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....
Automation may relieve the liquidity burden of capital rules
Corporate bond markets are rapidly electronifying on both sides of the Atlantic. Electronification of trading creates a virtuous circle for delivering faster, more standardised...
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...
FILS USA: How can high yield be traded efficiently in a risk off environment?
Banks are stepping back from taking risk in high yield trading. Trading in a risk-off environment in normal circumstances can be challenging as spreads...
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...
‘Tis better to give than to receive? How ELPs affect credit trading
In a Christmassy spirited theme, The DESK considers how the advantages of electronic liquidity provision can support credit markets – and how the reception...
Get better at trading emerging markets credit
A recent article on the challenges for banks in making a profitable business trading emerging markets (EM) credit has highlighted the complexity of the...
What does flat e-trading growth mean for credit traders?
The proportion of electronic trading in 2023 within US credit markets is proving stubbornly resistant to growth. Research by market structure analysts, Coalition Greenwich,...
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...
