Fixed Income Liquidity to be More Centralized – Markets Media
June 3, 2016 \
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Full Article: Markets Media
GreySpark predicted how the structure of the fixed income market could change as a result of regulation, reduced market-making capacity from banks and new ways of trading bonds and swaps.
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Time for the Market to Rethink Liquidity – Investor Daily
Institutional investors and asset managers may need to adjust the style of products they offer to their clients. For example, it may no longer be possible to offer daily liquidity to clients and redemption periods may need to be extended to weekly or monthly windows.
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Tradeweb Pushes New Credit Trading Model in Europe – eFinancial News
Tradeweb launched a new trading model on May 4, called FlexRFQ, which enables investors to add more dealers to an RFQ enquiry if it does not receive prices from the counterparts included in the initial request within a specified time frame.
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FCA Urged to Review Bloomberg Bond (Trading) Rejections – The Trade
“There was a look of horror on the regulators’ face. In their view, the screen price is a real price so there must be liquidity, but that simply isn’t the case.”
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Identifying Certainty in an Uncertain Fixed Income World – Bloomberg Trading Solutions
Being able to access fully electronic order book-driven markets, RFQ markets and voice markets directly from a single trading platform is the perfect hedge in today’s evolving fixed income landscape. Bloomberg’s AIM order management system can provide institutions and their fixed income traders with a truly integrated OEMS solution to access liquidity.
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This Might Be the Biggest Problem With the ECB’s Plan to Buy Corporate Bond Debt – Bloomberg
As the ECB can own 70% of any corporate bond issue, any signs of deterioration in a given company’s credit profile could spark severe dislocations in the market for its debt.
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OpenBondX E-Trading Platform Introduces New Rebate Fee Structure for Fixed Income Trading – PR Newswire
Recently launched electronic bond-trading venue OpenBondX, is implementing an innovative pricing strategy that previously has helped transform other markets. A twist on the “Maker-taker” rebate pricing model that propelled the successful electronification of markets in other asset classes, OpenBondX (OBX) will incentivize initiators of order flow with rebates
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Losses Mount at Fixed Income Startup Algomi – Financial News
The London-headquartered company incurred losses of £8.8m in the 12 months to the end of June 2015. Since it was founded in 2012, the company’s total losses amount to £13.6 million, according to its latest accounts filed with Companies House.
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The Difference Between Price Makers and Market Makers – Greenwich Associates Blog
Market makers either continuously provide two sided quotes or are willing to do so at any time on demand. They do this to make money by facilitating the trades of other via spread capture. A buy side price maker does not continuously provide quotes and makes money generating investment returns for their clients.
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US Companies Overpaying for Bonds; Banks May Be to Blame – Reuters
“When banks advise corporate clients, the bonds are systemically underpriced,” said Alberto Thomas, a former fixed income derivatives banker at UBS and now a partner at Fideres. “But when they do their own bonds, they seem to know exactly where to price them.”
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