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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SURVEYS

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. And published November 7th, 2016 is The DESK's 'Trading Desk Efficiency Benchmark 2016'.

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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 : Christoph Hock : Union Investment

CHRISTOPH HOCK: ON BUILDING EFFICIENCY. Union Investment’s development of a multi-asset trading team and segregation of high and low touch business is allowing it to focus trading resource where it is needed. Christoph Hock is head of Multi-Asset Trading at Union Investment, an asset manager with over €250 billion in assets under management. He joined Union

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Lead feature : Trading desk efficiency benchmark : Dan Barnes

THE DESK: TRADING EFFICIENCY BENCHMARK STUDY. This primary research offers traders a view of trading operations within their peer group, to benchmark against their own. This research is a snapshot of trading operations across 23 institutional investment firms with a total of US$7.5 trillion assets under management (AUM), ranging individually from over US$5 billion to

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Corporate bonds : E/OMS politics : Anna Reitman

GATEKEEPERS TO LIQUIDITY. E/OMS providers need to overcome political hurdles to help the buy side navigate credit’s fractured markets. Anna Reitman investigates. Vendors and brokers that bundle order routing and matching together, while restricting access to competitors, appear to have a considerable, potentially anti-competitive, advantage. Yet paradoxically, by restricting the flow of orders based on

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Derivatives : Dealer education : Lynn Strongin Dodds

DEALERS NEED TO GO WITH THE FLOW. Broker-dealers must become more technologically savvy in the derivatives space if they want to impress buy-side clients. Lynn Strongin Dodds reports. Multi-asset trading is increasingly common among asset managers looking to enhance efficiency and deliver better execution for their clients (see Christoph Hock: On building efficiency). The ability to

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Government & municipal bonds : Investor paradox : Dan Barnes

SWIMMING WITH GOVERNMENTS. Government agencies are issuers, rival investors, market regulators and controllers of interest rates; how do asset managers handle them? Dan Barnes writes. Central banks and government treasury departments are the blue whale of capital markets, largely well-meaning, enormous beasts. Swimming in the same pool of liquidity as these giant government agencies can

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Technology : Price making : Lynn Strongin-Dodds

THE TECHNOLOGY BEHIND PRICE MAKING. Lynn Strongin Dodds canvasses the market to see who is willing to pick up the gauntlet in Europe. If dealers are trading less, they are making fewer prices. As the market makers in fixed income that creates a challenge for asset managers who need to know they are getting a

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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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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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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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Market news : Citi and Deutsche Bank join Neptune

Citi and Deutsche Bank join Neptune. 8am, 10th November 2016 London, November 10th 2016  – Neptune, the open-standard network for bond pre-trade real-time AXE indications, today announced the addition of Citi and Deutsche Bank to its network. The Neptune network provides a venue for dealers to share information with investors on the bonds that they

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Industry viewpoint : ETFs : Ganesh Iyer & Steve Mickle

ETFS: HOW THE BUY-SIDE TRADER BENEFITS FROM THE NETWORK EFFECT. Fixed income exchange-traded funds (ETFs) are increasing in popularity amongst buy-side traders. To realise their true value, traders must ensure they are plugged in to a network of data sources and counterparties in order to price and trade optimally.

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Industry viewpoint : TCA in fixed income : Charlie Campbell-Johnston

DRIVING DOWN INVESTOR COSTS: CAN BUY-SIDE FIRMS LEARN FROM THE DATA-FUELLED WORLD OF F1? As the Formula One season enters the final stretch, Charlie Campbell-Johnston, Head of Business Operations, International at Tradeweb looks at what parallels buy-side firms can draw from the sport’s use of data analytics to satisfy accelerating demands for greater transparency and efficiency around

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