LONDON: The mammoth bond market has long been the old-school bastion of the financial world, but the COVID-19 pandemic has cast a light on its future: and it looks electronic. Well, mainly.
"The feedback that we got from dealers was that they were not quoting on the phone. They couldn't do that, they couldn't keep up with that," he said."I think what this crisis has shown is that really if you weren't trading electronically, you should be trading electronically.
The jump in electronic trading activity coincided with both a rush into government bonds as the coronavirus sparked demand for safe-haven assets, and then a sharp selloff as investors sold their most liquid assets to make up for losses elsewhere. However the COVID-19 crisis is accelerating the electronification of the bond market, according to industry players.
This kind of technology enabled the transition from working in an office to working from kitchen tables, he told Reuters. But they too are accelerating the push to digital services, particularly for the automation that helps them when volatility spikes.
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