MARKET NEWS
Broadridge’s DLT repo platform volumes boom
Volumes on Broadridge’s Distributed Ledger Repo (DLR) platform jumped from US$1 trillion to US$5.9 trillion between August 2024 and 2025, a 490% year-on-year increase.
DLR...
Clouds gather around UK transparency as consolidated tape decision delayed
The UK consolidated tape provider race may not be over yet. The Financial Conduct Authority (FCA) has extended the standstill period in which challenges...
Eurex’s EU bonds futures go live
Eurex’s Euro-EU bond futures (FBEUs) are now available for trading.
The instruments, which were first announced in April, provide a physically deliverable futures contract designed...
MarketAxess reclaims electronic credit trading crown in quiet market
US electronic credit activity eased sharply in August. On FINRA’s TRACE tape, combined US investment-grade (IG) and high-yield (HY) average daily volume (ADV) came...
Archax lists Obligate-issued digital debt on its FCA-regulated venue
Archax listed digital debt securities issued via Obligate, expanding access to on-chain private credit for professional investors on its FCA-regulated exchange, brokerage and custody...
Groupe BPCE receives first Euronext European Defence Bond label
Groupe BPCE has issued a €750 million senior unsecured five-year bond, the first to be assigned the Euronext European Defence Bond label.
Proceeds will be...
FEATURES
Credit futures see OI and ADV increase more than sevenfold YoY
The adoption of credit futures as a mainstream credit trading vehicle is broadening across venues and currencies: US$ iBoxx total return based futures traded...
Trade size growth undercuts European bond market ‘equitification’
Since 2023 European corporate bond markets have seen trades size grow, as trading platforms report increasing volumes
“If we break down electronic trading growth in European...
The pretenders, and kingmakers, to the bond throne
Dealers are backing several new trading platforms who are fighting major incumbents for market share.
In the bond market, the trading platform landscape has been...
Declaration of dependence
US president to oversee financial institution regulation amid deregulation drive.
Executive orders signed by US president, Donald Trump, have given him oversight of all US...
PROFILES
RESEARCH
Exclusive: US analysis of Trading Intentions Survey 2025
This year we're diving deeper into the Trading Intentions Survey. to give a more nuanced view of buy-side engagement with trading services, platforms and...
Subscriber
Credit Spotlight
RISK & RETURN
FROM THE ARCHIVES
Overbond launches buy-side model for spotting mispriced bonds
Overbond has added a ‘rich-cheap’ model to its suite of AI fixed income analytics, designed to help buy-side desks generate systematic returns. Combining both...
Algomi ALFA adds actionable liquidity via Liquidnet and Trumid
Algomi ALFA has taken a step closer to becoming a smart order router (SOR) for fixed income, by enabling actionable liquidity alerts for the...
Exclusive: Redefining credit markets – Neptune Networks and Liquidnet
Byron Cooper-Fogarty, CEO of Neptune Networks, and David Johnsen, head of fixed income at Liquidnet, delve into their vision for this transformative partnership.
With TP...
TP ICAP takes a minority stake in ipushpull
TP ICAP, the interdealer broker, market operator and data provider, has taken a minority stake in the UK financial technology firm, ipushpull.
The Series A...
Emerging markets see liquidity costs decline
The cost of liquidity in emerging markets appears to be falling for fixed income traders. Looking at MarketAxess’s CP+ consolidated price feed, and cross-referencing...
Milad Larkem joins LGIM
Legal & General Investment Management (LGIM) has appointed Milad Larkem as a junior fixed income trader.
Larkem joins the firm from MarketAxess, which he joined...
EMMI drops Euribor+ methodology due to low transaction volumes
The European Money Markets Institute (EMMI), a non-profit group established by national banking associations in the European Union, has dropped the Euribor+ methodology, designed to...
Research: TCA use in bond markets
New research of 36 buy-side firms has found that 81% of respondents find fixed income TCA effective for assessing broker performance, 77% for regulatory...
The implication of falling US HY Issuance
Anecdotally, we hear that new issuance of high yield bonds in European markets directly impacted secondary market liquidity. Looking at the latest data from...
CFTC taps Nasdaq for market surveillance services
To support its expanding regulatory remit, the Commodity Futures Trading Commission (CFTC) has selected Nasdaq to provide market surveillance and fraud detection technology.
Nasdaq Market...
Janus Henderson to acquire Tabula Investment Management
Janus Henderson to acquire Tabula Investment Management, an independent ETF provider in Europe with a focus on fixed income and sustainable investment solutions.
The deal,...
Investor Demand: BofA Global Fund Manager Survey sees bullish US investor appetite
The Bank of America Global Fund Manager Survey (FMS) conducted Nov 1st-7th; post-US election, found that respondents have higher global and US growth expectations,...
