No one wants one venue. Everyone wants one view.
Reflections on FILS Europe 2026, liquidity, competition and the peculiarities of fixed-income trading.
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Best Execution Is an Evidence Problem Before It Is a Pricing Problem
Best execution gets discussed as though it were a pricing question. The conversation usually concerns whether a firm achieved a good level, ...
The Reconciliation Tax: What the Gap Between Order Management and Execution Actually Costs
A fixed income desk of ten people can process a considerable amount of activity before anyone describes the operating model as a problem. ...
Fixed Income Execution Has Reached the Point Where Fragmentation Becomes a Business Problem
Electronic execution has moved from a specialist capability to a defining feature of fixed income markets. Around 60% of credit market ...
The Question They Can't Ask
Large consultancies bring many things to a technology engagement in capital markets. They bring methodology. They bring headcount. They ...
Nobody Wins the Blame Loop
There's a conversation I've had in almost every capital markets firm I've worked with. It sounds roughly like this.
Overbuilt, Underperforming: Why More Technology Is Making the Problem Worse
Capital markets has an infrastructure problem. Just not the one most people assume.
The $580,000 Lie: Why "Just Hook Up the API" Never Works in Financial Services
I've watched a trading desk grow a "temporary" Excel workflow into a systemic risk.
Innovation Engineering Requires Organisational Inversion
Innovation engineering fails in most organisations because they add systematic processes to existing structures without changing the ...