Full stream ahead for bonds

  • 13/02/20
  • Kris Devasabai

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 the largest dealers are bringing the Netflix model to corporate bonds.

At least six major dealers – Bank of America,.......

The corporate bond revolution will be streamed

  • 10/02/20
  • Rob Mackenzie Smith

Dealers are piping feeds of live, executable prices direct to select clients

The Need to Know: 

• The corporate bond market is seeing the emergence of a new way of trading as banks have started streaming executable bond prices to re.......

A Consolidated Tape for Fixed Income

  • 22/01/20
  • Paul Reynolds

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 2019. In Fixed Income, trading data is already available from a number of sources on a commercial basis. So why the need for a consolidated tape? It may be appropria.......

Muni Index Funds Are Moving Closer to Their Benchmarks

  • 22/01/20
  • Martin Braun

TS FI EMS technology can significantly enhance the sampling, pricing, and trading of large, diverse indices.

Municipal-bond exchange-traded funds, which attracted $10 billion in investor cash last year, are getting better at tracking their benchmarks.

The average gap betw.......

Bond liquidity – Dealer Data and Technology

  • 15/01/20
  • Paul Reynolds

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 the cost diet continues to seek a profitable equilibrium.  The trouble is that this does have a direct and immediate impact on liquidity capaci.......


  • 24/10/19
  • Dan Barnes

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 coming; look busy. Thanks to the sophisticated price streaming activities of both traditional and electronic market makers, buy-side de.......

The choices that a trader makes

  • 11/09/19
  • TraderTV

A leading US buy-side firm explains their FI e-trading experiences and views.

The choices that a trader makes determine the effectiveness of a fund’s investment stra.......

Fixed Income EMS buy-sides benefit from advanced Consolidated Tape

  • 04/09/19
  • Paul Reynolds

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 of 2019. In Fixed Income, trading data is already available from a number of sources on a commercial basis. So why the need for a consolidated tape? It may be approp.......

Bond Markets Will Never Be Liquid. Or Will They?

  • 19/08/19
  • Paul Reynolds

The underlying principle of capital markets is that connectivity, data transparency and aggregation drive volumes and lower costs. This paradigm applies to any marketplace – except, it would seem, in fixed income. Somehow the bond markets have managed to let the greatest era of technology in.......

Consolidated Tape Will Not Make Data Cheaper

  • 19/08/19
  • Joanna Wright

TradeSmart users already have their own consolidated tape that far exceeds the type and quality of any single data source at no extra cost.

Even if a European consolidated tape is built, trading participants will still have to buy market data feeds from the data vendors, says Matth.......

FINRA reporting change could support low-touch trading at size

  • 05/06/19
  • Dan Barnes

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 to greater automation of trading, according to market professionals.

The pilot is being run by the Financial Industry Regulatory Authority (FINR.......

This Trader Plans to Electrify Wall Street

  • 28/05/19
  • Zara Stone

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 17, Conlin was impressed with the company’s savvy approach to the real-world problem of access to animal health care.......

Three-dimensional Data

  • 22/05/19
  • Paul Reynolds

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 preconceptions and encourage our colleagues to think freely and imaginatively.

Eighteen months ago, we initiated some conversations with dealers based on some discussi.......

(A) Fear and Loathing of Transparency

  • 26/04/19
  • Chris White

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 richer picture of how a bond trades, could trade or indeed, does not trade. All available in TS.

As a new solution provider, w.......

Bond Market Turmoil Sparked E-Trading

  • 15/04/19
  • Matt Wirz

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 investors scrambled to sell holdings they feared would drop further. But bank traders weren’t buying, so.......

Wall Street is getting cut out of bond market it long dominated

  • 04/04/19
  • Gulf Times

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 Inc, Tradeweb Markets LLC and Liquidnet Holdings Inc say that more of the company bond trades that happen on their platforms are.......

Fixed Income Trading Shifts To All-to-All

  • 01/04/19
  • Shanny Basar

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 income execution venues offer an all-to-all model and volumes of multilateral trading are expected to continue to inc.......

MiFID II: a missed opportunity to boost bond markets

  • 19/03/19
  • Paul Reynolds

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 great subtlety, committing huge amounts of capital to finesse a winning trade. Some even relied on an encyclopaedic knowledge of every inquiry in every bond .......

TradingScreen ‘Data Lake’ Aims at Illiquid Bonds

  • 26/02/19
  • Shanny Basar

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 every day and is close to being able to provide trading price estimates.

Reynolds told Markets Media: “Data is the new di.......

Government Bonds: Autoexecution vs Autotrading

  • 11/02/19
  • Trader TV

This piece shows the growing importance of smart order routing in your EMS and connectivity to multiple venues.

Autoexecution of government bond trades can reduce risk and cost for investors, but is only available in a few markets. Traders need to take account of liquidity.......

Concannon ‘Graduates’ To Fixed Income

  • 08/02/19
  • Shanny Basar

Fixed Income data aggregation and analysis will drive Fixed Income to greater levels of trading efficiency such as we see in FX markets.

Chris Concannon, the new president and chief operating officer at MarketAxess, said fixed income is just at the start of evolutionary ch.......

Latest ESMA data shows 439 liquid bonds

  • 04/02/19
  • Dan Barnes

“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 dealer capital,” says Paul Reynolds, Head of Fixed Income at TradingScreen. “When you combine this data with all-to-all venues, you .......

Smart Trader? TradeSmarter.

  • 04/02/19
  • Paul Reynolds

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 badly for credit investors as spreads gapped wildly and liquidity evaporated as dealers protected their balance sheets rather than service investor liqui.......

Fintech Is Revolutionizing Fixed Income Markets

  • 01/02/19
  • Mayra Rodriguez Valladares

“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’ Conference, to engage with market participants in a more meaningful way about relevant macroecono.......

MarketAxess Eyes EM Growth

  • 01/02/19
  • Shanny Basar

Craig McLeod, head of emerging markets product management, CEEMEA & Asia at MarketAxess, said the fixed income platform could add thousands more clients in the next decade as electronic trading continues to grow.

McLeod joined MarketAxess last September from the buy side. He had previo.......

Credit: Falling Through The Gaps

  • 19/11/18
  • Dan Barnes

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 alienating clients, Dan Barnes writes.

Asset managers will have seen their brokers’ front office .......

The Next Buzzword in Fixed Income: DATALAKE

  • 24/10/18
  • Paul Reynolds

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 these days to drop buzzwords like artificial intelligence, machine learning, and blockchain, as game-changing initiatives, is utterly irresisti.......