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...
Moody’s: Short-term refinancing to grow in 2025
A report from rating agency Moody’s, has found that the proportion of US non-financial investment-grade corporate bonds needing refinancing within five years has grown...
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...
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...
Opinion: Competition, not regulation, will make better bond markets
European credit trading has historically seen levels of electronic trading of around 50% of total corporate credit trading, while the US market has historically...
Analysis: Electronic trading across US and European bond markets
Electronic trading of US credit erupted in May 2024, according to analysis of the US credit market by Coalition Greenwich. It found that investment...
