We were lucky to feature bond trading pioneer Jim Toffey, now the CEO and co-founder of LTX, part of Broadridge Financial Solutions, in the latest edition of FTF News Live. The interview focused on how asset manager AllianceBernstein applied artificial intelligence technology from LTX to a block trade of corporate bonds. AllianceBernstein used a patented protocol, dubbed RFX developed by LTX. As you may know, Mr. Toffey is the former CEO and one of the founders of Tradeweb Markets, a joint venture that began by trading fixed income instruments electronically.

In a market where learning the last price can be a lift, what is the value of learning the next price? The emerging fintech firm's BondDroid Auto-Pricer goes beyond traditional pre-trade and post-trade data collection and utilization efforts, by using artificial intelligence to predict the next bid and ask price for the majority of the investment grade and crossover bonds traded in the market. The corporate bond market has for years been known for its fragmentation and unique liquidity challenges. Data quality is improving, but outside of the most heavily traded issues -- which represent a small fraction of the overall market -- pricing can still be more art than science. This is an opportunity for a solutions provider such as 7 Chord.

Bond traders have had a rough time recently, as their ranks have thinned since the financial crisis due to stricter regulations and the decline in manually intensive voice trading. They now face their toughest challenge yet, with AI-enabled automation threatening jobs across the industry. Goldman Sachs recently reported three consecutive quarters of decline in revenue at its bond-trading division. Overall, the number of fixed-income traders on banks' desks last year fell by 7%, to 17,500, double the rate of cuts from the previous year, according to Coalition. Things are picking up a bit this year, but few expect a return to the heady days when bond traders were known as the "Masters of the Universe."

Some of the most powerful people in the world have gathered this week to discuss the most pressing issues affecting humanity. And the overwhelming conclusion is that the robots are coming. At the Milken Institute's Global Conference in California, at least four panels focused ontechnology taking over markets to mining, and most importantly,jobs. Some of the most powerful people in the world have gathered this week to discuss the most pressing issues affecting humanity, and the overwhelming conclusion is the robots are coming. At the Milken Institute's Global Conference in California, four panels focused on technology taking over markets and jobs (stock image) 'Most of the benefits we see from automation is about higherquality and fewer errors, but in many cases it does reducelabor,' Michael Chui, a partner at the McKinsey GlobalInstitute, said on Tuesday during a panel on'Is Any Job TrulySafe?'

Some of the most powerful people in the world have gathered this week to discuss the most pressing issues affecting humanity. And the overwhelming conclusion is that the robots are coming. At the Milken Institute's Global Conference in California, at least four panels focused ontechnology taking over markets to mining, and most importantly,jobs. Some of the most powerful people in the world have gathered this week to discuss the most pressing issues affecting humanity, and the overwhelming conclusion is the robots are coming. At the Milken Institute's Global Conference in California, four panels focused on technology taking over markets and jobs (stock image) 'Most of the benefits we see from automation is about higherquality and fewer errors, but in many cases it does reducelabor,' Michael Chui, a partner at the McKinsey GlobalInstitute, said on Tuesday during a panel on'Is Any Job TrulySafe?'