Dealers Must Up Their Corp-Bond Game – Markets Media
June 16, 2017 \
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Full Article: Markets Media
A few weeks ago, Graham Giller, head of data science research, CIB Data Science at J.P. Morgan, shared a conversation he had with a credit trader from his firm about a year ago who said that they did not know the price of things.
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Trump Team’s Bond-Trade Worries Are Too Late – Bloomberg Gadfly
Regardless of how substantial bond-market liquidity threats are to financial stability, this study is years too late. At this point, banks and investors have generally adapted to the current environment.
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Fixed Income Trading Models: Convergence Ahead? – Markets Media
You’re going to have a portion of the buy side that will continue to do their business through the RFQ model, but at some point, there’s going to be integration with or into the CLOB model
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Dealer Balance Sheets and Corporate Bond Liquidity Provision – Liberty Street Economics (Fed Blog)
We link directly the trading behavior of market participants to their balance sheet constraints. We find that post-crisis regulation has had an adverse impact on bond-level liquidity.
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A $500 Billion Dollar Investor Developed ‘Cutting Edge’ Technology, and Now it is Sharing It – Business Insider
AllianceBernstein has sold the intellectual property and technology behind ALFA to Algomi, a fixed income data platform. AllianceBernstein is also taking an undisclosed minority stake in Algomi and a seat on the board.
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Hedge Funds Are Facing a US Criminal Probe Over Bond Valuations – Bloomberg
By carrying securities on their books at artificially inflated prices, hedge funds can show better performance. They can collect more in management and performance fees — or hide poor performance for certain holdings.
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Voice Communications Solidifying Role in Institutional Trading – Finance Magnates
Approximately 90 percent of the trading professionals participating in a 2016 Greenwich Associates study utilize voice communications in electronic trades, primarily for post-trade interaction.
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A Review of The Economist Article on Corporate Bonds
Last week the Economist wrote an “article” about the future of the corporate bond market. The piece was so interesting, that this week the Friday Newsletter is presenting reviews of the Economist article from our exclusive team of market structure experts, the 10,000 Hours Team.
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Bond Tape is a Matter of Time – 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.
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Tradeweb to Launch All-to-All Corporate Bond Trading in Europe – The Trade
Tradeweb will extend its all-to-all corporate bond trading service, to be launched in the US later this year, into Europe following an increase in demand for RFQ trading protocols.
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