On The DESK: Leaders in bond trading pinpoint risks and opportunities
We asked the buy-side traders we have profiled on The DESK for the past ten years to discuss the biggest changes they thought had...
The interplay between the cash and derivative credit markets
For investors, the derivatives market is a potentially a rich source for investment returns and risk management. It can also be a valuable source...
Is Europe being punished for slower e-trading adoption?
The liquidity shortfall, expected at the end of the year, is traditionally triggered by dealers’ reluctance to make markets when their risk positions are...
E-trading platforms show mixed results in October’s market share battle
Electronic trading fixed income platforms saw a slight drop off in volume relative to October, but strong activity against the same period last year.
Bond...
Measuring implicit costs and market impact in credit trading
Evaluating the quality of a bond trade is made complex by the multiple dynamics which impact quality, and the frequent absence of data to...
Under pressure
Secondary markets trading has seen a net trend towards tighter bid-ask spreads for trading across all corporate bond segments in US, Europe and emerging...
Ongoing effect of CSPP on European credit markets
Europe has seen considerable growth in credit issuance this year relative to 2023, with last week finding a 116% year-on-year increase in non-financial high...
The Atlantic divide over high yield – is private credit biting?
Issuance of USD versus Euro high yield debt shows a significant split, based on Dealogic data, with US markets in 2024 issuing more than...
Not average: Trade sizes in 2024
Looking at the average trade sizes for high yield and investment grade bonds, across Europe and the US in 2024, we can see considerable...
Do banks want credit trading to look like FX?
The end game of market making commoditisation is that a smaller number of players provide a vast volume of liquidity to the majority of...
