Meeting of The Minds: the bond trading landscape has never been more complex – or more connected. This map breaks it down.
How is OpenYield different from an EMS? Who are the different types of dealers? What data powers the ecosystem? I put this together to help clarify not just where we sit, but how all the pieces of electronic fixed income trading fit together.
Markets have moved from voice to electronic, replacing the telephone with an entirely new market structure. Execution now depends on multiple layers—connectivity, execution, and data —reshaping how fixed income trades. At its core, the complexity results in a trade between two parties and a ledger update.
The map is dynamic—many of these logos didn’t exist 10 years ago. While it’s hard to predict how the landscape will evolve in the years to come, one thing is clear: greater connectivity, competition, and data will drive better outcomes for the end investors.
OpenYield is not affiliated with or endorsed by the logo owners represented in this document. All trademarks are property of their respective owners
