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TECH RUINA: HOW FINTECH WILL AFFECT THE NEXT DEBT CRISIS

  • 25/09/18
  • Sean Burton, FinTech strategist 


Some wise words that offer guidance on the vectors of a future debt crisis…


WHEN, NOT IF

My LinkedIn feed was filled last week with posts about the 10yr anniversary of the Lehman collapse, and I found it odd the sort of romantic sentimentali.......

WBR survey: Buy-side pushed towards price-making and ETF use

  • 24/09/18
  • Pia Hecher

“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 1 Asset Management stated.

Following the introduction of the new Markets in Financial Instruments Directive (MiFID II), which has formalised be.......

Wall Street Fears the End of an Era

  • 20/09/18
  • Alastair Marsh

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 remaining preserves is slipping away. But they’re not letting it go without a fight.

Credit traders.......

Is a liquidity crunch coming in High Yield ETFs?

  • 14/09/18
  • Jacob Wolinsky

“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 continue apace. Last week, according to a report in the Financial Times (FT) citing data provider EPFR Global.......

Tradeweb closing in on record year

  • 09/08/18
  • Hayley McDowell

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 fixed income, derivatives and exchange-traded fund (ETF) trading, with volumes on the platform up 40% so far this year.&n.......

More Trading-Tech Buyouts Ahead?

  • 02/08/18
  • Terry Flanagan

“Large firms are typically not the best at staying current and innovative,” Mindlin said. “They know they often need to acquire good technology in order to keep up, and they have the deep pockets and the desire to do deals.” Amen!

The recent flurry of 10-figure buyo.......

Treasury Market Eyes Aggregated Streams

  • 30/07/18
  • Rob Daly

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 US Treasuries market, according to a recent poll conducted by industry analysis firm Greenwich Associates.

When asked which electronic tra.......

The Attack of the “Frankensystems”

  • 24/07/18
  • Paul Reynolds

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 it looks like."

Having navigated MiFID II, trading desk heads now face the task of selecting technology that will drive their strategy for greater.......

Do buy-side institutions supply liquidity in bond markets?

  • 20/07/18
  • Amber Anand, Chotibhak Jotikasthira, Kumar Venkataraman

The paper suggests that buy-side institutions represent an increasing share of the investor base in corporate bonds and the economic importance of this source of liquidity cannot be overstated. It recommends that to tap into, and further encourage, this channel of liquidity supply, trading platfor.......

Fixed Income Q&A: Michael Paulus, OpenDoor Securities

  • 20/07/18
  • Terry Flanagan

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 open.


Markets Media caught up with Michael Paulus, Managing Director at OpenDoor Securities, which operates a trading platfor.......

CSDR Settlement Discipline Mandatory Buy-Ins

  • 19/07/18
  • ICMA

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.


What is the CSD Regulation?

The CSD Regulation1 (CSDR) is an EU/EEA regulation which introduces measu.......

Primary Bond Markets Need Electronification

  • 12/07/18
  • Shanny Basar

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 that the buy-side will need to assess.


Bond issuance would benefit from technology that increases efficiency according to t.......

Technology : Order management systems

  • 07/06/18
  • Dan Barnes

“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 the market and orders,” says Paul Reynolds, head of fixed income at EMS provider TradingScreen. “Collecting data is one function of.......

Trader TV Bonds: May 2018

  • 31/05/18
  • Dan Barnes

"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 TradingScreen is pulling the various EU trade sources into the EMS for the competitive benefit of its users," claims Paul Reyn.......

The utopia of the consolidated fixed income tape

  • 16/05/18
  • FI Desk

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 Trade Reporting and Compliance Engine (TRACE) may serve just as an inspiration but not a prototype for Europe’s fragmented markets and idiosyncr.......

Trading Intentions Survey 2018

  • 02/04/18
  • Anonymous

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 least as a side-effect of the operational stress that MiFID II placed upon buy-side firms.

MiFID II's Beacon Begins to Illuminate the World

  • 07/03/18
  • Gary Stone

MiFID II’s post-trade reporting requirements are increasing transparency in the bond market – and no country appears exempt. Is it possible that MiFID II will incentivize market regulators in other jurisdictions and countries to consider expanding bond market transparency as well?

.......

MarketAxess sees record trading volumes in 2017

  • 31/01/18
  • Hayley McDowell

MarketAxess has reported a record total trading volume for the full year in 2017 of $1.5 trillion, up more than 10% from the year prior.The fixed income electronic trading platform set records across the board last year with total revenue and operating income also breaking previous records.

In a Morphing Market, No Fixed Outcome for Fixed Income

  • 15/01/18
  • www.curatia.com

The U.S. Securities and Exchange Commission disbanded a panel of industry advisers whose recommendations on improving trading in the world’s largest stock market largely landed with a thud.

The SEC summarily disbanded the Equity Market Structure Advisory Committee in an email to memb.......

Fixed Income (Il)Liquidity in Focus

  • 12/01/18
  • By Terry Flanagan, Marketsmedia.com

Fixed-income liquidity isn’t what it used to be, and market participants must continue to adjust to achieve trading efficiency in what is expected to be a challenging landscape for the foreseeable future.

MiFID II: Done and Dusted?

  • 08/01/18
  • Jon Wilson

Deadline day for MiFID II implementation has come and gone. But make no mistake – this package of EU directives and regulation will continue to have a significant impact in the year ahead.

The Tokenization of Research

  • 03/01/18
  • Joe Steinmetz & Allan Chiulli

The update to the Markets in Financial Instruments Directive (MiFID II) is changing the operating paradigm of exchanging client commissions for execution and research by, among other things, requiring asset managers to: (1) clearly delineate the execution cost versus the research cost on every tra.......

Pulling Together the Fixed Income Picture

  • 06/11/17
  • Original Author, Vela Trading Blog

There is an information gap in fixed income markets, and it’s getting wider. Fixed income markets lack any centralized infrastructure and have never distributed consolidated price data; the number of non-fungible instruments traded, dealers’ withdrawal from market-making activity, and .......

Fixed income desks have major concerns as MiFID II looms

  • 26/10/17
  • Hedgeweek

Forty-five per cent of European fixed income heads are still struggling with MiFID II compliance, despite the 3 January implementation deadline looming large, according to a new report: “On the precipice: Are you ready for MiFID II?”, by the Fixed Income Leaders’ Summit.

MiFID II, opportunity or challenge

  • 23/10/17
  • Paul Reynolds @ TradingScreen

As the last one hundred days of life before MiFID II becomes the new regulatory environment tick by, the level of stress and anxiety correspondingly increases. Let’s just remind ourselves, MiFID II is one year delayed already, so why all the fuss?

Like any new environment, adapting t.......

Industry pushes for a second Mifid II delay

  • 13/10/17
  • By Lucy McNulty @ fn

Banks, exchanges and market infrastructure firms are quietly lobbying European regulators to slightly delay sweeping changes to Europe’s trading rulebook amid last-minute panic that the reforms will cause “a Y2K event”.

The Technology to Succeed in Fixed-Income Trading

  • 10/10/17
  • Kevin McPartland @ www.greenwich.com

Those global and regional dealers that have seen their market share grow over the past 10 years are largely those that have invested heavily in technology—allowing them to manage the market and service their customer better than their peers.

MiFID II/R - FAQ

  • 28/09/17
  • Martin Scheck, Chief Executive @ ICM

The Markets in Financial Instruments Directive (MiFID) is a European Union law that provides harmonized regulation for investment services across the 31 Member States of the European Economic Area.

Too Much Choice in Fixed Income Trading?

  • 20/09/17
  • Brian Cassin @ Vela, taken from Tabb Forum

Many electronic fixed income platforms have launched to make trading easier, but there are now so many that the market has become more complicated. With the continued push for greater transparency around pricing, quoting and trading, how can firms ensure they get the nuts and bolts of connectivity.......

Challenges of MiFID II Bring Data Management to the Fore

  • 14/09/17
  • Stephane Leroy | QuantHouse, taken from Tabb Forum

MiFID II is geared toward increasing transparency – not only across both the pre- and post-trade regimes, but across all asset classes. Specifically, the regulator will be looking for firms to demonstrate the how and why of trading decisions. How can firms best comply with this requirement t.......

Corporate Bond Market Structure Evolution

  • 05/09/17
  • Jim Greco Founder of Direct Match and Trading Places.

Competition amongst the dominant trading platforms is a welcome force in driving trading efficiency, but it is also driving them apart, just when the regulations say you need to work with all of them synchronously. TradeSmart FI EMS can pull all this data together in one place pre-trade and point .......