MARKET NEWS
Scottish ‘vanity’ issuance project puts investors at risk from independence
The Scottish Government has confirmed plans to enter the bond market and issue £1.5bn of debt in 2026-2027.
Ben Ashby, chief investment officer at...
Milei’s victory saw Argentinian debt traders reach for rapid risk transfer
In late October 2025, Argentine President Javier Milei’s party, La Libertad Avanza, scored a decisive win, in the country’s midterm elections, a political triumph...
October credit futures’ activity cools after September busy roll month
In October trading volumes of credit futures at Eurex, Cboe global markets and CME cooled after the September roll month, but open interest continued...
Scotland rated AA/Aa3 ahead of debut ‘kilt’ bonds
Scotland has received its first standalone credit ratings from Moody’s and S&P Global, with both agencies placing the Scottish Government on the same high...
T. Rowe Price deploys Genesis’ primary bond custom tool
T. Rowe Price has gone live with Genesis global’s primary bond issuance (PBI) tool. It aims to standardise how its fixed income teams manage...
BoE issues stablecoin regulation proposals
The Bank of England has issued a proposed regulatory regime for sterling-denominated systemic stablecoins, revising two elements of policy proposed in a 2023 discussion...
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
FROM THE ARCHIVES
The liquidity bears’ picnic
If you are on the desk, there is often an inverse relationship between the tension you experience and the volume of people relaxing on...
Adaptive expands its ‘Operate’ offering, opens Asia office
Electronic trading tech provider Adaptive has expanded its 'Operate' offering to a round-the-clock service and opened its first office in Asia.
Matt Barrett, Adaptive...
Reports: MTS to launch D2C initiative with backing from major dealers
Several market sources have reported that MTS Markets, the fixed income trading division of Euronext, is to launch a dealer-to-client credit trading offering through...
Wells Fargo Asset Management becomes Allspring Global Investments
Allspring Global Investments has officially commenced operations as an independent asset management firm, as a US-based manager with US$587 billion assets under management (AUM)....
Tradeweb sees volume drop in June
Bond market operator, Tradeweb, has reported its average daily volume (ADV) in June was US$780.9 billion (bn), a decrease of 8.9% year-on-year (YoY), largely...
Beer leaves Aberdeen for MFS
Russell Beer has joined MFS Investment Management as an emerging markets debt trader.
As of June 30 2025, MFS Investment held US$635.4 billion in assets...
Cowen Outsourced Trading picks TORA OEMS
Cowen Outsourced Trading has selected TORA’s Order and Execution Management System (OEMS) for fixed income trading across USA, Europe and Asia.
Cowen selected TORA’s software-as-a-service...
Industry viewpoint : Mike du Plessis : UBS
COMING TO TERMS WITH THE NEXT PHASE OF MARKET TRANSFORMATION.
By Mike du Plessis, Managing Director, UBS Global Head of FX, Rates & Credit Execution...
BrokerTec’s March average daily volume for US Treasuries up 11%
Market operator BrokerTec, part of the CME Group, has reported double figure growth in US Treasuries trading volume for March. More broadly, CME reported...
Allianz GI: On strength of voice
Effectively communicating across trading desks, teams, counterparties and industry is allowing Allianz Global Investors to stand out amongst asset managers. The DESK talks to...
Issuance in double figure growth everywhere (ex-Japan!)
The debt markets have been booming globally in the first half of 2024, according to Dealogic data, with Middle East and Africa seeing issuance...
Market structure: The alternatives in market making
The DESK profiles five of the major electronic liquidity providers.
Given the strains on market making in fixed income, it is vital that buy-side desks...






















































