Trading Intentions Survey: Data and protocol innovation are the battlegrounds for credit trading
The 2026 Trading Intentions Survey has found that data is the most hotly-contested field in supporting corporate bond trading today, while analysis of trading...
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When the floor moves: The Treasury sell-off and the credit market liquidity test
The US Treasury market is the foundation for corporate bond market liquidity. When that foundation shakes, the tremors can quickly move into the credit...
Are bigger trades always better?
Average trade sizes appear to have been increasing in corporate bond markets in recent years. Superficially this might suggest a greater dealer capacity to...
Tradeweb and MarketAxess beat TRACE growth in November
US electronic credit activity firmed in November. On FINRA’s TRACE tape, combined US investment-grade and high-yield average daily volume (ADV) rose to US$57.8 billion,...
Secular vs cyclical: How e-trading, issuance and credit spreads align with liquidity
Primary markets are a crucial source of liquidity in secondary markets, as new issues trigger a round of buying and selling activity for newly...
Why humans give the best execution
Understanding best execution requires an understanding that both explicit and implicit costs can have a serious impact on investment goals, and these often reach...
“A fixed income price is not a fact. A fixed income price is an...
David LaRusso is the head of fixed income trading at Dimensional Fund Advisors, and has just celebrated his 25th anniversary at the firm. The...
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...
Signalling risk in credit, if one counterparty is 50% volume
How do you avoid information leakage? Does this change if half the market is trading with a single counterparty? Knowing that electronic market maker,...
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...
