MARKET NEWS
Trumid triumphs in tricky April credit e-trading market
US electronic credit trading volumes fell off a cliff in April for Tradeweb and MarketAxess, with average daily volumes (ADV) falling by 14.5% and...
Parmar promoted at CIBC
Shivani Parmar has been promoted to a repo trading role within CIBC Capital Markets’s global credit financing team.
She is based in London.
In Q1 2026,...
ETS scraps out-of-hours model, Ediphy drops legal case
The UK bond consolidated tape saga appears to be cooling down, as Etrading Software irons out its support services and Ediphy backs down from...
Achour leads Citadel Securities’ APAC credit trading
Redha Achour has joined Citadel Securities as APAC head of credit trading. He is based in Hong Kong.
Citadel Securities has been building out its...
LTX gains five heavyweight dealers
Five major banks have joined Broadridge-backed corporate bond e-trading platform LTX.
Goldman Sachs, JP Morgan, TD Securities, Morgan Stanley, and Bank of America are now...
CME expands repo benchmarks to US
CME Group has expanded its RepoFunds Rates benchmark collection, measuring overnight funding costs in the US repo market.
Using data from centrally cleared overnight US...
FEATURES
Eurex sees lit credit future liquidity migrate to dark
The Bloomberg / Eurex credit futures conference in mid-January 2026 had all seats taken and attendees standing in the aisles. That bursting enthusiasm was...
Human battles machine in JGB market
Participants say electronic trading of Japanese government bonds has reached an inflection point, but others counter that the death of voice trading has been...
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...
PROFILES
RESEARCH
Trading Intentions Survey: Data and protocol innovation are the battlegrounds for...
The 2026 Trading Intentions Survey has found that data is the most hotly-contested field in supporting corporate bond trading today, while analysis of trading...
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Credit Spotlight
RISK & RETURN
FROM THE ARCHIVES
US credit sees elevated bid-ask spreads
Bid-ask spread remain elevated in US markets across investment grade and high yield, relative to January and February, according to MarketAxess Trax data, which...
Tradeweb’s annual client letter – in full
The annual letter to clients from Tradeweb’s CEO and chair, Lee Olesky, and president and CEO-elect, Billy Hult, has been published, noting the tough...
Bloomberg to buy Broadway Technology in boost to rates trading
Bloomberg has entered into an agreement to acquire Broadway Technology, a fixed-income execution management system (EMS) provider. This acquisition will help Bloomberg to...
Bank of England releases detail on index-linked gilt purchases as LDI woes continue
The Bank of England (BoE) has said it continues to monitor developments in financial markets very closely in light of the significant asset repricing...
High Yield did not get the ‘trade size’ memo
High yield trade sizes are continuing to rise in 2024, and its bonds continue to show signs of increasingly manual trading. As bond markets...
ESMA launches consultation to clarify boundaries of trading venues under MiFID II
The European and Securities Market Authority (ESMA) has launched a consultation on what constitutes a trading venue, and what can be considered a trading...
Are European exchanges allowed to rival size of US markets?
The European Commission (EC) has opened an in-depth investigation into the proposed acquisition of Refinitiv by the London Stock Exchange Group (LSEG) under the...
New SEC Fixed Income Committee to cover liquidity issues this week
By Flora McFarlane.
The Securities and Exchange Commission (SEC)’s Fixed Income Market Structure Advisory Committee, formed in November 2017, will hold its first meeting on...
Editorial: Dealer consortium or dealer cartel?
A class-action lawsuit case alleging cartel behaviour by six prime brokers who “vacuum up 60% or more of the revenue generated by stock loan...
Treasuries HFT hack test results released
The impact of a simulated cyberattack on a high-frequency trading (HFT) firm in the US Treasury (UST) market has been released by the Treasury...
Bank of England maintains stock levels of government and corporate bonds
By Flora McFarlane.
The Bank of England’s Monetary Policy Committee (MPC) has voted to maintain the stock of government bond purchases at £435 billion and...
Sterling dealers recommend SONIA as alternative to LIBOR
The Bank of England’s Working Group on Sterling Risk-Free Reference Rates – a group of major dealers active in sterling interest rate swap markets – has...
