Bringing voices together to promote well functioning markets
Every Friday, we send you an email of top articles related to corporate bond market development. The newsletter is a free service.
Sign Up!
Join Discussion ⌄

Bond Tape is a Matter of Time – Markets Media

Author: \ April 20, 2017 \ 3 Comments
Full Article: Markets Media

The discussion of whether there will be consolidated tape for fixed income products is no longer a matter of if, but when. The wheels already are in motion for public disclosure of US Treasury trades. They are not moving quickly, but they are moving.  

Comments
  • Goose
    GooseApril 21, 2017"You better believe that a public tape for treasuries is on the way. Once you start collecting data for “regulatory and compliance” purposes, you essentially create the demand for a public tape by investors and dealers. Does anyone want regulators monitoring their trading activity without understanding the benchmarks they are monitoring against? When they do get around to taking the next step, I would strongly caution against the path taken with the FINRA TRACE feed. T…"
  • Jester
    JesterApril 21, 2017"What’s going to be the impact of post-trade reporting for US Treasuries? Well that depends on one crucial factor. Who will be managing the data? From the looks of it, the quasi-government-private institution known as FINRA will be in charge of this precious commodity. Based on FINRA’s previous track record, the full value of this post-trade data will not be realized by the market. FINRA has been notoriously poor at improving the quality and access to data. This is why…"
  • Wolfman
    WolfmanApril 21, 2017"I'm curious to see what sort of reaction the focus article gets this week. We're in an time indeed. Conventional wisdom is that all markets need transparency to operate efficiently, and the broad consensus among regulators and legislators is that we should always err on the side of too much transparency. By the way, these are many of the same people that believed there are times when there is too much liquidity. But I digress. At the core of this article it the notion…"
View More Comments
Join the Discussion

Leave a Reply

3 Comments on "Bond Tape is a Matter of Time – Markets Media"

avatar
  Subscribe  
newest oldest most voted
Notify of
Wolfman
Member
Wolfman
I’m curious to see what sort of reaction the focus article gets this week. We’re in an time indeed. Conventional wisdom is that all markets need transparency to operate efficiently, and the broad consensus among regulators and legislators is that we should always err on the side of too much transparency. By the way, these are many of the same people that believed there are times when there is too much liquidity. But I digress. At the core of this article it the notion that the wheels of progress are in motion and that we will have real-time reporting of… Read more »
Vote Up0Vote Down  Reply
3 years ago
Jester
Member
Jester
What’s going to be the impact of post-trade reporting for US Treasuries? Well that depends on one crucial factor. Who will be managing the data? From the looks of it, the quasi-government-private institution known as FINRA will be in charge of this precious commodity. Based on FINRA’s previous track record, the full value of this post-trade data will not be realized by the market. FINRA has been notoriously poor at improving the quality and access to data. This is why they are losing control over data reporting assets in other markets like equity options: http://www.waterstechnology.com/industry-issues-initiatives/3041456/cat-constructor-why-thesys-won-finra-lost-and-what-comes-next If they are in charge… Read more »
Vote Up0Vote Down  Reply
3 years ago
Goose
Member
Goose
You better believe that a public tape for treasuries is on the way. Once you start collecting data for “regulatory and compliance” purposes, you essentially create the demand for a public tape by investors and dealers. Does anyone want regulators monitoring their trading activity without understanding the benchmarks they are monitoring against? When they do get around to taking the next step, I would strongly caution against the path taken with the FINRA TRACE feed. Taking what is essentially an audit trail, and throwing it out there for public consumption is not a trade tape. Multiple reporting legs, markups and… Read more »
Vote Up0Vote Down  Reply
3 years ago
Related Posts

Blackrock’s Richard Prager: The Liquidity Is Out There – Institutional Investor

March 18, 2016

Everyone is Worried About the Thing Markets Need Most, But They’re Not Asking the Right Questions – Business Insider

March 25, 2016

US Companies Overpaying for Bonds; Banks May Be to Blame – Reuters

March 31, 2016