MARKET NEWS
Federal Reserve group issues credit risk warning over US Treasuries trading
By Pia Hecher.
The Federal Reserve’s Treasury Market Practices Group (TMPG), which discusses issues in the US government bond market, has said that firms are...
IHS Markit claims Liquidnet clients see transaction cost savings of 87%
By Shobha Prabhu-Naik.
Information provider IHS Markit claims that buy-side firms trading all-to-all receive 87% transaction cost savings, by trading on Liquidnet Fixed Income.
IHS Markit...
Controversy as buy side forces U-turn on US liquidity rule
By Jonathan Weitzmann.
The liquidity risk management financial rule (Rule 22e-4) was approved on 28 June 2018 by US regulator the Securities and Exchange Commission...
Bloomberg rival Money.Net partners OpenFin to scale up
By Shobha Prabhu-Naik.
Money.Net, a provider of live streaming financial market data, has selected desktop operating system OpenFin to deploy and deliver its software at...
FCA says HFT firms exacerbate and profit from flash crashes
A paper published by the UK’s Financial Conduct Authority has said that high-frequency trading (HFT) firms and agency traders exacerbate flash crashes in the...
FEATURES
On the DESK : Cathy Gibson, Royal London Asset Management
The buy side must be an active participant in shaping market structure if investors are to achieve the best returns, says Cathy Gibson.
Biography: Cathy...
Lead : Crossing trades & best execution : Dan Barnes
The best ways to cross‑trade
Crossing trades between funds is operationally complex but rewarding for investors and asset managers; using platforms to standardise the process...
Credit : Information overload : Dan Barnes
Dealer axes: Can’t see the wood for the trees
A proliferation of axes and inventories are making dealer data hard to consume by trading desks....
Rates : Trading protocols : Dan Barnes
The new Treasuries protocols
Breaking away from the request-for-quote protocol could allow for tighter pricing without information leakage.
Traders engaged in the US Treasury (UST) markets...
Technology : Order management systems : Dan Barnes
Will buy-side firms build the OMS they need?
Complaints about order management system performance still dog the fixed income markets, increasing the likelihood of in-house...
Securities financing : An integrated approach : Lynn Strongin Dodds
Securities lending comes into its own
How buy-side firms are adapting to the margin regime, by Lynn Strongin Dodds.
Regulation, including tighter margin legislation, has focused the buy-side mind...
INDUSTRY VIEWPOINTS
PROFILES
RESEARCH
Trading Intentions Survey 2018
Greater dependence vs reduced choice
The pipeline of growth is returning after MiFID II, with reliance on specific platforms increasing.
In 2017 the appetite for onboarding...
OLDER POSTS
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...
On The DESK : Gianluca Minieri, Pioneer Investments
The Greatest Concentration of Risk
Gianluca Minieri has been the global head of trading at Pioneer Investments since 2011, driving reform across trading operations, including...
Treasuries crunch: Sponging up Treasury liquidity
A considerable increase in trade failures, combined with falling volume and buy-and-hold strategies is creating a shallow market in US treasuries, making the October...
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...
On The Desk: 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...
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...
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...
Video: Trends in Fixed Income Trading: Metamodern Meditations on the Future Market Structure
Russell Dinnage, managing consultant at GreySpark Partners, talks about how the structure of trading in the fixed income market could change over the next...
On The Desk: 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...
On The Desk: Juan Landazabal: 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...
On The Desk: 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...
On The Desk: Christine Kenny : Loomis Sayles
KNOWLEDGE AS AN ASSET (FROM DESK TO MANAGEMENT).
Christine Kenny, managing director, senior fixed income strategist, compliance officer and head of the London office at Loomis, Sayles...
Government & municipal bonds : Electro muni : Chris Hall
GLOBAL WINDS OF CHANGE FUEL MUNICIPAL BOND AUTOMATION.
International interest is pushing the municipal bond market towards greater electronification and transparency. Chris Hall reports.
A new...
Corporate bonds : How big is credit? : Joel Clark
STANDING ROOM ONLY FOR CREDIT PLATFORMS.
As corporate bond trading platforms do battle, the size of the prize is not clear. Joel Clark reports.
How much...
Regulation : Brokers warned on SI regime missteps : Dan Barnes
Regulators have expressed concern over banks’ plans for operating systematic internalisers (SIs) under the revised Markets in Financial Instruments Directive (MiFID II). Dealers have...
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...
Asset managers ‘not investment firms’ under MiFID II?
By Flora McFarlane & Dan Barnes.
Several European investment managers have reportedly claimed that they will not be classified as investment firms under the revised...
Just 23% of buy-side firms confident in preparedness for MiFID II
By Flora McFarlane.
A new report by block-trading specialist Liquidnet says that MiFID II will drive automation in trading, but firms face many complexities and...
Buy-side desks swing extra US$2.1 million into fixed income trading technology
By Sobia Hamid.
On average buy-side fixed income desks pushed US$2.1 million of additional budget into technology in 2016, according to new research from analyst...
CanDeal extends hours to reach European investors
By Aulia Beg.
Canadian fixed income platform CanDeal has extended its opening hours to capture more of the the European trading day. It will now...
Citadel Securities making markets in Treasuries on Tradeweb
By Dan Barnes.
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...
Treasuries reform and the buy-side trading desk
Growing automation and market relationships will mean regulatory change is only part of the story. Dan Barnes investigates.
Plans to make the US$543 billion-a-day US...
Rise of the EM platform
Trading EM bonds electronically is showing growth, despite the challenges in matching. Chris Hall reports.
Emerging Market (EM) debt trading volumes recorded a 21% year-on-year...
Derivatives desks at the crossroads
Having full access to derivatives gives a trading desk greater flexibility, but heads of trading need to assess the operational burden. Francesca Carnevale and...
