An increased reliance on the primary market is impacting trading desks’ efficiency in secondary trading. Frustration with the issue is leading asset managers to look for a reform of existing processes. In this interview, Oscar Kenessey, head of fixed income, derivatives and currency trading at NNIP, and Eric Heleine, head of the trading desk at Groupama Asset Management, make the case for several lines of reform. These include greater sell-side support for platforms, more structured issuance of bonds, and increased responsibility for banks to make markets in bonds for which they manage issuance.
Part of the Fixed Income Leaders Summit in Barcelona, managed by WBR.