Despite the benefits offered by all-to-all and other electronic trading platforms, statistics show
that most corporate bond trades continue to be negotiated between a dealer and an institutional
investor via phone or chat. Why hasn’t electronic trading captured a greater share of corporate
bond trading volume, and what are the characteristics of an alternative electronic trading
environment that would be most appealing to both buy-side and sell-side participants? Even an
all-to-all advocate was surprised by the answers…
