Concentrating on liquidity aggregation and execution management, it addresses a number of concerns which are particular to this market, including the question of how the quality of liquidity should be managed when tackling an aggregation and/or order routing project.
It focuses on market participants and how their trading models must adapt cope with fragmented liquidity. For the sellside, building up SEF aggregation capabilities is essential either for their own usage as a liquidity taker or provider, or to allow their clients to access liquidity on their single dealer platforms (SDPs).
For traditional buyside participants, who are allowed to trade directly on SEFs under Dodd-Frank, a decision has to be made whether they set up their own market access and clearing infrastructures, or continue to use the services of a broker/dealer to access liquidity and/or clearing services.
