If your a participant in the fixed income market, then your accustom to the phrase that fixed income technology is 10 years behind the equity market. But why?
Some of the best minds in finance work in the fixed income market and the term masters of the universe didn't come out of thin air.
The market has proprietary models that run trading strategies based on the work of noble prize winners.
A complex network of primary dealers and regional dealers supply governments, government agencies, corporations and municipalities with financing on a daily basis.
The amount outstanding in the debt markets dwarfs the equity markets.
CatFIX's simple answer is the root of The Problem:
The complexity of the fixed income market causes a lack of standardization between content creators, content distribution channels and the audience digesting the content.
The complexity and lack of standardization create a canyon sized knowledge gap between the fixed income front office and FIX protocol developers.