Non-bank market-makers step into the breach as banks turn to agency
A recent technical glitch highlights the market's reliance on alternative market-makers, even in volatile times
A market-wide technical glitch has highlighted the rising importance of alternative liquidity providers after market participants reported some banks were unable or unwilling to continue pricing deals as a result of the disruption while non-bank players continued to offer liquidity.
On October 15, EBS and rival trading platform Bloomberg experienced outages during the day, causing temporary disruption to some price engines amid high trading activity and volumes.
The outages caused issues for
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