From someone who has worked in OTC technology trading for 10 years:- - A lot of cash fixed income trading is open to automation, in fact it amazes me when I wa

From someone who has worked in OTC technology trading for 10 years:- - A lot of cash fixed income trading is open to automation, in fact it amazes me when I watch some execution traders in action. Their process is highly predictable: Get order into their execution blotter, send out RFQ to brokers, get back prices, check best price against a known value e.g. limit price, trade/no-trade. - This holds true for perhaps 80% of flow for a wealth/retail fund which trade mostly liquid bonds under 1MM. For real-money and hedge funds that ratio is perhaps <50% but still significant. - AI is not the biggest driver of automation here but rather the openness of systems. By this I mean order management systems can interface to execution management systems that can interface to venues. FIX/FpML have helped this happen. - I see this as augmentation for the trader rather than replacing him/her. Its a brand new colleague that can do the 'boring' work so they can go hunting for liquidity!