The Bank of America survey found that evaporating liquidity was the main worry for 22 percent of high-grade bond investors and 20 percent of investors in junk debt. In June, bubbles were the primary concern for 18 percent and 30 percent, respectively.

The new platform will connect to BondPoint, the electronic corporate bond trading platform ICE bought from Virtu Financial for $400 million in January, and TMC Bonds, the municipal bond trading platform it acquired for $685 million last month, as well as to third party venues, ICE said.

PMS. OMS, EMS, venues, dealers and brokers present a swirling pool of moving parts that somehow make up a dizzying array of possible permutations for the ultimate execution tech stack. Indeed this has reached the point now where there is a nomadic tribe of consultants dipping in and out of vendor presentations at client sites, struggling to maintain a demeanour of alertness as a vendor demo heads into its’ third hour.

We examine the role of buy-side institutions as liquidity suppliers in bond markets. Focusing on mutual funds, we classify a fund’s trading style as liquidity supplying (demanding) if the fund helps absorb (strain) dealers’ inventory.

“The ECB has become a big play-maker in the distortion of competition on the capital markets for sovereign bonds and corporate bonds and has in this way suspended the system of undistorted competition which is mandated in the treaties,” Markus Kerber, a lawyer for some of the claimants, told a 15-judge panel.

Earlier this month, trueEx, an independent exchange for interest rate swaps (“IRS”), filed a lawsuit against eleven banks, including all the major swaps dealers, for “an ongoing conspiracy … to boycott trueEX in order to undermine increased competition in the IRS market

Last year we focused on aggregating different pre-trade data to provide our traders with deeper transparency on the fixed income markets and on improving post-trade cost analysis. This year we are working on combining pre-trade and post-trade data to help our trading team gather more insight through data science with a goal of improving execution.

OpenDoor Securities, LLC (“OpenDoor”), the first all-to-all marketplace for illiquid US Treasuries, has named Marie Patton as Chief Administrative Officer and Co-Head of Sales, and Lauren McFall Gardner as Managing Director and Co-Head of Sales.

The inability to process pricing data for corporate bonds is preventing buy-side traders from finding real opportunities to trade. Data is readily available; broker-dealers, specialists data aggregators, TRACE, Bloomberg data and benchmark providers all give guidance on where a price may be. In fact there is too much of it. The quality of that information is highly variable, the volume provided by dealers is increasing, and the absence of a standard format makes it hard to compare. 

Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that it has entered into an agreement to acquire TMC Bonds LLC for $685 million in cash.