{"id":139401,"date":"2026-04-29T06:36:16","date_gmt":"2026-04-29T10:36:16","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/technology\/tradings-next-era-how-tech-and-client-demands-are-reshaping-market-structure\/"},"modified":"2026-04-29T06:36:16","modified_gmt":"2026-04-29T10:36:16","slug":"tradings-next-era-how-tech-and-client-demands-are-reshaping-market-structure","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/technology\/tradings-next-era-how-tech-and-client-demands-are-reshaping-market-structure\/","title":{"rendered":"Trading\u2019s next era: How tech and client demands are reshaping market structure"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f2233e54957'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Trading\u2019s next era: How tech and client demands are reshaping market structure<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1200\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/dan-resize.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/dan-resize.jpg 1600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/dan-resize-552x414.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/dan-resize-800x600.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/dan-resize-768x576.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/dan-resize-1536x1152.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/dan-resize-144x108.jpg 144w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Bloomberg's Dan Tsou at Bloomberg's annual Global Markets and Banking Summit\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f2233e5e695'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">April 29, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f2233e6104a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li>Automated trading is evolving rapidly and expanding into new markets, including loans, CLOs and ETFs.<\/li>\n<li>Technology plays a pivotal role in empowering trading desks to boost efficiency and leverage data-driven insights.<\/li>\n<li>The need for speed is driving an arms race in technology investment among banks and other financial firms.<\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f2233e63dfd'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">As automation in trading continues to evolve, moving from rule-based execution to adaptive, intelligence-driven systems that learn, optimize and respond in real time, financial institutions are embracing technology and prioritizing speed in a highly competitive marketplace.\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f2233e657be'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_6653004634257239373\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/trading\/execution-management-system\/trade-ems\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"TEMS\"\n        >\n                      TEMS\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_7909309612482856374\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/bloomberg-terminal\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Terminal\"\n        >\n                      Bloomberg Terminal\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">At Bloomberg\u2019s Global Markets and Banking Summit, industry leaders emphasized that what was once viewed as a differentiator is quickly becoming table stakes: firms now need faster systems, better data and more flexible workflows simply to keep pace.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69f2233e69433'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Want flexibility beyond a single platform?<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn how to run your models alongside Bloomberg's Trade EMS.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3363957643613187041\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/trading\/execution-management-system\/trade-ems\/#automated-workflows\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f2233e6c6f1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><strong>Three key tech trends in electronic trading<\/strong><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">As technology advances and competition ramps up, three trends are gaining momentum in the trading automation space:<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>1. Platform modernization: <\/strong><\/span>Integrating diverse systems into a cohesive, scalable platform and using open, API-driven architecture to enable seamless functionality.<\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s important to have the right quantitative and technological overlay for every business, whether a product is traded electronically or not,\u201d says Sonali Theisen, Global Head of FICC E-Trading and Markets Strategic Investments at Bank of America. She notes that on her team, there is no pride of authorship: deciding whether to build, buy or borrow technology solutions is key, as is leveraging tools from other asset classes within the bank.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> For technology makers, that same philosophy is shaping how they evolve to meet client needs.<\/span><span style=\"font-weight: 400;\"> \u201cWe\u2019re building systems that are fully integrated but also open,\u201d says Dan Tsou, Head of Sell-Side EMS Enterprise Product at Bloomberg. \u201cClients can plug in their own models, run them in their own environments and adapt their workflows without being locked into a single platform.\u201d<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"8000\" height=\"5336\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0416.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Bloomberg Global Markets &amp; Banking Summit\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0416.jpg 8000w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0416-552x368.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0416-800x534.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0416-768x512.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0416-1536x1025.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0416-2048x1366.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0416-162x108.jpg 162w\" sizes=\"auto, (max-width: 8000px) 100vw, 8000px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Bank of America's Sonali Theisen (middle) and TD Securities' Marty Mannion (left) with Bloomberg's\nHank Anderson (right) in NY for Bloomberg's annual Global Markets and Banking Summit\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\"><strong>2. Workflow integrations: <\/strong><\/span>Unifying complex workflows across sales, trading, risk and compliance and leveraging analytics and AI to streamline processes and reduce operational friction.<\/p>\n<p><span style=\"font-weight: 400;\">\u201cDocument-heavy businesses within a bank can be massively streamlined or improved with AI,\u201d says Marty Mannion, MD &amp; Co-Head of Automated Trading for TD Securities. \u201cIn electronic trading, it should reduce the cost of execution and provide more liquidity.\u201d He points out that starting with small steps toward automation can pave the way for future adoption. \u201cSomething as simple as pricing small RFQs or inventory creates efficiency and builds trust in preparation for full automation.\u201d Mannion also encourages team members who aren\u2019t in tech or quantitative roles to experiment with AI tools in creative ways.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In practice, that means automation is no longer confined to execution itself. It is increasingly influencing everything around the trade, from pre-trade analysis to post-trade support.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re getting faster at all the things we need to do,\u201d says Jim Esposito, President, Citadel Securities. \u201cRunning complex risk models, refining them more frequently and ultimately delivering a better price and experience to clients.\u201d<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"8000\" height=\"5336\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0318.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0318.jpg 8000w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0318-552x368.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0318-800x534.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0318-768x512.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0318-1536x1025.jpg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0318-2048x1366.jpg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/NELAKEKICEVENTPHOTOGRAPHYNYC-BLOOMBERG0318-162x108.jpg 162w\" sizes=\"auto, (max-width: 8000px) 100vw, 8000px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Citadel Securities' Jim Esposito (left) with Bloomberg's\nErik Schatzker (right) in NY for Bloomberg's annual Global Markets and Banking Summit\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\"><strong>3. Data-driven insights: <\/strong><\/span><span style=\"font-weight: 400;\">Analytics and automation are increasingly critical in managing data complexity, driving smarter decisions, supporting risk management and ensuring compliance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cGenerative AI allows sales teams to be more targeted in coverage because they don&#8217;t have to manually find and synthesize commentary, research and other information,\u201d says Theisen. \u201cThe faster we can make that cycle, the more targeted information they can be giving to our clients.\u201d<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> For Bloomberg, that shift toward real-time insight is also shaping how trading systems are built.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re enabling clients to embed their own analytics and AI directly into the workflow, so traders can see the insights they need in real time and act on them immediately,\u201d says Tsou.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><strong>Why the need for speed still matters most<\/strong><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">\u201cIn any business, but especially ours, speed matters. Speed to market probably matters more than ever before,\u201d says Esposito. He also notes that the need for speed is fueling a \u201cbit of an arms race\u201d among financial players around computing power as firms invest in the sophisticated technology.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The same is true on the fixed income side: low-latency CLOB markets are in an ongoing arms race to be the fastest, which means that top dealers need the fastest EMS to win. Tsou emphasizes just how fast things are moving in today\u2019s environment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNot only do you need your EMS to execute trades in 100 microseconds, you also have to give traders the tools to negotiate a difficult portfolio trade spanning an hour.,\u201d he says. \u201cWe rebuilt a new generation of the popup that is measured in milliseconds. It\u2019s faster than the human eye can see.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But speed alone is not enough. The firms gaining an edge are those that can combine low latency with better decision-making, stronger risk controls and a smoother client experience. As banking leaders navigate this competitive space, keeping clients\u2019 goals in mind is crucial. \u201cIt\u2019s about leaning into where our clients are shifting, opportunities they see in the market and problems they\u2019re looking to solve,\u201d says Theisen.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> And speed does not carry the same weight across all market structures. In low-latency, CLOB environments, speed remains critical. But in RFQ and portfolio trading workflows, the focus shifts toward efficiency, decision support and managing more complex execution over time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, desks are increasingly moving between protocols for RFQ, dealer-to-dealer and CLOB, depending on the asset class and market conditions. This places greater importance on systems that can unify workflows, aggregate liquidity and help traders navigate fragmentation without added operational complexity.<\/span><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><strong>Trading automation beyond electronic markets<\/strong><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Trading automation is advancing at a rapid clip not only in established electronic markets, but also in adjacent asset classes where digital workflows are still taking shape.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Theisen observes that while electronic trading has reached maturity in certain asset classes, it\u2019s still in earlier stages within markets trading alongside those asset classes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe U.S. Treasury market, much of the FX market and the U.S. IG market are pretty mature at this point,\u201d she says. \u201cWe saw volatility in March, and the percent that went through electronically year-over-year has grown 30%, yet the absolute percent of electronic has actually been relatively stable in those markets.\u201d Looking ahead, she sees electronic trading gaining ground in the loan, CLO ETF and swaps markets as a natural progression from existing mature markets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Mannion, muni fixed-income bid-ask spreads on retail-sized orders are down over 80% over the last 10+ years while trade volumes are up roughly 130% and trade sizes down 30% over the past five years. \u201cAll of that has been an unbelievable benefit for the customer,\u201d he says.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Tighter spreads, smaller trade sizes and rising volumes all point to a market structure that is becoming more efficient and more accessible. At the same time, firms in the automated trading space face a variety of challenges and complexities in today\u2019s market, including regulatory standards that demand transparency, real-time oversight and compliance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, as more trading shifts to electronic platforms, fragmented data and siloed systems(including manual handling of RFQs, disconnected curve trading and limited automation across rates and credit) can put firms at a competitive disadvantage. Finally, as empowered buy-side firms seek faster execution and liquidity, sell-side market-makers are under pressure to adapt or fall behind.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIn terms of where we\u2019re headed, it\u2019s only going to get more automated and more challenging for banks, and competing in these asset classes requires a heavy investment in technology,\u201d says Mannion.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em><span style=\"font-weight: 400;\">Insights in this article are based on discussions at the Bloomberg Global Markets and Banking Summit event held in New York City in April 2026.<\/span><\/em><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interested in Bloomberg sell-side solutions? <a href=\"https:\/\/professional.bloomberg.com\/products\/trading\/execution-management-system\/trade-ems\/\">Learn how TEMS can help scale your business.\u00a0<\/a><\/span><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                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