All-to-all liquidity 'is not the panacea' – FIA panel

New trading venues seen as an alternative to dealer liquidity in OTC markets

All-to-all trading has been touted as the cure for dwindling dealer liquidity

All-to-all trading offers limited benefits in over-the-counter markets, according to market-makers and buy-siders speaking at the Futures Industry Association Expo in Chicago on November 5.

New all-to-all trading platforms have sprung up in response to dwindling liquidity in the credit and rates markets. However, market participants remain sceptical of these venues and their ability to improve liquidity.

"Liquidity provided by anybody is a good thing, and if it makes the end-user have a more eff

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