News
(Markets Media)
Direct, continuous pricing streams are slowly but surely reshaping how U.S. Treasuries are traded. The majority of the U.S. Treasury market is traded electronically. In 2023, 64% of the $755 billion average daily notional volume (ADNV) was executed via a combination of central limit order books (CLOB), request for quote (RFQ) and direct, continuous pricing streams.
(Traders Magazine)
Despite the continued rise in regulatory expectations, expenditure on compliance operations has decreased compared to 2023, as has investment in RegTech, according to a recent report by SteelEye. According to the annual State of Financial Services Compliance Report, while financial firms express intentions to allocate more resources to compliance, the reality reflects scrapped projects, constrained budgets, and compliance burnout.
(The Desk)
Bloomberg has executed the first electronic list trade in European government bonds though its multilateral trading facility (MTF), with its evaluated pricing service (BVAL) referenced for the closing price.
(Waters Technology)($)
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.
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