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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Obligation to clear could be delayed to 2019 for smaller derivatives users

For financial counterparties, and certain funds classified as non-financial counterparties, whose individual aggregate positions in over-the-counter (OTC) derivatives are €8 billion or below, the start of the clearing obligation could be extended from 21 June 2017 to 21 June 2019. Under a delegated act published on 17 March 2017 by the European Commission, firms falling

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ESMA: Confusion over TO/TOTV to be resolved “within weeks”

By Aulia Beg In the coming weeks, the European Securities Markets Authority (ESMA) has said it will provide greater clarity around the definition of Trading on Trading Venue (TOTV), a component of the revised Markets in Financial Instruments Directive (MIFID II). Under MiFID II equities and certain derivatives are obliged to be traded on regulated

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Ipreo positive on FCA primary market consultation

By Flora McFarlane. Primary market platform provider Ipreo has welcomed the consultation on primary markets by UK market regulator the Financial Conduct Authority (FCA). “The FCA’s approach is certainly constructive,” says Bill Sherman, head of Global Markets Group at Ipreo. “Ultimately the trick is to find the right balance between providing the issuer with the best

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Buy-side firms warn on herding effect of QE

By Aulia Beg. Portfolio managers have expressed concern about the ‘herding’ behaviour within the investment community, resulting from central banks’ quantitative easing (QE) programmes. In a speech on 24 January 2017, Chris Salmon, executive director for Markets at the Bank of England (BoE) noted that its 18-month QE programme, established in September 2016, could end

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Brokers warned on SI regime missteps

Regulators have expressed concern over banks’ plans for operating systematic internalisers (SIs) under the revised Markets in Financial Instruments Directive (MiFID II). Dealers have shown interest in transforming their broker-crossing networks (BCNs) into SIs under the new regime, as well as launching fixed income SIs. However using SIs to trade in highly liquid instruments would

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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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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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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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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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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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Citadel Securities making markets in Treasuries on Tradeweb

Citadel Securities has become a liquidity provider on the Tradeweb institutional US Treasury marketplace, for dealer-to-client trading. Citadel Securities’ expansion into Tradeweb’s US Treasuries market adds to its existing market-making role on Tradeweb in interest rate swaps, credit default swap indices, and US exchange-traded funds. “Joining the Tradeweb Treasury platform is a natural strategic development

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