The failure of Bondcube – an electronic bond platform that was forced to close in July – has raised questions over the viability of other new venues aimed at easing the liquidity crunch in fixed income markets. A less oft-asked but arguably more vital question is: what are the ingredients such platforms need to succeed?

The market for electronic fixed income trading platforms is becoming increasingly saturated, with more than 30 platforms now in existence, according to research from consultancy GreySpark. Many market participants suggest that consolidation could be inevitable in the long run.