US Treasury Dealers Accused of Collusion By Big Investors – FT
November 16, 2017 \
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Full Article: Financial Times
A group of 17 US public pension funds and insurers have filed a lawsuit in New York alleging that their access to some electronic trading venues in the world’s biggest government bond market was blocked by a group of banks.
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Entire Ivy League Outpaces Harvard Endowment in Fiscal Year 2017 – The Harvard Crimson
While most Ivy League endowments were able to capitalize on the bull market in fiscal year 2017, Harvard’s performance was weighed down by a series of high-value markdowns it took on some of its investments. The University’s financial report, released last week, detailed a nearly $10 billion markdown on domestic fixed-income assets, which include investments like treasury bonds, junk bonds, and corporate bonds.
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ICE to Buy Virtu’s Bondpoint for $400MM – The Trade
ICE has agreed to buy Virtu Financial’s fixed income trading venue BondPoint in a deal worth $400 million. The purchase will enable ICE to bolster its fixed income capabilities within its data and technology structure as it continues to expand into the asset class.
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What Renaissance Tech Has That You Don’t – Institutional Investor
Quantitative hedge fund firm Renaissance Technologies, founded by mathematician James Simons, has had near real-time prices on corporate bonds and other debt for years.
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Technology Spending Key to Fixed Income Market Share Growth – Traders
The top six U.S. government bond dealers have an aggregate annual technology budget of $26 billion. That astounding figure illustrates the extent to which technology prowess has become the key determinant of success or failure for banks competing in capital markets, reports Greenwich.
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Bloomberg is fighting back against Symphony – Business Insider
Bloomberg, the financial data giant, is offering customers of its signature terminal a way to use its chat function as a stand-alone feature for just $10 a month. The offering, first reported by the Financial Times, undercuts Symphony, a chat and data startup once touted as a “Bloomberg killer” because of its low-cost offering and backing from Wall Street’s biggest firms.
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Most Bond Traders Don’t Like Their Jobs – Greenwich Associates
Most respondents who were negative about the sell-side trading role were positive about other parts of financial services. Moving from the sell side to the buy side was mentioned more than once, as there is more opportunity for growth with less stringent regulations and a debatably steadier stream of recurring revenue based on assets rather than transactions.
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Robots Are No Match for the Human Bond Trader – Bloomberg Gadfly
Bond markets, for example, have been relatively resistant to the technology onslaught, even as electronic platforms eat up market share at the less sophisticated end of things. Unlike stocks, which are fairly homogenized and easy to trade, bonds come in many different shapes and sizes.
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Goldman Sachs Has a Plan For Its Misfiring Bond Business – Business Insider
Schwartz provided some rarely seen detail on sales performance by client type. Sales credits are down heavily for hedge funds. Given hedge funds make up almost a quarter of Goldman Sachs’ sales credits, that’s a problem for the bank.
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Alternative Theory on Corporate Bond Liquidity – ViableMkts (Chris White)
Regardless of your position, settling this debate is critical because the US corporate bond market is the most systemically important market in the financial world. If there is a liquidity problem, it is vital that we identify the causes and begin to implement solutions.
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