Tourist traps in the credit market
Dipping in and out of credit markets can reduce the value of investments for the non-specialist, but also for more experienced investors.
In their 2014...
Decision trees (and how to climb them)
Making the working lives of credit traders better is The DESK’s mission. Traders are time poor, and systematising trading allows them to free up...
Best practice in credit TCA measures
The need to optimise execution quality is increased as buy-side firms seek to optimise all-to-all trading, and therefore price making, in credit. Transaction cost...
Do regulators understand ‘best execution’ in corporate bond markets?
What is best execution in bond markets?
In fixed income a best execution process matches up trade metrics to the investment parameters.
“Trading is simply how...
Credit Spotlight: How clear can pre-trade get?
Pre-trade transparency is a nirvana for over-the-counter markets, particularly corporate bond trading, which lack the publicly displayed prices of the exchange-traded market.
Unless it...
The credit trading processes you really should have automated by now…
Automation has historically been highly challenging in corporate bond markets for several reasons, but traders say some parts of the workflow ‘ought’ to be...
How much credit should dealers get – and for how much risk?
There is a tension between best execution obligations and the longer-term value of a dealer supporting liquidity provision. Buy-side traders are aware that their...
Systematic credit trading changes the buy/sell-side dynamic
An investment manager capable of making a price in less than a minute in Europe, or several minutes in the US, can be a...
Connecting the primary and secondary credit workflows
With issuance at near record highs in the first week of the year, credit market traders are keen to make more effective use of...
Trading hacks and force multipliers for the smaller trading team
Faced with rising trading volumes and falling returns, buy-side bond desks are frequently either shrinking or at best struggling to match resource with requirements.
We...
