European bond trading impacted by 84% of flows to active open-ended funds
European fixed income fund flows remain structurally different from the US, materially affecting trading flows during the day. In 2025, 84% of Europe’s US$422.7bn net inflows went to active open-ended funds. US flows...
How e-trading won bond investors an opportunity in the Venezuelan crisis
The dramatic escalation of Venezuela’s political crisis — culminating in the US military operation that removed Nicolás Maduro from power — has triggered a...
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,...
IOSCO sets pre-hedging guard rails, amid calls for ban
The International Organisation of Securities Commissions (IOSCO), has published its final report on pre-hedging, amid call for the practice to be banned, and allegations...
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...
“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...
Quantum computing ‘breakthrough’ has “more red flags than a People’s Liberation Army parade”
The claim by HSBC that noise in an IBM quantum computer helped deliver a 34% improvement in algorithmic trading performance has been disputed by...
Argentina’s battle for control
Argentina’s bond markets have been notoriously challenging for investors. Twenty years after the country underwent a major debt restructuring, and just five years after...
What Mexico’s vol risk means for trading LatAm bonds
In Latin American (LatAm) markets, economic volatility may transfer into market volatility – most notably in Mexico.
In order to manage risk and seize opportunities...
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...
