TRACE recalibration exposes double counting
An adjustment to bond trade reporting to TRACE, the US post-trade reporting tape for fixed income, has cut the volume of trades arranged via...
Dealer engagement in multi-dealer platforms is growing
Sell-side firms appear to be increasing their engagement with corporate bond trading platforms. The narrative of increased bilateral trading between dealers and clients...
Juggling the growth in CUSIPs
If the population of a country increased by 50% since 2014, you would think a housing crisis was likely.
Yet in the year The DESK...
The high impact of low volumes in Q2
Volumes in US investment grade (IG) bonds have fallen significantly in the second quarter of this year compared with the same period in 2020....
Sub-2bps bid-ask spreads in US IG are below pre-crisis levels
The US investment grade (IG) credit market is seeing very tight bid-ask spreads in 2021, according to the Composite Plus (CP+) data supplied by...
Chart of the week: Trading into Europe
Following our analysis of when to trade into US markets, we examine spreads for European rates markets across the day. For overseas traders working...
Chart of the week: When trading into the US, when should I trade?
Timing is everything in the markets, but not every market shares the same timing. It is common for trading desks to employ a trader...
Secondary volumes in 2021 outpace 2020 sell-off implying greater liquidity
The first quarter of 2021 saw record volume in US and European investment grade trading volume. This is surprising on several fronts, with significant...
