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,...
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)...
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...
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...
Fixed Income Automation Surge: 60% of Credit Traders Now Use Robots
The electronification of fixed income markets is accelerating, driven by increased adoption of automated trading systems, with 60 per cent of credit market participants...
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: Electronic trading across US and European bond markets
Electronic trading of US credit erupted in May 2024, according to analysis of the US credit market by Coalition Greenwich. It found that investment...
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FILS USA: The three fierce battles for credit e-trading market share
Electronic trading in US fixed income is hotly contested between Bloomberg, MarketAxess, Tradeweb and Trumid all competing for market share of trading cash bonds...
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...
