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Evolutionary Change: the future of electronic trading of cash bonds in Europe

Evolutionary Change: the future of electronic trading of cash bonds in Europe

The focus of this paper is the ‘possible’ future evolution of electronic trading in European bond markets (a glossary is available at the back of this paper for reference to some of the more technical electronic trading terminology). There are signs of this new ‘electronic’ landscape to come but no one can predict exactly how the secondary cash bond markets will look in 5, 7 or 10 years. We can only take an educated guess, based on personal market practitioner experience in the asset classes that have gone through the transition to a functioning automated and/or electronic market structure.