Trade size growth undercuts European bond market ‘equitification’
Since 2023 European corporate bond markets have seen trades size grow, as trading platforms report increasing volumes
“If we break down electronic trading growth in European...
The greatest surprises in bond trading of the last decade
The DESK asked interviewees from its ‘On The DESK’ profile interviews of the last ten years to assess the most surprising changes they had...
Editorial: Asset managers wilt as banks impose hose-pipe ban
In the UK, during dry conditions, the government bans the public from using hosepipes in order to conserve water. In 2022, the sell side...
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...
Flow Traders: Algos supported 20% of bond flows in 2022
A new white paper from exchange traded fund (ETF) market maker, Flow Traders, estimates that in the past two to three years, credit algos...
Trading: Regulatory overreach onto the trading desk
Complaints about regulators expanding rules for equity markets into fixed income are rising on both sides of the Atlantic.
The Securities and Exchange Commission (SEC)...
Are interdealer markets dead?
So-called ‘interdealer’ markets have long been used by large buy-side firms. This well-known secret creates inequality for those investment firms barred from participating, and...
The UK’s PRA cites break from EU in review of capital rules for buy...
The Prudential Regulation Authority (PRA), the UK’s prudential authority for financial services, has begun reform of capital rules for insurers and banks, in its...
Trading: Loans and ABS: The fixed income markets time forgot
Trading in the less liquid parts of the fixed income market has remained relatively untouched by electronification.
Loans and securitised products backed by loans can...
Are US dealers still offsetting credit trading risks?
As US banks see credit positions turn negative, and interdealer market volumes remain flat, The DESK asks how they offset risk as their credit...
