Analysis: Impact of diverging capital rules and higher rates on banking
A new paper by analysts from Morgan Stanley and Oliver Wyman has identified two main drivers for change within wholesale banking over the next...
AT1 trading volume was elevated a week ahead of Credit Suisse wipe-out
Trading in AT1 bonds spiked on Monday 20th March as a result of the Credit Suisse rescue at the weekend, with one platform trader...
When not to use portfolio trading
Portfolio trading cannot please all of the people all of the time.
The success of portfolio trading (PT) as a protocol has taken bond markets...
Analysis: Market response to US Treasury’s increased borrowing needs
The US Treasury’s need to increase debt issuance, beyond market expectations, has had several effects. Firstly there was a ratings downgrade of the USA...
Will the EC ban electronic bilateral bond trading?
The broadening definition of ‘multilateral’ is at risk of capturing all trading if traders do not speak out.
The European Securities and Markets Authority (ESMA)...
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...
Credit futures see OI and ADV increase more than sevenfold YoY
The adoption of credit futures as a mainstream credit trading vehicle is broadening across venues and currencies: US$ iBoxx total return based futures traded...
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...
Analysis: Is credit trading really so close?
Last week we reported on the battle for credit trading between keen rivals MarketAxess and Tradeweb. During this reporting, we noted that Morgan Stanley...
What’s all the fuss about… the US Treasury market?
Who is kicking up a fuss about US government bonds?
A new paper published by Darrell Duffie for the Jackson Hole Symposium entitled ‘Resilience redux...
