MARKET NEWS
ETS confirms CTP go-live as Ediphy’s legal battle drags on
Etrading Software has set 22 June 2026 in stone as its go-live date for the UK’s bonds consolidated tape.
“This is the earliest date that...
Carmalt joins ING in UK DCM push
David Carmalt has joined ING as head of investment grade (IG) debt capital markets (DCM).
Based in London, Carmalt reports to head of the EMEA...
Competition in US Treasury clearing could sustain vicious exchange battle
The bitter competition between FMX and the CME, for trading of US Treasuries and Treasury futures, could enter an accelerated phase as new clearing...
Euronext seeks govies clearing expansion
Euronext Securities Milan has requested LCH open the settlement of all its European government bonds as Euronext seeks to align the services of its...
Clifford drops Citi for BlackRock
Head of trading Paul Clifford has left Citi after more than a decade with the firm, joining BlackRock as a senior multi-asset trader.
He is...
Dincher joins Barclays IB
Jeffrey Dincher has joined Barclays Investment Bank as director of capital markets, conducting research to support the high-yield trading and sales teams.
He is based...
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...
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Credit Spotlight
RISK & RETURN
FROM THE ARCHIVES
When will T2S harmonise European bond issuance?
Target 2 for Securities (T2S), the ambitious brainchild of the European Central Bank (ECB) and Eurosystem, has the potential to lower the costs of...
Bond trading disrupted as ICSDs close to ruble settlement
International central securities depository (ICSD) Euroclear has announced it will no longer settle ruble-denominated transactions from 1 March 2022 until further notice.
The firms reported...
FILS USA 2023: Finding efficiency in fixed income trading
Market operators seek to expand reach of surprisingly resilient automation.
Fixed income trading has become much more efficient over the years, driven by new technologies...
Reading between the lines of JP Morgan’s e-Trading Survey 2023
JP Morgan’s e-Trading Survey has tracked a substantial shift in capital markets priorities as worsening liquidity, central bank activity and economic fragility overtake COVID,...
The week in summary: Credit Suisse; fixed income liquidity; ‘Who died?’
This week has been very challenging for buy-side trading desks as broker-dealers struggle to price bonds, and uncertainty gripped markets.
“I was off Monday, came...
Picturing uncertainty in a traditionally stable market
Trading numbers in secondary corporate bond markets appear to reflect anecdotal reports of volatility bursts, as political false starts impact the reading of major...
Squeezing the bid-ask spread
Bid-ask spreads in the corporate bond space have continued to collapse in 2025, suggesting that liquidity costs are dramatically improving for buy-side traders.
Looking at...
Report: China’s pension stress represents opportunity for global buy side
Global asset managers should take note of the investment opportunities presented by China’s pension fund market as the space embraces much-needed reform and technological...
UK sees first tokenised collateral FX transaction
Lloyds Banking Group and Aberdeen Investments have completed the first foreign exchange trade using tokenised collateral in the UK.
Tokenised units of Aberdeen Investment’s money...
The DESK’s Trading Intentions Survey 2020 : Unpicking the buy-side workflow
We reveal the buy side’s use of platforms for pre-trade data, executing orders in the market and trading venues.
Trading Intentions Survey highlights
Bloomberg has...
Subscriber
The Book: Eli Lilly issues 40-year notes as weight loss industry booms
Eli Lilly & Co issued US$6.71 billion in bonds in August, with maturities ranging from three to 40 years.
The firm, which produces weight loss...
Portfolio trading challenged on best execution
For decades, tourists have flocked to Spain’s Costa Brava in anticipation of the three Ss, broadly understood to refer to sun, sea and sangria....
