FILS USA: How can high yield be traded efficiently in a risk off environment?
Banks are stepping back from taking risk in high yield trading. Trading in a risk-off environment in normal circumstances can be challenging as spreads...
What does flat e-trading growth mean for credit traders?
The proportion of electronic trading in 2023 within US credit markets is proving stubbornly resistant to growth. Research by market structure analysts, Coalition Greenwich,...
How big can systematic trading get in credit?
Investors can achieve significant advantages though systematic trading, such as reduction of trader/investor bias, and responsiveness to signals. However, there are limits to the...
Equity venues are dating websites; credit venues are bars
Equity venues are dating apps – you have to be a member to use the central limit order book (CLOB), and it will match...
The credit trading processes you really should have automated by now…
Automation has historically been highly challenging in corporate bond markets for several reasons, but traders say some parts of the workflow ‘ought’ to be...
PGIM: Research indicates liquidity event is tail risk with greatest impact
In a survey of 400 senior investment decision-makers at institutional investors in Australia, China, Germany, Japan, the UK and the US with a combined...
Do banks want credit trading to look like FX?
The end game of market making commoditisation is that a smaller number of players provide a vast volume of liquidity to the majority of...
Trading hacks and force multipliers for the smaller trading team
Faced with rising trading volumes and falling returns, buy-side bond desks are frequently either shrinking or at best struggling to match resource with requirements.
We...
Rosy picture for credit dealers as they lower IR risk
US dealer exposure to interest rate risk in their investment grade (IG) bond inventories hit its lowest level for twelve months in week of...
Exclusive: Quinn and Sobel discuss Trumid’s new portfolio trading protocol
Trumid, the fixed income electronic trading platform, has launched a portfolio trading protocol. Designed to simplify and extend electronic portfolio trading for institutional clients...
