News
Investors and Dealers are continuously finding ways to improve execution quality and certainty. JP Morgan has seen huge uptake in portfolio trading from its buy-side…
“The BIS said the NAV discounts were a reflection of liquidity providers offering less support to the corporate bond market which limited the arbitraging of…
Recent bond market volatility has exposed the continuing lack of integrity in bond price data. The time really has come for a Fixed Income data…
The latest TS FI EMS tools really matter in today’s market. Increased integration between venues and trading tools could herald far greater automation.
Clearly, traders are seeing benefits from having more flexibility in how they achieve desired exposures and this flexibility has contributed to improved P&L performance.
Price streaming offers cost savings and operational efficiencies, but it could fragment liquidity In a sign of just how technology is changing trading, some of…
Dealers are piping feeds of live, executable prices direct to select clients
Fixed Income trading infrastructure continues to evolve. AllianceBernstein, a powerhouse in fixed-income investing, is seeking to profit from the expertise and size of its trading…
Happy second birthday MiFID II. Sadly, you have not gifted us with the consolidated tape that was scheduled to go live by the end of…
TS FI EMS technology can significantly enhance the sampling, pricing, and trading of large, diverse indices.
With the help of Dealers we have re-set the FI data model so it can be fully utilisied for AI. In partnership with Refinitiv, Greenwich…
Rarely a week goes by at the moment without more announcements of staff, sector and regional cutbacks at dealers in their Fixed Income activities, as…
14/01/2020
THE TRADE
Net Spotting: A technology-led hedging and spotting solution for corporate bonds
TS FI EMS is one of very few EMSs to have been part of MDNS from the very outset. Enabled now for TradeSmart EMS users,…
A high integrity view of all historic and present liquidity for any bond is about to become even more important. You will only find it…
Combining high integrity Dealer data with smart execution management gives TS EMS users a huge advantage in Portfolio Trades. New technology advances, and the increasing…
The ETF market structure has contributed to both market size and traded volume growth. Total fixed income ETF assets under management have grown within shouting…
19/11/2019
Jennifer Surane and Matthew Leising
Bond Trade That’s Gone From Zero to $88 Billion in Two Years
Portfolio trading has proliferated due to better connectivity and data normalisation. Peter Chalif traces his early days at Citigroup Inc. to a time when trading…
New technology continues to drive the evolution and development of Fixed Income trading infrastructure. Electronic credit trading platform Trumid has received investment from Citigroup, as…
Europe had led the race to electronify credit trading, but the US has overtaken on automation. Dan Barnes reports. Automated trading of corporate bonds is…
A leading US buy-side firm explains their FI e-trading experiences and views.
It is easy to forget that MiFID II was implemented eighteen months ago, and the consolidated tape is scheduled to go live by the end…
TradingScreen has undergone a product refresh, with its TradeCross product being replaced by the TradeSmart platform which already has optimistic prospects (see Fig 10); 14%…
The underlying principle of capital markets is that connectivity, data transparency and aggregation drive volumes and lower costs. This paradigm applies to any marketplace –…
19/08/2019
Rey Mashayekhi
The Death of Trading: Why More Big Banks Think the Business Is a Losing Bet
Fixed Income buy-sides not only have a lower cost of capital, but far superior EMS technology as well. The news last month that Deutsche Bank…
TradeSmart users already have their own consolidated tape that far exceeds the type and quality of any single data source at no extra cost.
There is clearly an unmet need for direct connectivity between dealers and their clients in US & EU corporate bonds. Big investment banks including Morgan…
For many years Fixed Income TCA has failed to adequately provide its users with a credible analysis of execution quality. This, I believe is due…
A proposed pilot project for raising the size at which US bond trades must be reported, and delaying reporting for even larger trades, could lead…
Iseult “Izzy” Conlin made her first play on the stock market in 2005 with an investment in 1-800-PetMeds, a direct-to-consumer pet prescription business. Then just…
Colombian government debt trades supposedly worth hundreds of billions of euros are at the centre of a mystery in Europe’s bond markets, where tough new…
A great initiative for liquid bonds, but what about illiquids? That will be TradeSmart, using data to find liquidity. Richard Schiffman, head of Open Trading…
At TS we have no problem taking a blank sheet of paper and developing a concept for our customers. We are not bound by any…
It is becoming clear that failed to trade RFQs, actual and historic IOIs & axes, matchable, actionable orders sitting on buy-side blotters, paint a far…
25/04/2019
Jonathan Watkins
Buy-side need to invest in alternative data to gain an informational edge
People are trying to present alternative as magic bullet where you can buy it off the shelf.” You can now with TS FI EMS. Buy-side…
There is more pre-trade value in knowing what failed to trade than there ever will be in post-trade. Ask TS how to access FTT. The…
Thanks to our multi-venue A2A connectivity, our EMS users also saw a significant pick-up in activity. When global markets tumbled in December, U.S. corporate bond…
The banks that have stood in the middle of the corporate bond market for decades are increasingly getting pushed aside. Electronic marketplaces like MarketAxess Holdings…
TradeSmart users are in pole position to gain exposure to the growth in new traded volume via the A2A protocol. The vast majority of fixed…
Fixed Income TCA has long been in need of an upgrade. Click here to see the new TS version. More than half of asset managers…
A good bond trader once required the skills of a good poker player, constantly assessing the odds of a win against other players. Then, with…
08/03/2019
Lananh Nguyen
Robots Conquered Stock Markets. Now They’re Coming for Bonds and Currencies
Bonds can no longer hide from reality by claiming 'We are different.' Ashok Krishnan’s colleagues at Bank of America initially brushed off his pitch to…
TS collects more data in greater diversity from more venues to create the digital capital for better execution.
Paul Reynolds, head of fixed income at TradingScreen said the order and execution management system analyses one billion individual data points in the asset class…
Not so if you were a TradeSmart user. Our buy-side, reactive price maker clients using A2A had a record month. The widening of credit spreads…
21/02/2019
Iseult Conlin
“Electronification” and The Technology Revolution in Corporate Bond Trading
Very pleased to say TS clients are already saving big bucks from this very innovative Tradeweb initiative. See it in action on the TS stand…
19/02/2019
Hayley McDowell
Outsourcing crucial as industry shifts from best execution to smart execution
This applies to more than FX. TS is the go-to vendor for out-sourcing your Fixed Income venue connectivity. As the industry shifts from meeting best…
“By recognizing data rights for contributors while expanding access to broad, high quality OTC data, DataVault Innovations will enable the entire industry to vastly improve…
This piece shows the growing importance of smart order routing in your EMS and connectivity to multiple venues.
Fixed Income data aggregation and analysis will drive Fixed Income to greater levels of trading efficiency such as we see in FX markets.
Automation of corporate bond trading is small but growing, with investment grade instruments – particularly in the US – leading the way. From auto-quoting to…
“ESMA is pointing towards a Fixed Income future where liquidity is based on the ability to gather and analyse data, rather than rely exclusively on…
The New Year is upon us and as ever we instinctively hope to perform better as human beings than the previous year. 2018 ended pretty…
“It is not the technology that cannot handle capacity, it is the users.” Viable Mkts CEO Chris White, launched a conference, Rates Evolved The Innovators’…
Craig McLeod, head of emerging markets product management, CEEMEA & Asia at MarketAxess, said the fixed income platform could add thousands more clients in the…
Over time this will result in the buy side and sell side becoming more equal in providing liquidity. Bond market participants said better data tools…
18/12/2018
TradingScreen
Credit Fund Agilon Capital Deploys TradingScreen’s OMS & EMS for Fixed Income and Derivatives
NEW YORK — December 18, 2018 — TradingScreen Inc. (TS), the all-asset class order and execution management system (OEMS), today announced that Agilon Capital (Agilon),…
12/12/2018
Dan Barnes
Greenwich Associates: European fixed income trading becoming more concentrated
Regulatory changes and difficult market conditions have made European fixed income a more challenging business for banks, according to analyst house Greenwich Associates, leading to…
Asset managers fight for high-touch coverage Relationship management between buy- and sell-side firms is more necessary than ever, as the push to electronic trading risks…
Consolidated tape? TS DataLake could be what you are looking for… A consolidated tape in fixed income trading remains an unlikely development in Europe in…
JP Morgan leads the investment bank deployment of data driven initiatives in FI trading. JP Morgan has begun a rigorous recruitment drive for various technology…
Some people would say that we are in an era of life-changing, technology driven events that may perversely render human work output obsolete. The tendency…
TradeSmart EMS bridges this gap Buy-side order management systems may have reached an evolutionary dead end as trading automation and multi-asset trading continues to grow.
Venue traded FI volumes surge as volatility rises. You can access Tradeweb via TradeSmart FI EMS. Tradeweb’s total trading volumes have hit $100 trillion so…
Some wise words that offer guidance on the vectors of a future debt crisis
“When a good pre-trade tool arrives, it will be a must have for all traders… we are still waiting,” one head of trading at Tier…
Dealers uncharacteristically failing to address a threat to the once mighty FI revenue engine. The masters of the corporate-bond world believe one of their few…
“Only 18% of the entire corporate bond universe traded on any given day.” Two reports caught my attention yesterday. Firstly, outflows from corporate bond funds…
12/09/2018
Jonathan Watkins
Good news for vendors as buy-side fixed income desks eye new tech platforms
MiFID II continues to drive buy-side clients towards FI EMS selection as the need to identify and record liquidity becomes mandatory. Almost two-thirds of European…
A tremendous insight into the way buy-side management is dealing with market infrastructure. The modern trader needs an all-rounder mentality, considerable flexibility and the power…
“Credit market participants have been forced to make a trade-off between liquidity and specificity, and they’re choosing liquidity.” Battle-ready investors on the prowl to hedge…
28/08/2018
Sean Burton, FinTech strategist
Final Jeopardy!: In Fixed Income FinTech, Are We Sure We Are Answering the Right Questions?
Some FinTech firms push “game-changing” technologies that grab headlines but do not necessarily answer fundamental questions surrounding market inefficiencies.
10 August, 2018- TradingScreen, a leading provider in electronic trading solutions, today announced it has been shortlisted for the FOW Asia Capital Market awards, "Fixed…
Fixed Income e-trade continues to grow as better data and connectivity facilitate better buy-side execution workflows. Tradeweb is on track for a record year in…
USTs take a step in the direction of e-FX with a relationship based order book. A new trading protocol has taken root in the electronic…
What does a buy-side head of desk think of Fixed Income trading infrastructure? “I know what it needs to do, I just don’t know what…
No one disagrees that technology will help Fixed Income catch up with the other asset classes, but only when access to new technology is completely…
Knowing pre-trade which bonds are deliverable is yet another best execution factor that, with the advent of the CSDR buy-in regime, now cannot be ignored.
ETFs continue to facilitate large in scale transfers of bond risk and no surprise to see Goldman at the forefront of this business.
The Primary Market is the remaining workflow that can be electronified in Fixed Income. Typically though for Fixed Income there are at least three initiatives…
29/06/2018
Nick Baker and Matthew Leising
Ex-Goldman Exec Pushes ’70s Fix for Bond Market’s Big Problem
“This is a great example of improving price integrity and transparency by working closely with dealers in a way that meets their needs as well…
Paul Reynolds, Head of Fixed Income, comments, "It is difficult to say how many times over the years I have heard data evangelists expound on…
“When a buy-side firm wants to use an EMS to stage orders for liquidity, typically it realises that it needs better technology to interact with…
"TradeSmart EMS carries both TRACE and EU traded volume data for pre-trade intelligence. It is quite obvious that European traders experience a data disadvantage, but…
Paul Reynolds, Head of Fixed Income here at TradingScreen states, "When I asked a buy-side head of desk recently what he thought of Fixed Income…
TS is a fan of the further development of corporate bond market hedging tools. BlackRock, Cboe Global Markets and IHS Markit have joined forces to…
Developing a consolidated tape for fixed income in Europe was never going to be easy but MiFID II only seems to complicate matters. The USA’s…
MiFID II’s impact on the bond market is waning, leaving traders largely unaffected by price-disclosure rules they fought against for years.
19/04/2018
Paul Reynolds
TradingScreen Integrates BondCliQ’s Data and Visualization for Improved Fixed Income Offering
New York – April 18, 2018– TradingScreen Inc. (TS), the all-asset class order and execution management system (OEMS), today announced a partnership and product integration…
European Union regulations have introduced new transparency and post-trade reporting requirements in order to increase transparency but there have been problems due to the poor…
Wall Street could get the green light to hold back some information from the public about large bond trades under a proposal advanced Monday by…
JP Morgan boss Jamie Dimon has listed exchange-traded funds (ETFs) and passive index funds among the risks the institution is currently most worried about.
The evolution of data-led intelligence - Despite recent workflow innovations and the search for the next great protocol, around 95% of cash bond e-trading
The pipeline of growth is returning after MiFID II, with reliance on specific platforms increasing. In 2017 the appetite for onboarding new platforms plummeted, not…
Fixed income market participants said a consolidated tape is needed as soon as possible in Europe in order to meet the increased transparency desired by…
MiFID II research pricing war has seen price of fixed income research plummet as banks compete against each other.
Buy-side heads of fixed income dealing said they will focus this year on obtaining the data they need to evidence best execution as required under…
Morgan Stanley the top equities shop on Wall Street, is ready for dealing bonds to look more like trading stocks.
Corporate bond asset managers are looking to switch or upgrade their order management system (OMS) and execution management system (EMS), according to a new study…
TradingScreen’s CEO, Pierre Schroeder, delves into the firm’s multi-asset OEMS, the importance of partnerships with other vendors and his focus in 2018.
Average daily trading volumes grew 25% in February, and month-to-date March volumes are up 100% from February
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