The cost of liquidity in EM today
A very graphic representation of the cost of liquidity can be seen in the latest data from MarketAxess. It shows that average daily volume...
What FINRA’s trade reporting changes tell us about consolidated tapes
Understanding the difference between commercial and public data offerings is crucial for data users. A good example of this difference can be found with...
A very clear contrast in trading volumes as sanctions bite
The second chart this week shows trading in Russian government bonds which fell off a cliff at the start of March, triggered by an...
Analysis of US yields in 2021 and anticipation for next year
Yields for US high yield bonds have turned a corner, according to MarketAxess data, following a drop from 3.65% in April down to 3.065%...
The impact of trading long-dated bonds
Faced with the prospect of climbing rates, some investors will be looking to switch out of lower coupon bonds to capture higher returns. However,...
China Focus: The secondary effect of defaults
The bid-ask spread for bonds in China’ property market has expanded by 300% this year, although even more so for Evergrande which increased by...
Prioritising investment on the high yield trading desk
When we look at the priorities of trading desks in developing more automated tools, we can consider the longer term market trends as a...
Seeing the pressure market makers are under in European credit
Secondary market data paints a picture of the challenges faced by sell-side market makers in the European corporate bond market during Q4. Information from...
APAC trading recovery is far from even
The recovery from last year’s market sell-off and the ongoing Covid-19 pandemic appears to have been marked in many regions, with volumes for both...
Evidence of trading efficiency from electronification
This week we look at the growth of electronic trading in the US fixed income markets, and the potential it holds to reduce time...
