Why Bond Trading Has Become More Difficult

The transcript discusses the challenges in bond market liquidity, highlighting the reduced role of banks and the increased size of the market. It explores the potential of electronic trading to improve connectivity and reduce fragmentation, while emphasizing the continued importance of human interaction in trading. The discussion also covers the gradual adaptation to electronic platforms, drawing parallels to the rise of online retail. Finally, it considers the impact of competition and potential market disruption, concluding that improved liquidity benefits all market participants.

How does the speaker view the future role of humans in the bond market?

How does the speaker compare the evolution of bond trading to the advent of ATMs?

What is the significance of liquidity in the context of bond trading?