Niall Cameron, HSBC Holdings' global head of credit trading, says the proliferation of electronic corporate-bond trading platforms from banks means some likely will struggle. "Liquidity is very fast moving. People will see there is another model with more liquidity, better spreads or better execution, and they'll move their business over by the flick of the switch," Cameron said. "It is a Darwinian process as lots of models will start, but they won't all work. Within two to three years, we should see a map of the winning strategies. There could be up to 10 winning platforms."