With more than 25 fixed income EMS / OMS systems in the market place, it actually causes more market fragmentation; not less. Another area in the electronic fixed income area that is gaining traction is aggregation.
This aggregation can come in two forms: execution/liquidity aggregation and trade information aggregation. Any system that can aggregate this data in one place will be front runner for any buyside system. TradingScreen is an EMS that does just that by consolidating data from multiple sources and providing a liquidity snapshot for traders.
Aggregation with be especially key for smaller buyside firms as they try to navigate the changing trade environment while not dedicating resources to multiple systems that may or may not pan out.
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Traders Magazine - John Mangano - September 4, 2014