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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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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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 : 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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Corporate Bonds : Shuttering & Buffeting : Lynn Strongin Dodds

NETS CAST WIDE AS HIGH YIELD IS SPREAD THIN. With Third Avenue and Lucidus putting high yield in the headlines, traders and portfolio managers are defining liquidity relationships more acutely to support their needs. Lynn Strongin Dodds reports. Research from Barclays indicates high-yield US debt – bonds rated double B plus or lower by one of

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Government bonds : Return of volatility : Chris Hall

WILL LIQUIDITY SHIFTS BEND OR BREAK US TREASURIES? Disclosed trading and internalisation are increasing as liquidity is wrung out of dealers and electronic market-makers. Chris Hall reports. As January’s storms ripped holes in equity market valuations, many investors sought shelter in the deep, safe harbour of government bonds. But even that most liquid of markets

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Derivatives : Portability : Chris Hall

PORTABILITY VIA INDIRECT CLEARING UNDER THREAT. As sell-side relationships are harder to come by, indirect clearing offers hope for smaller buy-side firms, but without mandated asset segregation many may find themselves exposed. Portability – the ability to move buy-side derivatives positions from one clearing member (CM) to another – is a fundamental protection sought after

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Technology : Driving OMS reform : Dan Barnes

HOW TO GET A BETTER OMS. Electronification of bond trading makes order/execution management systems vital, yet traders feel they are having to push providers to keep pace. If a trading desk wants to become really efficient it has to have tools that can give traders scale, speed and increasingly multi-asset functionality. However fixed income traders often

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On the Desk | Christine Kenny | Loomis Sayles

Knowledge as an asset (from desk to management). Christine Kenny, managing director, senior fixed income strategist, compliance officer and head of the London office at Loomis, Sayles & Co., discusses the move from the trading desk to management and the perspective it gives her on the current trading environment. What did you learn moving from the trading

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Market news : New credit markets bloom

New credit markets bloom Platforms launched in 2015 look positive The sheer number of credit-trading platforms inevitably means there will inevitably be a shakedown in 2016. However while Bondcube’s flash-in-the-pan in Q2 signalled the difficulty in launching a new platform, many of 2015’s new markets listed in our first ‘Trading Intentions’ survey published in Q1

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On The DESK : Nick Greenland : BNY Mellon Investment Management

Making the team. Nicholas Greenland is managing director for APAC and EMEA, head of broker/dealer relationships for BNY Mellon Investment Management based in London. In his role he represents the trading desks for the 12 boutique asset managers that are part of BNY Mellon Investment Management, which have a total of US$1.7 trillion assets under

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Nick Cox

On The DESK : Nick Cox : J.P. Morgan Asset Management

Nick Cox: Engaging a moving target Nick Cox is the global head of fixed income trading at J.P. Morgan Asset Management, one of the largest buy-side firms in the world with US$1.8 trillion in assets under management. Appointed in April 2014, he is responsible for trading worth hundreds of billions of dollars a year, managing

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Lead feature : Trading for retirement funds : Dan Barnes

PENSION FUNDS TAKE ON TRADING. When retirement funds bring fixed income investment in-house, they have to re-engineer the trading process. Dan Barnes finds out how. Many pension funds are weighing up the viability of bringing investment processes in-house, including fixed income. However a fund bringing any aspect of fixed income investment in-house has to assess

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Technology : FIXing issuance : Lynn Strongin Dodds

PRIMARY CONCERN. Efforts are underway to automate debt offerings and give the buy side greater control. Lynn Strongin Dodds reports. Initial public and debt offerings can be messy affairs, subject to human error and frailty thanks to the largely manual processes. The UK’s Financial Conduct Authority (FCA) is currently investigating the equity primary market for

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Derivatives : Regulation Automated Trading : Lynn Strongin Dodds

REG AT – THE FINISHING LINE. Lynn Strongin Dodds asks whether the CFTC can get the bill passed before the election and what its impact will be if it does. The clock is ticking for Regulation Automated Trading (Reg AT), as the US presidential election moves ever closer. The Commodity Futures Trading Commission (CFTC) is

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Corporate bonds : Missing liquidity

ZEN AND THE ART OF LIQUIDITY MAINTENANCE. Regulators cannot find the liquidity problem that traders see daily, threatening to set rules for game ‘A’, when game ‘B’ is played out in the markets. Chris Hall reports. Regulators and market participants are at loggerheads over the liquidity problem. Defining liquidity, more than any other characteristic of the financial markets,

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Government bonds : US Treasury review : Anna Reitman

BUY-SIDE CALLS FOR REFORM IN US TREASURIES. Treasuries market under the spotlight as US finance ministry takes stock in one of the most sweeping reviews of its kind. Anna Reitman reports. The US Treasury’s market structure review saw a call from buy- and sell-side firms to extend the existing rules to include high-frequency trading (HFT)

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Industry viewpoint : Mosaic Smart Data : Matthew Hodgson & Andy Webb

HOW TO PROFIT FROM NECESSITY. Regulation is at the top of many bank agendas these days, with multimillion-dollar compliance projects now commonplace. But as Matthew Hodgson, CEO of Mosaic, and Andy Webb, Automated Trader’s founder, explain, banks have yet to seize the opportunity to leverage this existing regulatory investment to generate profitability and competitive edge

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