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Call for Regulatory Reform of Primary Markets – The Desk

Full Article: The Desk

“There is little or no transparency on how allocations are derived. Regulators have been focused on best execution, but they should have also looked at the transparency of the allocation process because it is not clear, fair or efficient,” said Cathy Gibson, head of fixed income trading at Royal London Asset Management.

Evolution of the BuySide Fixed Income EMS – GreySpark

Full Article: GreySpark

This article – which is the first of a series of three produced by GreySpark Partners analyst Willis Bruckermann on behalf of AxeTrading – examines how buyside fixed income market participants are, in 2018, approaching a sink-or-swim moment in their embrace of e-trading capabilities and, consequently, succeeding or failing to develop an ability to survive in an increasingly competitive landscape.

Tradeweb IPO Being Considered, Says Owner – Financial News

Full Article: Financial News

“The IPO discussion is an option. We haven’t committed to it but it certainly is an option. The governance of Tradeweb was designed seven years ago with banks who at the time [were] all very active in fixed income. It wouldn’t be breaking any top secrets to say that they’re not all as involved in fixed income as they used to be.”

Uber Borrows $2 Billion in Debut Bond Sale – WSJ

Full Article: Wall Street Journal

Uber Technologies Inc. sold its first-ever bonds late Wednesday, issuing $2 billion of debt to fund operations as it prepares for an initial public stock offering expected next year. The deal attracted enough interest from investors for underwriter Morgan Stanley to increase the size of the offering from an initial proposal of $1.5 billion. 

Fixed Income is About Moving Not Storage – BondWave

Full Article: BondWave

The feedback I have heard from a few head fixed income traders lately is that they no longer get paid to execute with the street (i.e. manage inventory). Instead their priority is to fill customer orders. Moving, not storage. The idea that a trader might identify a “cheap” bond, take it into inventory, then try to find a home for it with a customer, but failing that, be able to sell it back to the street at “fair value” on some future date is becoming an antiquated notion.

  • Wolfman
    WolfmanOctober 12, 2018"It's been a while since Wolfman has commented here, but I'm compelled to react to this column. Paul Daley nailed it. 'nuff said.…"