Bigger / smaller: What sizes are optimal for electronic trading?
Credit trading has been transformed by evolving electronic execution, which has allowed buy-side desks to express investment ideas in to the market using more...
Credit Spotlight: How clear can pre-trade get?
Pre-trade transparency is a nirvana for over-the-counter markets, particularly corporate bond trading, which lack the publicly displayed prices of the exchange-traded market.
Unless it...
Tradeweb talks up futures market; reports Q1 growth, LSEG confusion
Tradeweb, a subsidiary of London Stock Exchange Group (LSEG), saw continued outperformance in fixed income markets in the first quarter (Q1) of 2024.
Tradeweb’s...
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...
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...
How much credit should dealers get – and for how much risk?
There is a tension between best execution obligations and the longer-term value of a dealer supporting liquidity provision. Buy-side traders are aware that their...
Why Europe’s electronic credit trading is accelerating
The level of electronic trading in European corporate bond markets has overtaken the US, according to analysis from firms including Propellant and Coalition Greenwich....
Automation may relieve the liquidity burden of capital rules
Corporate bond markets are rapidly electronifying on both sides of the Atlantic. Electronification of trading creates a virtuous circle for delivering faster, more standardised...
Systematic credit trading changes the buy/sell-side dynamic
An investment manager capable of making a price in less than a minute in Europe, or several minutes in the US, can be a...
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...
