In 2022, bond markets have been navigated more easily thanks to innovative new trading protocols. By allowing traders to control information disclosure, and negotiate size/price more effectively with counterparties, both sides can find the right level of comfort at which a trade can take place.
Howard Hoskin, global head of FENICS Invitations, explains how the request for auction (RFA) protocol, can offer buy-side firms can find liquidity it could not otherwise reach, at an attractive price via anonymous trading, By using FENICS’ interdealer broker network, it can help both dealers and clients to find the other side of a trade, in a way that other platforms may struggle to replicate.