Brokers are never happy switching from an established way of trading to a new one, even of it promises to offer efficiencies and cost cuts to their advantage. So trying to get bond traders to use a new exchange which has been years in development and which forces them to trade on screen rather than over the phone, has been slow to take off.

Coredeal, a recognised investment exchange set up by the International Securities Markets Association (Isma), has been seeing volumes trickle in from 10 member banks since it was launched in June. While it numbers 13 banks as shareholders, only 10 are currently submitting prices to the exchange.