An electronic trading revolution is finally coming to corporate bonds, years after reaching other financial markets.
That’s what Man Numeric, a quant investment arm of the world’s largest publicly listed hedge fund manager, believes. The firm is executing 90% of its high-yield and investment-grade trades through digital platforms, and expects to get to 100% within two years. A year ago, only about a third of its junk bond trades were electronic, with the rest happening on the telephone or a messaging platform.
The money manager’s shift shows how electronic platforms are making real inroads in a corporate bond market ...
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