Trading fixed income products electronically is a growth area. Goldman's electronic bond trading platform was launched a few months ago. Last week the Wall Street Journal reported that Morgan Stanley was following Goldman in automating its fixed income business. Today, it looks like RBS has something similar in mind.
We know this because Morgan Stanley has reportedly just hired a former head of electronic trading from Morgan Stanley. Jeremy Smart, Morgan Stanley's ex-global head of e-commerce sales, is apparently joining to, 'partner with sales and trading in rates, credit, FX and futures in Europe, the Middle East and Africa, Americas and APAC' in order to increase the share of RBS's business that takes place electronically.
An average day at a hedge fund is mostly about reading a lot of reports. (Quora)
SocGen has hired 3 researchers in its fixed income business! (Financial News)
Stephen Hester: investors’ choice to replace Bob Diamond. (Telegraph)
Barclays shares are trading a 59% discount to book value. Maybe it should be broken up. (Bloomberg)
Laying someone off? Get emotional, but not too emotional. (WSJ)