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MARKET NEWS
SEC greenlights DTCC tokenisation initiative
The US Securities and Exchange Commission (SEC) has issued a no-action letter to the Depository Trust & Clearing Corporation (DTCC), allowing the company to...
Perkins joins Deutsche Bank
Sean Perkins has joined Deutsche Bank as director of high yield research. He is based in New York.
Perkins has more than 25 years of...
SocGen promotes Braham
Mohamed Braham has been promoted at Societe Generale CIB, being named as head of global markets, and APAC head of fixed income and currencies...
Tradeweb and MarketAxess beat TRACE growth in November
US electronic credit activity firmed in November. On FINRA’s TRACE tape, combined US investment-grade and high-yield average daily volume (ADV) rose to US$57.8 billion,...
Cboe’s credit futures activity and OI leapfrogs CME and Eurex in November
In November, Cboe’s US dollar iBoxx iShares credit futures set new records with US$455 million in average daily volume (ADV) and US$1.95 billion in...
Jefferies increases credit focus with Hildene acquisition
Jefferies has acquired 50% interest in Hildene Holding Company, parent company of credit-focused Hildene Capital Management and its affiliates.
Hildene Capital Management holds more than...
FEATURES
Credit futures see OI and ADV increase more than sevenfold YoY
The adoption of credit futures as a mainstream credit trading vehicle is broadening across venues and currencies: US$ 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
Bond traders predict data science/AI use explosion in 2026
The DESK’s Corporate Bond Liquidity Access Survey, supported by LTX, finds trading desks are on the cusp of change.
Buy-side traders see 2026 as a turning...
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RISK & RETURN
FROM THE ARCHIVES
Impact of the MiFID II SI assessment delay
Geoffroy Vander Linden, Head of Transparency Solutions, Trax.
On 4 November 2016, the European Securities and Markets Authority (ESMA) published a Q&A document outlining their...
US electronic platforms’ credit activity cools further in
Average daily volume reported on TRACE for US investment grade (IG) and high yield (HY) dropped a further 9% month-on-month (MoM) in June to...
Splinters of a market
While liquidity in US investment grade (IG) markets has been holding up relatively well, MarketAxess data shows us that the past month has seen...
The evolution of an IDB
TP ICAP has assembled a team of diverse talents including cadres of former Newedge and UBS colleagues amongst the employees of Tullett Prebon, ICAP,...
Insights & Analysis: European high-yield issuance dropped in Q1
Primary high yield (HY) bond issuance fell by 23.6% quarter-on-quarter (QoQ) in the first three months of the year, and was down almost 30%...
On the DESK : Vincenzo Vedda : DWS
Heading into a stormy 2019, traders need both confidence and evidence to achieve their goals.
What do you think a bond trader in 2018 needs...
Mizuho issues green bond in continued sustainability drive
Mizuho Financial Group has issued a €500 million green bond, part of its core business theme of sustainability and innovation.
Funds raised by the issuance...
FILS 2022: Deferral times priority for consolidated tape plans – EC’s Lueder
Plans for a consolidated tape for fixed income markets in Europe hinge on the “urgent priority” of harmonising post-trade publication windows – keeping them...
First quarter sees Tradeweb break US$1 trillion ADV
Market operator Tradeweb saw a US$1.06 trillion record average daily volume (ADV) for the first quarter of 2021, an increase of 18% compared to...
Fixed income fees normalising at JP Morgan
JP Morgan’s fixed income revenues in the fourth quarter of this year are expected to be 10% lower than the record final quarter of...
Market Structure: New risk and liquidity in the US Treasury market
Significant changes in counterparties and market structure have transformed US Treasury market activity.
Dealer-to-client trading has overtaken interdealer markets in volume traded according to analyst...
Credit Suisse and VTB fined millions by UK, US and Swiss authorities over Mozambican...
Credit Suisse Group AG has agreed to pay nearly US$475 million to Swiss, UK and US authorities, including nearly $100 million to the US...
