June 30, 2026 — The electronification of Securities trading has not reduced the importance of sell-side sales coverage. On the contrary, as trading becomes more digital, faster, and more automated, buy-side desks are relying on sell-side service and support as much as ever.
Every year, Crisil Coalition Greenwich asks buy-side traders around the world to identify the factors they consider when choosing counterparties. Outside of pure execution performance, the most important factor driving counterparty selection in 2026 continues to be the quality of trading desk coverage.
“Despite continued electronification across Equities, Fixed Income, FX, and other markets, buy-side traders still place significant value on responsive desk coverage, execution judgement, and human market expertise,” says Jesse Forster, Senior Analyst in Market Structure & Technology at Crisil Coalition Greenwich and author of The human edge in electronic markets.
Buy-side traders consider the quality of desk coverage more important to counterparty selection than liquidity, operational efficiency, and access to electronic services and analytics.
Rising market volatility is also demonstrating the limits of purely electronic execution. In stable markets, low-touch tools can handle a large share of flow efficiently. During volatile or illiquid conditions, however, traders place renewed importance on human judgement, specialist guidance, and brokers who can help navigate uncertainty.
“The best high-touch service is not about excessive calling or relationship management for its own sake,” says Jesse Forster. “Traders value relevant, timely, and useful interaction, particularly during market stress, liquidity shortages, or complex trade situations.”
The human edge in electronic markets presents the results of a recent study for which the firm interviewed multi-asset buy-side traders in North America, Europe, and Asia. The report analyzes buy-side perspectives and preferences regarding their relationships and coverage from sell-side counterparties.