Susquehanna has released the results of its 2026 buy-side fixed income survey, revealing that the industry is not in agreement about the definitions of key concepts.
Most notably, the definition of an axe remains contentious. Only 10% defined it as a firm price – a similar figure to that seen at FIX EMEA earlier this year – while the remaining 90% were an even split between calling it an indication the dealer wants to trade the bond, or a priced dealer position with size.
READ MORE: Axe throwing gets out of hand at FIX EMEA
Even more uncertain was the definition of a voice axe. The majority (31%) said it was an axe given in chat, but 28% argued it is an axe not given on an electronic platform. A further 16% stated it is a voice axe if a dealer flags it as such, and 12% said it means nothing – that an axe is an axe. The remaining 12% said a voice axe must be above a certain size, while 1% classified a voice axe as one that is shown on Neptune Networks.
Definitions of slippage were slightly less slippery. More than half (55%) called it “versus screen price at the point of trade”. Just over a quarter (27%) called it price move during the quoting window, and just 13% defined it as stream move after the trade. The final 5% categorise it as when the quote moves away from the last trade.
Most of those polled (46%) measure slippage against a benchmark, and 15% measure it against a dealer’s steam. However, 39% do not systematically measure slippage against anything. This is primarily because of a lack of data (67%); 27% also cited prioritisation of other activities as a limiting factor. The remainder (6%) saw no benefit to doing so.
When it comes to the data that is available, 54% said that they have an independent tool to evaluate data. The vast majority (72%) said they do not use AI in this space.
READ MORE: Applying artificial intelligence to fixed income trading
Almost three quarters (71%) of those polled stated that they use rules engines to execute flow, although the majority (64%) are using these for less than 25% of their notional flow. Only 4% see more than 85% of their flow go through rules engines.
The majority (49%) of individuals taking part in Susquehanna’s survey were from firms with more than US$250 billion in assets under management, and most were based in the UK and Europe.
©Markets Media Europe 2026
