What are the main themes driving the uptake of electronic trading platforms?
The key areas of focus for buy-side customers now are their search for liquidity, pursuit of efficiency and preparation for a new cleared world. These themes have been the main drivers of the acceleration in demand for e-trading in fixed income and derivatives markets in the US and Europe. This trend has been evident in those regions for some time — and we expect this to continue into Asia. A good example is the European government bond market, where approximately 50% of trade volume executed in the dealer-to-customer space is already traded electronically. If you think about the size of this market and how recently an electronic trading platform was first introduced, the growth rate is astonishing.