News
(Waters Technology)($)
TP Icap’s Liquidnet is electronifying one of the last bastions of voice trading in European fixed income: the gray market. Trading ‘in the gray’ refers to the act of buying or selling a bond before it has been formally issued. Portfolio managers have long traded bonds among themselves in the days after an offering has been announced, but before the securities have been issued.
(Bloomberg)($)
The Securities and Exchange Commission is in talks with firms seeking to become central clearinghouses for US Treasuries and derivatives trading under a new agency rule designed to fortify the world’s largest debt market. “Several market participants have reached out to us and want to sort of enter the business,” said Haoxiang Zhu, director of the SEC’s Division of Trading and Markets, in response to a question during a virtual discussion Tuesday organized by the Institute of International Finance.
(The Desk)
The evolution of bond trading, through the smart application of technology and increasingly sophisticated market making is promising to deliver better execution, said Lynn Challenger, global head of trading and order generation at UBS Asset Management, speaking at TradeTech in Paris on ‘How can you future-proof your technology strategy in a world of mergers, changing market structure and new market opportunities?’
(The Full FX)
With just over one month to go until North America switches to T+1 settlement in its securities markets, new data released by infrastructure provider DTCC shows that progress is barely advancing and that the industry still has much work to do.
(The Trade)
Two heads of trading desk invited to speak on stage at TradeTech 2024 were posed with a bombshell question at the end of their panel – whether or not outsourcing the trading desk achieves the same outcomes as keeping trading inhouse. One speaker – who confirmed their firm’s trading desk setup and flow lends itself more to high touch trading – focused their answer on alpha retention.
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