this instrument class. Electronification in fixed income is not straight forward. It is not linear. This is evident in several failed attempts over the decades,” Kumaresan tells AMWatch.
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