Trending Now
MARKET NEWS
TradeTech FX: Multi-asset trading success conditional on buy-side objectives
The value of multi-asset trading desks to an investment manager is conditional on the goals of the buy-side firm aligning with the firm.
At TradeTech...
S&P to end TCA offering
S&P Global is shuttering its transaction cost analysis (TCA) operations, according to sources familiar with the matter.
Michael Richter, EMEA executive director of TCA at...
Soft volatility hinders US rates e-trading
Volatility was down 27% year-on-year (YoY) and down 6% month-on-month (MoM), with the MOVE index recording 80.43. This is the index’s lowest level since...
US credit trade sizes shrink in August
Average daily trade sizes across all US credit fell 12% month-on-month (MoM) to US$363 thousand after strong July performances, but still grew by 3%...
CFTC clears path for US customers to access JSCC yen IRS
The Japan Securities Clearing Corporation (JSCC) is now allowed to clear for US customers while remaining an exempt derivatives clearing organisation (DCO) subject to...
Mizuho’s DCM revenues break into global top ten
Global debt capital markets (DCM) revenues remained almost identical year-on-year (YoY) for the first nine months of 2025, with Mizuho the only new entrant....
FEATURES
Credit futures see OI and ADV increase more than sevenfold YoY
The adoption of credit futures as a mainstream credit trading vehicle is broadening across venues and currencies: US$ 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...
Subscriber
Credit Spotlight
RISK & RETURN
FROM THE ARCHIVES
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...
DirectBooks names team and launches advisory committee
DirectBooks, a sell-side consortium designing systems for the primary bond market, has named Yvonne Wang as chief operating officer, and Christopher Rodriguez as global...
Trading: Are bond markets broken?
Stressed events – like the gilt market turmoil – are proving too much for the secondary markets to handle.
Behind closed doors, senior traders are...
ICMA fills in the blanks on MiFID II agreement
A new article written by the regulatory team at the International Capital Markets Association (ICMA), has shed light on details in the agreed text...
Virtu launches liquidity scoring tool for fixed income
Electronic liquidity and technology provider, Virtu Financial, has expanded its multi-asset transaction cost model offering with the launch of Fixed Income Agency Cost Estimator...
Barclays: European portfolio trading to hit 18% in three years
Portfolio trading share in Europe’s investment grade market could get closer to that of the US from its current 10–12% level in volume to...
FNZ acquiring bond portfolio management tool YieldX
FNZ, the wealth management platform, has agreed to acquire YieldX, the US-based provider of fixed income portfolio management technology, optimisation services and direct indexing...
Investor Demand: Bloomberg boosts private market data access
In its latest bid to expand private markets coverage, Bloomberg has invested in data platform Daphne Technologies.
The Daphne platform allows alternative asset managers to...
Kapoor swaps BBVA for HSBC
Sonu Kapoor has joined HSBC as an emerging markets trader, based in New York.
HSBC’s corporate and institutional banking arm reported US$7.1 billion in revenues...
Beyond Liquidity: The Promised Land
Primary bond market technology has delivered a steady stream of notable enhancements in recent years, with a small number of platforms and niche service...
FILS in Barcelona: Tough calls for investors
Big picture phrases like ‘higher for longer’ and ‘transitory’ inflation are too imprecise to guide a professional investor, the Fixed Income Leaders’ Summit (FILS)...
The DESK Research: The state of liquidity for US mid-market asset management firms
In 2022, despite robust secondary trading volumes, many buy-side firms are citing worsening liquidity conditions and dealers have seen falling trading revenues moving into...
Subscriber
