MAGAZINE

Published quarterly, The DESK provides buy-side traders with precise detail on the macro-drivers, events and plans that are shaping liquidity and price discovery in fixed income markets. Contact us for your copy.

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SURVEY

For the second year in a row, the ‘Trading Intentions Survey’ asks buy-side traders about which liquidity aggregation systems they currently use for trading corporate bonds, which they preferred, and which they planned to use.

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ABOUT US

We need to talk about bonds. Liquidity has been sucked out of the credit markets by regulation. It can only be replaced by a structural change in the secondary market, or a change to the issuance model in the primary market.

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On the desk : Paul Squires : AXA IM

PAUL SQUIRES: ON CALM AND THE STORM. AXA Investment Managers’ global head of trading & securities financing displays a steady hand as his trading function begins servicing new investment models while navigating turbulent markets. There is considerable disruption to fixed income market structure currently; how are your trading operations handling that? We feel clear about

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Derivatives : Viable alternatives : Anna Reitman

VIABLE ALTERNATIVES. Tougher capital and liquidity constraints for OTC assets are boosting exchange-traded products appeal to the buy side. Anna Reitman reports. As trading over-the-counter (OTC) for fixed income instruments becomes more costly, some buy-side trading desks are looking to exchange-traded alternatives that provide greater liquidity and are not subject to the same capital costs for

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Corporate bonds : How big is credit? : Joel Clark

STANDING ROOM ONLY FOR CREDIT PLATFORMS. As corporate bond trading platforms do battle, the size of the prize is not clear. Joel Clark reports. How much profit can a credit trading venue actually make? Getting a new trading platform off the ground is not easy even in transparent asset classes. Chi-X Europe made just £800,000

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Technology : Making a mark on TCA : Lynn Strongin Dodds

FIXED INCOME TCA IS OVERCOMING DATA PAUCITY. Transaction cost analysis is becoming more sophisticated despite data limitations. Lynn Strongin Dodds looks at the current offerings. Fixed income markets are becoming more transparent. That provides one part of the solution to transaction cost analysis (TCA) for bond trading. Yet fixed income TCA is still at a

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Tony Russell leaving head trader role at Newton Investment Management

The DESK understands Tony Russell is to leave Newton Investment Management as head of trading. Russell, who has worked since 1997 at Newton IM, a boutique asset manager and part of BNY Mellon Investment Management, was not contactable for comment. A press spokesperson for BNY Mellon Investment Management declined to comment. According to industry sources,

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Lead feature : Will dealers budge? : Dan Barnes

ICAP AND THE BUY-SIDE: THE BEGINNING OF SOMETHING. A consensus-led approach has allowed the interdealer broker to overcome political challenges, as brokers open a channel for their investment management clients. The ICAP Sponsored Access Model (ISAM) is poised to go live, allowing asset managers to trade fixed income on the interdealer market for the first time,

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Government & municipal bonds : Electro muni : Chris Hall

GLOBAL WINDS OF CHANGE FUEL MUNICIPAL BOND AUTOMATION. International interest is pushing the municipal bond market towards greater electronification and transparency. Chris Hall reports. A new era dawned in the US municipal bond market in August, when the Upper Mohawk Valley Regional Water Finance Authority became the first US issuer to receive a green bond

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On the desk : Jim Switzer : AllianceBernstein

JIM SWITZER: ON TAKING CONTROL. The AllianceBernstein credit trading desk has been refocused to handle market fragmentation and the withdrawal of dealer liquidity, giving its traders a commanding presence in tempestuous markets.   Jim Switzer is the New York-based global head of credit trading at AllianceBernstein. He joined the firm in 2011 and manages 12 credit

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On the desk : Juan Landazabal : Deutsche Asset Management

ON TRADER EVOLUTION. Juan Landazabal, global head of Fixed Income and Foreign Exchange Trading at Deutsche Asset Management describes the internal and external pressures that are shaping the role of head trader. Juan Landazabal is global head of Fixed Income and Foreign Exchange Trading at Deutsche Asset Management. His team includes approximately 25 fixed income traders/sector managers

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Industry viewpoint : The rise of electronic trading : Banca IMI

TACKLING THE CHALLENGES IN FIXED INCOME HEAD-ON. Monica Cammarano and Umberto Menconi, Market HUB E-Commerce Distribution Banca IMI. In recent years, the global fixed income landscape and its trading facilities have had to adapt in order to meet clients’ and issuers’ needs, to deal with the aftermath of the financial crisis as well as technological

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Industry viewpoint : Constantinos Antoniades : Liquidnet

THE CORPORATE BOND MARKET – WHERE NEXT? Constantinos Antoniades, Global Head of Liquidnet Fixed Income. With a large portion of the government bond market at negative or near zero yields, corporate bonds have taken the mantle in the search for yield. Investment portfolios, pension funds and savings accounts now rely heavily on corporate bonds for

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