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ECB Under Fire ss Critics of Bond-Buying Program Reach EU Court – Bloomberg 

Full Article: Bloomberg

“The ECB has become a big play-maker in the distortion of competition on the capital markets for sovereign bonds and corporate bonds and has in this way suspended the system of undistorted competition which is mandated in the treaties,” Markus Kerber, a lawyer for some of the claimants, told a 15-judge panel.

Buy-Side Fixed Income Trading Technology Q&A with Wellington – Markets Media 

Full Article: Markets Media

Last year we focused on aggregating different pre-trade data to provide our traders with deeper transparency on the fixed income markets and on improving post-trade cost analysis. This year we are working on combining pre-trade and post-trade data to help our trading team gather more insight through data science with a goal of improving execution.

Credit Information Overload – The Desk 

Full Article: The Desk

The inability to process pricing data for corporate bonds is preventing buy-side traders from finding real opportunities to trade. Data is readily available; broker-dealers, specialists data aggregators, TRACE, Bloomberg data and benchmark providers all give guidance on where a price may be. In fact there is too much of it. The quality of that information is highly variable, the volume provided by dealers is increasing, and the absence of a standard format makes it hard to compare. 

ICE to Acquire TMC Bonds – Finextra

Full Article: Finextra

Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that it has entered into an agreement to acquire TMC Bonds LLC for $685 million in cash.

  • Goose
    GooseJune 1, 2018"Quite the interesting price and purchase by ICE. They bought practically the exact same customer base for credit that they paid for in KBP, plus plenty of duplication in the muni market customer base. Certainly TMC has some solid proprietary connectivity there. They are officially in the front end business, and I will be curious to see if they stay there. Will they follow with a strong regulatory push to try to force the markets in to a more fair access/rules based ex…"

Pope Goes Off on CDS Market, Calls Derivatives Ticking Time Bomb – Bloomberg Quint 

Full Article: Bloomberg Quint

The Vatican said that in certain areas of the derivatives markets there’s an “ethical void which becomes more serious as these products are negotiated on the so-called markets with less regulation (over the counter) and are exposed more to the markets regulated by chance, if not by fraud, and thus take away vital life-lines and investments to the real economy.”

MarketAxess Allows PIMCO to Trade by Its Own Rules – Reuters

Full Article: Reuters

MarketAxess has granted Pimco a special arrangement that allows the bond giant to limit the information it shares on the electronic trading platform and take advantage of any off-market prices, three sources with knowledge of the matter told IFR.

  • Cougar
    CougarMay 11, 2018"Dealers lack confidence to provide firm pricing for depth, especially among Tier II dealers. A large part of this lack of confidence stems from asymmetry of information (over the last 10y with FI electronification the buyside has accrued ever more pricing information over that of the dealers). This particular MarketAxess example takes that situation further toward a buyside firm's advantage - further reducing dealer confidence and so the provision of depth (real liqui…"