Tag: TRACE
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)...
US electronic credit trading slows down in May
Average daily TRACE volume for US investment grade (IG) and high yield (HY) corporates slipped 10.8% from April to US$52.8 billion, according to MarketAxess...
Tradeweb takes electronic credit trading lead, for second time
Multi-asset market operator, Tradeweb, has recorded average daily volume (ADV) of US$8.6 billion in US credit during February, surpassing rivals MarketAxess (US$8.5 billion) and...
Tradeweb, Trumid close in on MarketAxess’ lunch
Electronic credit closed 2024 on a strong showing with December monthly volume growing 14.7% to US$18.3 billion year–on–year (YoY) while full-year trading volume totalled...
MarketAxess industry viewpoint
Comparing portfolio trading and list RFQ TCA
By Gio Accurso, Grant Lowensohn and Jessica Hung, MarketAxess
Highlights and objectives
The MarketAxess Research team investigates any key...
European investment grade seeing smaller, cheaper trades
European investment grade bond traders are seeing a falling bid-ask spread, and a rising trade count since the start of 2024, according to MarketAxess’s...
Review of 2023 Trading: Trade sizes falling – in parts…
Looking back at this year’s trading activity, through analysis of MarketAxess Trax data and TRACE for US markets, we can see clear patterns emerging...
Investment Grade trading: A tale of two markets
By John Gallagher, MarketAxess
Last year, the markets were a one-way trade. Aggressive rate increases leading to horrible returns. Sell everything! And ask questions later......
The liquidity gap between 144A and Reg S bonds
144A and Regulation S (Reg S) securities have distinct regulatory backgrounds and key differences. Liquidity measures such as Bid-Ask spread and post-issuance volumes in...
Opinion: Regulators need to prioritise closing the market making gap
The one thing bond markets are really in need of, is more two-way liquidity in stressed markets. Yet that is nowhere on the regulatory...