Looks like BNP Paribas are the latest in the single-dealer FI trading system renaissance.


Not too much detail on what specific products will be offered, however they will be using Caplin Trader, which was launched last month, as the front-end.

Can only assume they’ll look to use this to augment the vanilla offering, on the likes of TradeWeb and soon LiquidityHub, with more sophisticated products and functionality (executable trade ideas, executable axes etc).

I understand Citi are working on something (may have launched?) but the last brochure I saw on it had a Fixed Income title but then described their FX system!!!! Likewise UBS and HSBC are supposed to be working away and are Banks that have tended to confound me with their previous lack of impact in FI e-Trading. Morgan Stanley are meant to be working on something quite cutting edge.

Definitely the way to go for differentiating yourself, but one can’t help but feel these banks have a long way to go to catch up with the BARX and DB Autobahn offering and, most importantly, perception.