After working as an attorney at the U.S. Securities and Exchange Commission, in 1999 he joined Island ECN, which played a major role in creating the modern stock market.

Ford and GM could face the highest cost of refinancing of any investment-grade sector next year, according to a note published by CreditSights. Ford, GM, and GE also risk getting their credit ratings downgraded to junk—which would also make it more expensive to borrow.

With volatility spiking in global stock and bond markets, there’s been a profound shift in market psychology from chasing higher yields to focusing on risk in the credit markets, according to a recent webinar.

“More than half of BBB companies in the U.S. and Europe look more like high yield than high grade” based on their leverage multiples, strategists including Nikolaos Panigirtzoglou wrote in a note to clients. “This suggests that the downgrade and fallen angel risks look pretty elevated at the moment.”

Dan Ivascyn, Chief Investment Officer of PIMCO overseeing $1.7 trillion in assets, and manager of the world’s biggest actively-managed bond fund, discusses everything from leveraged loans to Brexit to emerging markets

Nasdaq today announced it launched a Corporate Bond exchange for listing and trading of corporate bonds. The Securities and Exchange Commission approved this exchange on November 13, 2018.

Credit markets are set for the worst year since the global financial crisis as investors abandon hope of a late-2018 rally.

Around one quarter, 24%, of investors expect corporate bonds to be the worst performing asset class in 2019.

“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.

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.