Treasury futures fight intensifies between FMX and CME
The US Fixed Income Leaders Summit 2025 showcased the fierce rivalry in the US treasury futures space, between incumbent giant exchange CME and upstart...
Portfolio trading proves transformational, but controversial
The US market has been transformed by portfolio trading (PT) this year, with estimates that PT makes up somewhere between 25-40% of dealer-to-client (D2C)...
TradFi meets DeFi: Integrating FIX and distributed ledgers
Led by global co-chair Digital Assets & Technology Committee, Vince Turcotte, 35 participants from the APAC digital assets ecosystem gathered at the 23rd Asia...
When volatility improves credit liquidity
Credit market liquidity has been positive in the first half of 2025, despite the high levels of volatility.
There are several dynamics which might be...
Rules & Ratings: S&P warns on forecast uncertainty
S&P Global Ratings has said it believes a high degree of unpredictability exists around policy implementation by the US administration and possible responses regarding...
European bid-ask credit spreads not assuaged by tariff roll back
Liquidity costs in European corporate bond trading remain elevated, after the tariff shock in early April saw bid-ask spreads widen significantly across markets, according...
Excited or scared? The liquidity rollercoaster
Bid-ask spreads across all credit markets shot up in the week of 7 April, following the announcement of global tariffs on imports to the...
The pretenders, and kingmakers, to the bond throne
Dealers are backing several new trading platforms who are fighting major incumbents for market share.
In the bond market, the trading platform landscape has been...
Crunch on liquidity costs
As bid-ask spreads begin to widen on both sides of the Atlantic, buy-side credit traders need to reassess how to best manage the crunch...
Inflows to EM debt beta funds could change trading patterns
Emerging market (EM) exchange traded funds (ETFs) have seen cumulative inflows of US$1.9 billion year to date, according to analysis by Morgan Stanley, while...
