Are the likes of Bloomberg and Reuters really the best entities to provide e-trading platforms, versus execution specialists such as TradeWeb (I know they’re owned by a vendor but they are more TW than Thomson) or Market Axess etc?

Some, very cost conscious, banks would argue yes, on the back of not paying annual and per trade fees. Personally I have always had my doubts, ever since Bloomberg really made their big push into FI e-trading a few years back.

My main concern then remains now…..what is their motivation?

Essentially it appears they are all about maintaining terminal numbers through “value added” services like e-trading. Some say they also look for their transactions business to sell additional terminals, but which buyside is going to pay US$1,500+ a month for a trading system?

Bottom line is that the, certainly Fixed Income, systems they provide are quite disappointing. The functionality is basic, bordering on backward, the speed is average at best.

I have no axe to grind against these guys. It makes sense for a user to be able to access trading systems through a single terminal/application. However this only makes sense if the trading system is “best of breed”. In my opinion they are not!

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