Mutually assured success: How interpersonal relationships create trust in electronic markets
Bond trading is a relationship business, with pricing and liquidity influenced by the strength of relationships between buy-side and sell-side. As the market moves...
The gaps that AI can close in credit markets
Artificial intelligence is being applied to bridge and unite information in bond trading. Liquidity is notoriously gappy in credit markets, and market data naturally...
The pros and cons of record issuance
Bond markets typically see increased liquidity around a bond shortly after it is issued. However, this does not mean that markets are automatically more...
Bigger / smaller: What sizes are optimal for electronic trading?
Credit trading has been transformed by evolving electronic execution, which has allowed buy-side desks to express investment ideas in to the market using more...
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...
Tradeweb talks up futures market; reports Q1 growth, LSEG confusion
Tradeweb, a subsidiary of London Stock Exchange Group (LSEG), saw continued outperformance in fixed income markets in the first quarter (Q1) of 2024.
Tradeweb’s...
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...
Equity venues are dating websites; credit venues are bars
Equity venues are dating apps – you have to be a member to use the central limit order book (CLOB), and it will match...
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...
Why Europe’s electronic credit trading is accelerating
The level of electronic trading in European corporate bond markets has overtaken the US, according to analysis from firms including Propellant and Coalition Greenwich....
