SUBSCRIBERS ONLYBack in the 'good old days', life seemed so simple: dealers warehoused vast amounts of corporate bonds, and investors picked up the telephone when they wanted to buy or sell. But capital requirements and regulation have led to a dramatic fall in banks' balance sheets and the buy-side is being asked to play a bigger role to boost liquidity. As electronification takes hold, can the elusive all-to-all model take off or is something else needed? Adam Cox reports.

LMAX Exchange is an exponent of the agile development methodology, but does that agility also extend to the business as a whole? In this issue's Exchange Views, David Mercer, CEO, Andy Phillips, Head of Systems and Mike Barker, Head of Software, describe how LMAX Exchange has evolved both rapidly and sometimes in unexpected directions over the five years since its inception.

SUBSCRIBERS ONLYWhat do you do if you're an OTC trader and you hear that your market will have to move to centralised clearing? Moan? Bury your head in the sand? Not if you're Christian Martin, instead you immediately set about founding a marketplace for OTC products with links to multiple CCPs. Andy Webb talks to the CEO of TeraExchange just a few days before its "go live" date about the democratisation of the OTC world.

SUBSCRIBERS ONLYThe announcement in August of this year that Oslo Børs had decided to move its equity and fixed income trading onto the London Stock Exchange Group’s (LSEG) Millennium Exchange trading platform was obviously good news for MillenniumIT. But it was also another pragmatic step by a exchange where IT strategy is also an integral part of business strategy. Kjetil Nysæther, Senior Vice President Information Technology at Oslo Børs talks to Automated Trader about this approach and the way in it which dovetails with the exchange's ongoing process of streamlining technology to minimise its footprint.

SUBSCRIBERS ONLYRecent events at Turquoise, such as its acquisition of derivatives platform EDX, certainly appear to have piqued plenty of buyside interest. In fact, to judge by the number of times its name keeps cropping up in conversations with Automated Trader’s readers, you could be forgiven for assuming that rainbows were now monochrome. So we thought we’d better follow up by packing off Automated Trader’s Founder, Andy Webb, to talk to Adrian Farnham, CEO of Turquoise.

SUBSCRIBERS ONLYOne of the questions Automated Trader readers most frequently ask is when they will be able to trade cash bonds on an automated basis. Interestingly, the majority of these enquiries come not from those interested in high frequency trading, but from those looking to automate existing spread or basis strategies at lower frequencies. The first step in this process is obviously an electronic bond trading platform, so we packed off Automated Trader’s founder, Andy Webb, to talk to Jack Jeffery, Chief Executive, and Fabrizio Testa, Head of Product Development at MTS to find out about their electronic evolution and to get their general views on possible future developments in automated bond trading.

FREE ARTICLEThroughout much of the past year Automated Trader readers have been in frequent contact with the editorial team with questions about the Tokyo Stock Exchange’s forthcoming “arrowhead� trading platform. The platform went live at the beginning of 2010, so we recently seized the opportunity to catch up with Yuichiro Yamamoto, Manager of the exchange’s IT Development Department, shortly after “arrowhead� completed its first quarter of live trading. Automated Trader’s Founder, Andy Webb, spoke to Mr Yamamoto about “arrowhead� as well as the exchange’s philosophy regarding automated trading and its future technology plans.

SUBSCRIBERS ONLYCapital and credit markets may be freezing over, but that seems to suit ICE just fine. With buoyant trading volumes and a major new release of the exchange’s trading platform due this spring that will incorporate significant new options functionality, Automated Trader found Edwin Marcial, ICE’s CIO and CTO, in a relaxed mood.

REGISTERED VIEWERSAlready offering cheaper, quicker pricing on French, German, Dutch and UK equities, Chi-X is the first tangible evidence of the challenge to Europe’s stock exchanges unleashed by MiFID. Director Peter Randall talks to AT about the forces driving liquidity fragmentation and the implications for algorithmic trading.

FREE ARTICLEIn April of this year, the International Securities Exchange announced that it would be entering the equities market through the launch of the ISE Stock Exchange. AT talks to David Krell, President and Chief Executive Officer of the ISE about this initiative and how it will fit with the exchange’s existing automated trading activity in stock options.

FREE ARTICLETechnology first came to the forefront at the London Stock Exchange in 1986 when the exchange abandoned floor trading. Since then, technology has only continued to increase in importance, particularly since the exchange’s switch to listed company status in 2001. AT talks to David Lester, the exchange’s CIO, about how it has responded to the effects of challenges such as algorithmic trading and the futureproofing of its new trading platform.