The Municipal Bond Trader Working the Phone Is Now a Dying Breed
- Electronic networks account for majority of dealer trading
- Regulator says data provides first look at role of ATSs
This article is for subscribers only.
Even on staid municipal bond desks, the days of traders working the phones are rapidly fading.
Electronic-trading platforms, known as ATSs, for securities firms and big investors account for 59 percent of all state and local debt trades between dealers, according to data released by the Municipal Securities Rulemaking Board. Dealers can choose to trade one of three ways -- through ATS, broker’s brokers or directly with each other.