In finance, successful two party private systems / standards are often turned into industry standards. Think Swift, FIX, etc. In the case of FIX, the reason it

In finance, successful two party private systems / standards are often turned into industry standards. Think Swift, FIX, etc. In the case of FIX, the reason it was widely adopted was that a buy-side client (Fidelity) demanded their brokers (developed with Goldman, then taken up by others) adopt the standard. I understand why Microsoft would want to support this. I can understand why BoAML would want this. Where I'm failing to see how this initiative will succeed is there seem to be missing a buy side participant to demand implementation. Perhaps BoAML has some sort of leverage with other market participants to get them on board? Recording transactions from one arm of BoAML with another arm of BoAML doesn't make sense to me. There are already internal systems to handle transaction recording.