Bringing voices together to promote well functioning markets
Every Friday, we send you an email of top articles related to corporate bond market development. The newsletter is a free service.

‘Forceful for Longer’: Investors Bet ECB Bond Buying is Here to Stay – FT 

Full Article: FT

Most investors expect Lagarde to indicate the ECB will beef up its bond-buying plans beyond the end of its €1.85tn pandemic emergency purchase programme (PEPP) next year, and be more patient before it raises interest rates. But they are unsure exactly how aggressive the new guidance will be and what difference it will make.

Banks Are Rethinking Their Bond-Trading Tech As MarketAxess and Tradeweb Help Create a More Competitive Market – Business Hala

Full Article: Business Hala

In broadening the ecosystem of credit trading, banks are somewhat exposed. Hedge funds, asset managers, and market makers can quote both the bid and ask prices for a company’s bonds, cutting out bank dealers altogether. They are effectively eating traders’ lunch, a second senior banker said, and it is a trend that is increasing.

Top U.S. Officials Consulted With BlackRock as Markets Melted Down – New York Times

Full Article: New York Times

As Federal Reserve Chair Jerome H. Powell and Treasury Secretary Steven Mnuchin scrambled to save faltering markets at the start of the pandemic last year, America’s top economic officials were in near-constant contact with a Wall Street executive whose firm stood to benefit financially from the rescue.

Multi-Dealer Platforms Increasingly Costly, FICC Traders Agree – The Trade

Full Article: The Trade

“Over the last few years, the dominant narrative has been that more transparency is a good thing, hence the focus on getting more execution on venues,” said Tom Jacques, senior research manager at Coalition Greenwich. “This is largely true, but while transparency has increased, so have the fees earned by the intermediaries and the overall costs incurred by liquidity providers, which ultimately negatively impacts the end investor.”