The Power of Market Access

Most of the bond market today is still done over the phone kind of manually. As long as market access continues to be the dominant player in electronic trading and electronic continues to take share from voice, I just don't care about much else. The crazy thing about a market going from the phone to electronic is it's hard to believe that that doesn't expand the total volume traded also over time. And that's a powerful dynamic when you get those two things working together.