hange reates pportunity.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "hange reates pportunity."

Transcription

1 hange reates pportunity. Fundamental changes in bond market structure have created a new liquidity-scape, and new opportunities to improve execution quality. Trading Venues Fixed Income

2 A market structure sea change. Risk, regulation, and technology are affecting the flow and sources of liquidity in the fixed-income marketplace. For many decades, fixed-income liquidity was concentrated on the balance sheets of primary dealers mostly large banks and traded in a traditional way, counterparty to counterparty. But the traditional method of sourcing liquidity and trading bonds is under pressure: liquidity is flowing in new and different ways. Dealers roles are being redefined. As capital has become more costly, they have had to reevaluate their trading models and think more strategically about how much bond inventory they hold on their balance sheets. Greater transparency, prolonged low interest rates, narrow spreads, and emerging technology are also helping reshape the bond market trading landscape. The ground is shifting, and while the dealer community s role in facilitating trading remains critical, investors are exploring additional sources of liquidity and additional trading protocols to meet their goals. Within this new, more widely dispersed market, meeting liquidity demand has become more challenging as the number of bonds issued has multiplied, driven by a persistent low-interest rate environment that s irresistible to issuers and fuels exceptionally strong investor demand. -21% -48% Traditional liquidity provider flow ebbs. Top 10 primary dealer fixed-income balance sheet capacity. US Corporate Bonds US Treasury Securities Source: Tabb Group Interest in fixed-income investing continues to rise. Billions A multi-year streak of good performance and a post-crisis, risk-averse investor community with a large appetite for fixed-income assets has absorbed much of the bond inventory previously held by dealers and financial institutions. Over the past decade, inflows into bond funds have far outstripped those of equities. Cumulative flows into bond mutual funds. 2,000 1,500 Billions 1, Source: ICI 0

3 Navigating new structural realities. An evolution toward more fully electronic workflows. Traders and investors have had to adapt to new realities, and to the disruptions and realignment in liquidity that have come with them. While RFQ remains the prevailing protocol, asset managers and other market participants are exploring alternatives both directly and on electronic platforms. They ve found that as the market has evolved, sources of liquidity, and opportunities to find it, have multiplied. Forced to innovate or be left behind, the industry has responded, replacing traditional manual systems with automated workflows that integrate front-toback-office processing with the goal of increasing workflow and cost efficiency while reducing risk. The investment in technology and infrastructure driving these initiatives has given dealers and banks the ability to more effectively price and make markets in bonds, react more quickly to client inquiries, and adjust pricing more nimbly in an increasingly fast-paced fixed-income market. While known counterparty relationships and the traditional RFQ will certainly remain important to the trading process, we are seeing a growing interest in the efficiencies and benefits found in electronification: greater price transparency, broader and more immediate access to available liquidity, and the opportunity for timely executions. Electronic platforms with live streaming prices offer the bond market more than just price discovery. Access to liquidity and prices are distributed more efficiently and across market participants. The platforms provide accessible and actionable liquidity, with the ability to execute more efficiently. As the industry continues to adapt to and adopt open electronic protocols, the future of bond trading begins to come into view. Institutional and retail investors will see the clear benefits: greater price discovery, less risk concentration, greater efficiency. Technology-savvy traders will drive an evolution toward more fully electronic workflows and a greater focus on transparency and best execution. Order size still matters. Order size 80% 75% 70% 65% 60% 55% 50% Source: FINRA Execution protocols align with order size, but volume and activity have been shifting to smaller average size transactions. Blocks trade primarily via voice. Round lots are executed using a combination of RFQ and voice. Tracking the proportion of trades >5m as a percentage of total par bond trading volume. Odd lots are primarily executed using RFQ protocols, but have been steadily moving to a mix of RFQ and hit-and-lift on lit platforms with order books and market depth. Micro lots are executed electronically, primarily through lit markets on ATSs and electronic mediums What am I really paying Understanding the best price, the true total cost, and the quality of execution on a particular trade depends upon several critical factors, including: The level of pre-trade transparency Whether you achieved the quote Any associated markup or transaction fee If it was done as a riskless principal trade (RPT) A clear understanding of what happened to the price within certain time parameters post-trade on TRACE. Source: Greenwich Associates Transaction Cost Analysis (TCA) usage 50%+ 38% % % (projected) A recent study by Greenwich Associates suggests that Transaction Cost Analysis (TCA) usage in fixed income is increasing rapidly, projecting that more than half of the fixed-income trader marketplace will be using TCA actively by 2017.

4 Measuring the benefits of the new liquidity-scape. To succeed in this new market structure, firms need to leverage the long-established benefits of traditional relationship-based trading as well as the evolving benefits of real-time, click-totrade electronic execution. Clarity means knowing the objectives. Of course, it all depends on what s being traded and the trader s execution goals. Knowing where to go and who to call for a certain bond, to secure a large block, or make an urgent or complex trade, will always remain a valuable and necessary part of fixed-income trading strategies. The trade-offs between the need for execution certainty, the lot size of the order, and the relative liquidity of the bonds being traded all impact how the order routing decision is made. More and more, those decisions lead to electronic execution, and more of those electronic trades are being made on transparent, continually priced platforms that give participants immediate access to diverse sources of liquidity. As this trend continues, these platforms will continue to attract more participants and more liquidity. The net effect of this shift is a more efficient fixed-income market, with wider participation, lower execution costs, increased opportunities for price discovery, and access to an expanding array of securities.

5 The Execution Spectrum Market participants that embrace new workflows and understand the value of all available trading tools can expand their ability to find and act on liquidity opportunities across the execution spectrum. Traditional voice trading Multi-dealer platform Electronic trading venue RFQ RFQ + Matched ONE-TO-ONE ONE-TO-MANY, BILATERAL ALL-TO-ALL, ANONYMOUS Traditional voice trading (RFQ) Multi-dealer platform (RFQ+) Electronic trading venue (Matched) Trade control: Dealer Dealers Equal Price transparency: None Limited Complete Discretion: Take it or leave it Choose a price Decide your price Costs: Unknown or higher Unknown or lower Known and lower Typical order size: Large blocks Mixed Odd + Micro lots

6 An established innovator. KCG BondPoint was created in 1999 as a click-to-trade aggregator of fixed-income liquidity. With deep roots in retail brokerage odd lot trading, our platform has grown steadily as the fixed-income market has evolved to provide access to a larger and more diverse group of market participants, including retail and institutional buy- and sell-side participants. KCG BondPoint Average Daily Executable Offerings Offers Bids 250, , , ,000 We combine deep liquidity and smart technology to create a venue attractive not only to broker-dealers, but also to an increasing number of investor-side clients. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q ,00 0 Source: KCG 400+ financial firms 50,000+ unique securities 200K+ executable bids and offers A strong and growing platform. Open architecture to suit your workflow. BondPoint offers traders and investors access to a broad range of counterparties and executable prices. As a market data resource, it provides valuable strategic price discovery, including the ability to view full depth of market and source liquidity all in one location. We also provide clients with customized trading solutions and tools, including comprehensive front-end fixed-income market access and analytics, with a focus on enhancing operational efficiency by automating trading workflows. BondPoint integrates seamlessly into proprietary and third-party OMS platforms, so you can access the liquidity you want the way you choose. Subscribers connect across the life of the trade to streamline pre- and post-trade processes and reporting. Fully automated and straight-through processing enabled, KCG BondPoint easily integrates with our clients existing systems, from inventory and order management to middleand back-office clearing.

7 Find out more about how BondPoint can complement your trading program today, and become a valuable strategic tool as your fixed-income strategies continue to evolve. KCG Holdings, Inc KCG Holdings, Inc. All rights reserved. KCG BondPoint is an alternative trading system registered with the Securities and Exchange Commission. In the United States, products and services are offered through KCG Americas LLC, member FINRA/SIPC. KCG Americas LLC is an operating subsidiary of KCG Holdings, Inc. In Europe, products and services are offered by KCG Europe Limited (KCGE), which is authorized and regulated by the FCA. KCGE is an operating subsidiary of KCG Holdings, Inc. Every effort has been made to ensure the accuracy of data contained herein. However, KCG cannot accept liability for any reliance placed on its use. The information in this material does not constitute legal or other advice and may change without notice.

Trading Services. Your Business Without Limits TM

Trading Services. Your Business Without Limits TM Trading Services Comprehensive solutions for today s complex markets Your Business Without Limits TM Give Yourself a Competitive Edge Today, when milliseconds count, you need reliable resources to help

More information

Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery

Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery Cognizant 20-20 Insights Municipal Bonds: Consolidating and Integrating Bids to Improve Transparency and Discovery An integrated, consolidated bids wanted platform can make all market bids available, regardless

More information

April 7, 2015. By Electronic Mail to pubcom@finra.org

April 7, 2015. By Electronic Mail to pubcom@finra.org April 7, 2015 By Electronic Mail to pubcom@finra.org Maria E Asquith Office of the Corporate Secretary FINRA 1735 K Street, NW Washington, DC 200006-1506 Re: FINRA Regulatory Notice 2015-03 / Proposal

More information

Fixed Income Trading ACCESS A WORLD OF FIXED INCOME OPPORTUNITIES. Your Business Without Limits TM

Fixed Income Trading ACCESS A WORLD OF FIXED INCOME OPPORTUNITIES. Your Business Without Limits TM Fixed Income Trading ACCESS A WORLD OF FIXED INCOME OPPORTUNITIES Your Business Without Limits TM 2 FIXED INCOME TRADING Explore Our Fixed Income Capabilities Our dedicated team of experts, electronic

More information

The Role of Municipal Securities Broker s Brokers

The Role of Municipal Securities Broker s Brokers The Role of Municipal Securities Broker s Brokers in the municipal Markets [this page intentionally left blank] The Role of Municipal Securities Broker s Brokers in the municipal Markets Introduction Municipal

More information

Fixed Income Trading ACCESS A WORLD OF FIXED INCOME OPPORTUNITIES. Your Business Without Limits TM

Fixed Income Trading ACCESS A WORLD OF FIXED INCOME OPPORTUNITIES. Your Business Without Limits TM Fixed Income Trading ACCESS A WORLD OF FIXED INCOME OPPORTUNITIES Your Business Without Limits TM Explore Our Fixed Income Capabilities Our dedicated team of experts and powerful suite of tools and resources

More information

Bank of Canada Workshop on Regulation, Transparency, and the Quality of Fixed- Income Markets

Bank of Canada Workshop on Regulation, Transparency, and the Quality of Fixed- Income Markets Financial System Review Bank of Canada Workshop on Regulation, Transparency, and the Quality of Fixed- Income Markets Lorie Zorn In February 2004, the Bank of Canada hosted a two-day workshop, Regulation,

More information

SELL-SIDE EXECUTION & ORDER MANAGEMENT SOLUTIONS (SSEOMS) A Bloomberg Trading Solutions Offering BE AGILE

SELL-SIDE EXECUTION & ORDER MANAGEMENT SOLUTIONS (SSEOMS) A Bloomberg Trading Solutions Offering BE AGILE >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SELL-SIDE EXECUTION & ORDER MANAGEMENT SOLUTIONS (SSEOMS) A Bloomberg Trading Solutions Offering BE AGILE EXPAND YOUR REACH Bloomberg

More information

Transaction Costs, Trade Throughs, and Riskless Principal Trading in Corporate Bond Markets

Transaction Costs, Trade Throughs, and Riskless Principal Trading in Corporate Bond Markets Transaction Costs, Trade Throughs, and Riskless Principal Trading in Corporate Bond Markets Larry Harris Fred V. Keenan Chair in Finance USC Marshall School of Business Disclaimer I only speak for me.

More information

SHAPING THE FUTURE OF THE GLOBAL CREDIT MARKETS

SHAPING THE FUTURE OF THE GLOBAL CREDIT MARKETS MARKETAXESS ON SHAPING THE FUTURE OF THE GLOBAL CREDIT MARKETS VISION MARKET THE 1ST THE DECADE DESK PAVING THE WAY When we launched MarketAxess over fifteen years ago, institutional credit trading was

More information

Best Execution Survey Results

Best Execution Survey Results Rules Notice Technical UMIR and Dealer Member Rules Contact: Naomi Solomon Senior Policy Counsel, Market Regulation Policy Telephone: 416.646.7280 fax: 416.646.7265 e-mail: nsolomon@iiroc.ca Jamie Bulnes

More information

Continued Investment in Fixed Income, Despite Low Returns

Continued Investment in Fixed Income, Despite Low Returns Issue 90, January 2013 Continued Investment in Fixed Income, Despite Low Returns What is the Impact on the Buy Side? Written by Judy Blackwell & Kathy McDermott The economic turmoil that began in 2008

More information

Addressing the Liquidity Challenge Corporate Bond New Issue Standardization

Addressing the Liquidity Challenge Corporate Bond New Issue Standardization Addressing the Liquidity Challenge Corporate Bond New Issue Standardization Joanne T. Medero Managing Director March 20, 2015 The challenge deteriorating liquidity in the corporate bond market Challenged

More information

The Future of Investment Compliance for Asset Owners: The Next Great Transformation

The Future of Investment Compliance for Asset Owners: The Next Great Transformation The Future of Investment Compliance for Asset Owners: The Next Great Transformation By: State Street Global Services Performance Services December 2014 STATE STREET CORPORATION 1 Contents Introduction

More information

Focus: Fixed income electronic trading /17. Finger on the button

Focus: Fixed income electronic trading /17. Finger on the button Focus: Fixed income electronic trading /17 Finger on the button Fixed income electronic trading is growing, so is regulation. Industry experts gathered to tell Lynn Strongin Dodds how they see the market

More information

Electronic Trading and the Australian Foreign Exchange Market

Electronic Trading and the Australian Foreign Exchange Market Electronic Trading and the Australian Foreign Exchange Market Alexandra Heath and James Whitelaw* The introduction of electronic broking to the foreign exchange market in the early 199s signalled the start

More information

Foreign Exchange Contact Group The future of the e-forex. Macalli Louis. Frankfurt, 10th June 2009

Foreign Exchange Contact Group The future of the e-forex. Macalli Louis. Frankfurt, 10th June 2009 Foreign Exchange Contact Group The future of the e-forex Macalli Louis Frankfurt, 10th June 2009 The future of the e-forex From the phone-based FX to the e-forex : main features and short term issues.

More information

SIFMA Electronic Bond Trading Report: US Corporate & Municipal Securities

SIFMA Electronic Bond Trading Report: US Corporate & Municipal Securities February 2016 SIFMA Electronic Bond Trading Report: US Corporate & Municipal Securities Disclaimer: The Securities Industry and Financial Markets Association (SIFMA) prepared this material for informational

More information

Fixed Income TCA. TCA and its use in fixed income reducing cost, bringing transparency and moving towards electronic trading in fixed income

Fixed Income TCA. TCA and its use in fixed income reducing cost, bringing transparency and moving towards electronic trading in fixed income Fixed Income TCA TCA and its use in fixed income reducing cost, bringing transparency and moving towards electronic trading in fixed income Why do Fixed Income TCA? MiFID II hasn t changed best execution

More information

tran scend tran-sénd verb [trans.] to go beyond or rise above (a limit), to be greater than (something ordinary).

tran scend tran-sénd verb [trans.] to go beyond or rise above (a limit), to be greater than (something ordinary). tran scend tran-sénd verb [trans.] to go beyond or rise above (a limit), to be greater than (something ordinary). At Transcend Capital, we have earned our reputation for integrity, honesty and accountability

More information

Discover MTS BondVision. Multi-dealer-to-client trading

Discover MTS BondVision. Multi-dealer-to-client trading Discover MTS BondVision Multi-dealer-to-client trading MTS BondVision connects users directly to one of the largest networks of liquidity providers available on one online trading platform. Why choose

More information

Investment Technology Group Investor Overview

Investment Technology Group Investor Overview Investment Technology Group Investor Overview ITG Inc., member NASD, SIPC. 2006 All rights reserved. Not to be reproduced without permission. 91306-61314 Safe Harbor Statement This document may contain

More information

European Fixed Income Advent of the Platforms

European Fixed Income Advent of the Platforms European Fixed Income Advent of the Platforms Contents Introduction 3 Impact of Basel III 3 The View from Europe The Impact of MiFID II 3 Evolution is Necessary but What is the Right Model? 4 New Models,

More information

Valdi. Equity Trading

Valdi. Equity Trading Valdi Equity Trading Valdi EDA Orders VALDI SOLUTIONS FOR EQUITY TRADING Traders on electronic markets face enormous challenges in maintaining and growing their profitability. The drive for greater efficiency

More information

Regulatory Notice 2014-22

Regulatory Notice 2014-22 Regulatory Notice MSRB Regulatory Notice 2014-22 0 2014-22 Publication Date December 8, 2014 Stakeholders Municipal Securities Dealers, Investors, General Public Notice Type Regulatory Announcement Effective

More information

TRADE ORDER MANAGEMENT SOLUTIONS (TOMS) A Bloomberg Trading Solutions Offering BE AGILE

TRADE ORDER MANAGEMENT SOLUTIONS (TOMS) A Bloomberg Trading Solutions Offering BE AGILE >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> TRADE ORDER MANAGEMENT SOLUTIONS (TOMS) A Bloomberg Trading Solutions Offering BE AGILE EXPAND YOUR REACH Bloomberg Trading Solutions

More information

ICE Swap Trade CDS Execution May 2014

ICE Swap Trade CDS Execution May 2014 ICE Swap Trade CDS Execution May 2014 Agenda ICE Overview ICE Swap Trade Overview Execution Methodologies Block Trades Readiness Checklist Fees Workflows 2 ICE Overview IntercontinentalExchange (ICE) is

More information

Transparency in the Canadian Fixed- Income Market: Opportunities and Constraints

Transparency in the Canadian Fixed- Income Market: Opportunities and Constraints Transparency in the Canadian Fixed- Income Market: Opportunities and Constraints Tran-Minh Vu M arket quality is important to policymakers because it directly affects the level of confidence and the willingness

More information

WE WANT TO SHOW YOU WHAT S NEXT

WE WANT TO SHOW YOU WHAT S NEXT WE WANT TO SHOW YOU WHAT S NEXT algomi.com INTRODUCING ALGOMI We create the bond information network that enables all market participants to securely and intelligently harness data to make valuable financial

More information

A DUAL CASE STUDY. SVB Securities PNC

A DUAL CASE STUDY. SVB Securities PNC A DUAL CASE STUDY A D U A L C A S E S T U D Y Corporate Overview is a highly diversified and growing financial services organization spanning the retail, business and corporate markets. With more than

More information

Market Making and Liquidity Provision in Modern Markets

Market Making and Liquidity Provision in Modern Markets Canada STA 2015 Market Making and Liquidity Provision in Modern Markets Phil Mackintosh 2 What am I going to talk about? Why are Modern Markets Important? Trading is now physics at the speed of light Jan

More information

FRONT ARENA FOR TREASURY Enhancing Profitability

FRONT ARENA FOR TREASURY Enhancing Profitability FRONT ARENA FOR TREASURY Enhancing Profitability Driving a sound and profitable treasury requires a system that can help efficiently manage the bank s strategic, operational and risk management requirements.

More information

Implications of e-trading in fixed income markets Received: 11th February, 2002

Implications of e-trading in fixed income markets Received: 11th February, 2002 Implications of e-trading in fixed income markets Received: 11th February, 2002 Graham Harry Cross works in the fixed income unit at Van Der Moolen UK, specialising in German Pfandbriefe trading. He was

More information

Valdi for Equity Trading High performance trading solutions for global markets

Valdi for Equity Trading High performance trading solutions for global markets Valdi for Equity Trading High performance trading solutions for global markets EDA Orders SunGard s VALDI: SOLUTIONS FOR Equity Trading Traders on electronic markets face enormous challenges in maintaining

More information

Regulatory Notice 15-46

Regulatory Notice 15-46 Regulatory Notice 15-46 Best Execution Guidance on Best Execution Obligations in Equity, Options and Fixed Income Markets Executive Summary In light of the increasingly automated market for equity securities

More information

Trading ETFs For Best Execution On & Off-Exchange

Trading ETFs For Best Execution On & Off-Exchange Paul Amery, Moderator Editor, Journal of Indexes Europe, IndexUniverse.eu Trading ETFs For Best Execution On & Off-Exchange Matt Hougan, Moderator Global Head of Content, IndexUniverse Pedro Fernandes,

More information

A More Informed Picture of Market Liquidity In the U.S. Corporate Bond Market

A More Informed Picture of Market Liquidity In the U.S. Corporate Bond Market MARKETAXESS ON MARKETAXESS BID-ASK SPREAD INDEX (BASI) A More Informed Picture of Market Liquidity In the U.S. Corporate Bond Market MARKETAXESS ON MARKETAXESS ON is a forum for thought leadership and

More information

SOLUTIONS FOR BANKS AND TRUST ORGANIZATIONS

SOLUTIONS FOR BANKS AND TRUST ORGANIZATIONS SOLUTIONS FOR BANKS AND TRUST ORGANIZATIONS SunGard s suite of wealth management solutions is designed to meet evolving business needs at all levels of your organization. From financial planning and trading

More information

U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS

U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS Direct trading access to European bonds MTS will provide U.S. institutional investors with real-time pricing and the ability to trade electronically

More information

Trends in e-fx Options Market August 2007

Trends in e-fx Options Market August 2007 Trends in e-fx Options Market August 2007 Lars Hakanson Stephane Malrait Table of Contents e-options Market Picture The e-trading Ratio vs. Voice The e-trading Ratio vs. Voice per Geographical Zone e-options

More information

UBS Municipal Trading and Portfolio Specialist Group. Understanding your options and opportunities in today s municipal bond marketplace.

UBS Municipal Trading and Portfolio Specialist Group. Understanding your options and opportunities in today s municipal bond marketplace. ab UBS Municipal Trading and Portfolio Specialist Group Understanding your options and opportunities in today s municipal bond marketplace. The expertise you need to guide your municipal bond decisions.

More information

EXANE GROUP EXECUTION POLICY

EXANE GROUP EXECUTION POLICY EXANE GROUP EXECUTION POLICY DISCLAIMER Exane 2015. All rights reserved. No part of this document may be reproduced in any form or by any means - electronic, mechanical, photocopying, recording or otherwise

More information

MTS Markets. Insights. Automated Bond Trading: Optimising the Opportunity

MTS Markets. Insights. Automated Bond Trading: Optimising the Opportunity MTS Markets Automated Bond Trading: Optimising the Opportunity For various reasons, including the diversity of securities, bonds have historically lagged other markets, such as equities and foreign exchange,

More information

Until recently, the majority of

Until recently, the majority of Identifying the real value of algorithms in a fragmented market Charlie Susi* Until recently, the majority of algorithmic trading strategies used in the global marketplace have been created to address

More information

THE ROLE OF. Interdealer Brokers in the Fixed Income Markets

THE ROLE OF. Interdealer Brokers in the Fixed Income Markets THE ROLE OF Interdealer Brokers in the Fixed Income Markets THE ROLE OF Interdealer Brokers in the Fixed Income Markets INTRODUCTION Broker/dealers and other financial institutions utilize the secondary

More information

ASSET AND INVESTMENT MANAGER (AIM) A Bloomberg Trading Solutions Offering BE AGILE

ASSET AND INVESTMENT MANAGER (AIM) A Bloomberg Trading Solutions Offering BE AGILE >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ASSET AND INVESTMENT MANAGER (AIM) A Bloomberg Trading Solutions Offering BE AGILE EXPAND YOUR REACH Bloomberg Trading Solutions delivers

More information

FIX messages which helped to provide pre-trade price estimates and greater post-trade transparency on fills.

FIX messages which helped to provide pre-trade price estimates and greater post-trade transparency on fills. n THE TRADE 100 Peace in our time A s The TRADE was preparing for launch, Richard Semark was about to make a leap of his own. After 17 years working for the buy-side, first at AXA Investment Managers and

More information

WHO IS HD VEST? SUPPORTING ADVISORS WHO SUPPORT YOU

WHO IS HD VEST? SUPPORTING ADVISORS WHO SUPPORT YOU WHO IS HD VEST? SUPPORTING ADVISORS WHO SUPPORT YOU HD VEST A QUIET BRAND WITH A BIG PRESENCE For the last 30 years of our firm s history, our sole purpose has been to support independent Advisors providing

More information

Medusa. A new alternative.

Medusa. A new alternative. Liquidity Simplicity Transparency Medusa. A new alternative. Multi-bank FX Options Trading Platform Digital Vega Backed by 2 major financial institutions; State Street Banking Corp and Deutsche Boerse;

More information

WILLIAMS & JENSEN, PLLC AGENCY MEETING REPORT. Regulation of NMS Stock Alternative Trading Systems

WILLIAMS & JENSEN, PLLC AGENCY MEETING REPORT. Regulation of NMS Stock Alternative Trading Systems WILLIAMS & JENSEN, PLLC AGENCY MEETING REPORT DATE OF MEETING: November 18, 2015 SUBJECT: AGENCY: STAFF MEMBERS COVERING MEETING: Regulation of NMS Stock Alternative Trading Systems Securities and Exchange

More information

ECB OMG Meeting. Recent Trends in the e-fx space: Liquidity, Market Segmentation and Data Management. Frankfurt, Monday 10th November 2008

ECB OMG Meeting. Recent Trends in the e-fx space: Liquidity, Market Segmentation and Data Management. Frankfurt, Monday 10th November 2008 Sub-logo position ECB OMG Meeting Recent Trends in the e-fx space: Liquidity, Market Segmentation and Data Management Frankfurt, Monday 10th November 2008 Stefan Bender Overview Recent Trends in the e-fx

More information

Electronic Trading in Fixed Income and Derivatives: 15 Years of Innovation

Electronic Trading in Fixed Income and Derivatives: 15 Years of Innovation SPECIAL REPORT Electronic Trading in Fixed Income and Derivatives: 15 Years of Innovation BUILDING BETTER MARKETS years Technology Has Transformed Fixed Income and Derivatives Trading. With a Growing Push

More information

The playing field for sell-side sales & trading teams is shifting permanently from relationship driven to electronic message based banking.

The playing field for sell-side sales & trading teams is shifting permanently from relationship driven to electronic message based banking. +44 (0) 2037 516 550 info@mosaicsmartdata.com www.mosaicsmartdata.com No 1 Royal Exchange London EC3V 3DG UK Facing sell-side challenges with data analytics By Matthew Hodgson, CEO & Founder Mosaic Smart

More information

A More Informed Picture of Market Liquidity In the European Corporate Bond Market

A More Informed Picture of Market Liquidity In the European Corporate Bond Market MARKETAXESS ON MARKETAXESS BID-ASK SPREAD INDEX (BASI) A More Informed Picture of Market Liquidity In the European Corporate Bond Market MARKETAXESS ON MARKETAXESS ON is a forum for thought leadership

More information

CME Foreign Exchange Products CME FX Futures:

CME Foreign Exchange Products CME FX Futures: CME Foreign Exchange Products CME FX Futures: Maximizing the Opportunity for Individual Investors CME E-quivalents FX futures displayed in spot equivalent prices free, real-time and online Features include:»

More information

Market Analysis The Nature and Scale of OTC Equity Trading in Europe April 2011

Market Analysis The Nature and Scale of OTC Equity Trading in Europe April 2011 Association for Financial Markets in Europe The Nature and Scale of Equity Trading in Europe April 2011 Executive Summary It is often reported that the proportion of European equities trading that is over-the-counter

More information

Q4 2015. U.S. Treasury Trading: The Intersection of Liquidity Makers and Takers

Q4 2015. U.S. Treasury Trading: The Intersection of Liquidity Makers and Takers Q4 2015 U.S. Treasury Trading: The Intersection of Liquidity Makers and Takers CONTENTS 2 Executive Summary 4 Trading U.S. Treasuries: Changes Afoot 5 The Liquidity Provider Landscape 6 Interdealer Markets

More information

European Bond Pricing Sources and Services: Implications for Price Transparency in the European Bond Market. April 2005

European Bond Pricing Sources and Services: Implications for Price Transparency in the European Bond Market. April 2005 European Bond Pricing Sources and Services: Implications for Price Transparency in the European Bond Market April 2005 2005 The Bond Market Association European Bond Pricing Sources and Services: Implications

More information

SOLUTIONS FOR RETIREMENT SERVICES

SOLUTIONS FOR RETIREMENT SERVICES SOLUTIONS FOR RETIREMENT SERVICES ONBOARDING RISK & COMPLIANCE OPERATIONS & IT PARTICIPANT SERVICES PLAN SPONSOR & ADVISOR SERVICES REPORTING TRADING DOCUMENT PREPARATION DISBURSEMENTS DATA AGGREGATION

More information

Automated Trading in Treasury Markets June 2015

Automated Trading in Treasury Markets June 2015 Automated Trading in Treasury Markets June 2015 This document is available on the Treasury Market Practices Group website, www.newyorkfed.org/tmpg. June 2015 Automated Trading in Treasury Markets In recent

More information

Fixed Income Industry Benchmarking Survey 2014

Fixed Income Industry Benchmarking Survey 2014 Fixed Income Industry Benchmarking Survey 2014 Executive Summary: The fixed income market is on the verge of going through a radical industrial change with regulatory drivers pushing electronification

More information

Question 1. Should the execution of a Single Price Session Order be exempt from the best price obligations under Rule 5.2?

Question 1. Should the execution of a Single Price Session Order be exempt from the best price obligations under Rule 5.2? November 13, 2006 James E. Twiss, Chief Policy Counsel, Market Policy and General Counsel s Office, Market Regulation Services Inc., Suite 900, 145 King Street West, Toronto, Ontario. M5H 1J8 & Cindy Petlock

More information

Foreign Exchange. Prime Brokerage. Product Overview and Best Practice Recommendations

Foreign Exchange. Prime Brokerage. Product Overview and Best Practice Recommendations Foreign Exchange Prime Brokerage Product Overview and Best Practice Recommendations 33 Foreign Exchange Prime Brokerage Product Overview and Best Practice Recommendations Overview Foreign exchange prime

More information

Market Fragmentation: Does It Really Matter?

Market Fragmentation: Does It Really Matter? Market Fragmentation: Does It Really Matter? Transaction Services Citi Transaction Services Introduction Trading environments have evolved considerably as advances in information technology, increased

More information

This paper sets out the challenges faced to maintain efficient markets, and the actions that the WFE and its member exchanges support.

This paper sets out the challenges faced to maintain efficient markets, and the actions that the WFE and its member exchanges support. Understanding High Frequency Trading (HFT) Executive Summary This paper is designed to cover the definitions of HFT set by regulators, the impact HFT has made on markets, the actions taken by exchange

More information

Citi OpenInvestor. Hedge Fund Services. Focused Solutions Specialized Expertise. Transaction Services

Citi OpenInvestor. Hedge Fund Services. Focused Solutions Specialized Expertise. Transaction Services Citi OpenInvestor sm Hedge Fund Services Focused Solutions Specialized Expertise Transaction Services 2 Citi Transaction Services Confronting a Changing Landscape Today s hedge fund managers are facing

More information

GILE BLOOMBERG TRADING SOLUTIONS

GILE BLOOMBERG TRADING SOLUTIONS > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > > BLOOMBERG TRADING SOLUTIONS E GILE ABOUT BLOOMBERG Bloomberg is the world

More information

The Impacts of Electronic Trading on the Front Office

The Impacts of Electronic Trading on the Front Office The Impacts of Electronic Trading on the Front Office Mark Dearlove April 2007 Outline Fears vs. Reality US Treasury Markets the impact of electronic execution on volume Foreign Exchange building a franchise

More information

Automated Trading in Treasury Markets White Paper

Automated Trading in Treasury Markets White Paper Automated Trading in Treasury Markets White Paper In recent years, electronic trading has taken on an increasingly prominent role in the U.S. Treasury market, beyond the Treasury futures market, where

More information

The Evolving High Yield Market

The Evolving High Yield Market The Evolving High Yield Market 214 3Q Newsletter When you re finished changing, you re finished. Benjamin Franklin Given the recent volatility in high yield markets, we thought it would be useful to examine

More information

6 FOREIGN EXCHANGE COMMITTEE 2002 ANNUAL REPORT

6 FOREIGN EXCHANGE COMMITTEE 2002 ANNUAL REPORT 5 Chairman s Letter THE PAST YEAR BROUGHT MANY CHANGES TO GLOBAL FINANCIAL markets that in turn made for a dynamic time in the foreign exchange industry. The long-awaited launch of CLS Bank, the growing

More information

Improving Financial Advisor Productivity through Automation

Improving Financial Advisor Productivity through Automation Wealth Managment the way we see it Improving Financial Advisor Productivity through Automation How wealth management firms are embracing change by developing next generation advisor platforms Contents

More information

Brokered certificates of deposits

Brokered certificates of deposits Brokered certificates of deposits A guide to what you should know before you buy Are brokered CDs right for you? Brokered CDs are designed for investors who: Want access to a wide selection of issuers

More information

Trade and Order Execution Policy for Retail and Professional Clients

Trade and Order Execution Policy for Retail and Professional Clients Trade and Order Execution Policy for Retail and Professional Clients Spread Betting and CFDs are high risk investments. Your capital is at risk. Spread Betting and CFDs are not suitable for all investors

More information

September 2015. A Message to Morgan Stanley s Institutional Fixed Income Clients. Re: Fixed Income Trading Practices and Information

September 2015. A Message to Morgan Stanley s Institutional Fixed Income Clients. Re: Fixed Income Trading Practices and Information September 2015 A Message to Morgan Stanley s Institutional Fixed Income Clients Re: Fixed Income Trading Practices and Information This letter is part of our ongoing effort to provide transparency to our

More information

Fixed Income Market Making An Overview. An NSE Presentation By Dipo Omotoso Head, Product Development Nigerian Stock Exchange

Fixed Income Market Making An Overview. An NSE Presentation By Dipo Omotoso Head, Product Development Nigerian Stock Exchange Fixed Income Market Making An Overview An NSE Presentation By Dipo Omotoso Head, Product Development Nigerian Stock Exchange January 29, 2013 Outline 1 2 3 4 5 6 7 Introduction Objectives of the FIMM Program

More information

Supply Chains: From Inside-Out to Outside-In

Supply Chains: From Inside-Out to Outside-In Supply Chains: From Inside-Out to Outside-In Table of Contents Big Data and the Supply Chains of the Process Industries The Inter-Enterprise System of Record Inside-Out vs. Outside-In Supply Chain How

More information

Trading Stocks in America: Key Policy Issues. Trading and Market Structure Issues from the Buyside Perspective

Trading Stocks in America: Key Policy Issues. Trading and Market Structure Issues from the Buyside Perspective Trading Stocks in America: Key Policy Issues Trading and Market Structure Issues from the Buyside Perspective The Brookings Institution January 30, 2014 Ari Burstein, Senior Counsel - Capital Markets Investment

More information

SOLUTIONS FOR RETIREMENT SERVICES

SOLUTIONS FOR RETIREMENT SERVICES SOLUTIONS FOR RETIREMENT SERVICES ONBOARDING RISK & COMPLIANCE OPERATIONS & IT PARTICIPANT SERVICES PLAN SPONSOR & ADVISOR SERVICES REPORTING TRADING DOCUMENT PREPARATION DISBURSEMENTS DATA AGGREGATION

More information

European Demand for US Listed Equity Options Andy Nybo

European Demand for US Listed Equity Options Andy Nybo European Demand for US Listed Equity Options Andy Nybo V09:029 September 2011 www.tabbgroup.com TABB Group Credit Default Swaps: Industry Projections March 2009 1 Executive Summary European investors believe

More information

Managed Accounts: Expansive solutions for your clients. Greater opportunities for your business.

Managed Accounts: Expansive solutions for your clients. Greater opportunities for your business. Managed Accounts: Expansive solutions for your clients. Greater opportunities for your business. Managed Accounts: Growing Opportunity. Assets in managed accounts continue to grow and are estimated to

More information

Heightened Bond Liquidity Risk is the New Normal. Shushanik Papanyan Senior Economist BBVA Research USA

Heightened Bond Liquidity Risk is the New Normal. Shushanik Papanyan Senior Economist BBVA Research USA Heightened Bond Liquidity Risk is the New Normal Shushanik Papanyan Senior Economist BBVA Research USA Houston, TX September 10, 2015 The Signs of Weakened Liquidity The erosion of liquidity is more of

More information

The Development of Alternative Trading Systems in the U.K. Gilts Market: Lessons and Implications*

The Development of Alternative Trading Systems in the U.K. Gilts Market: Lessons and Implications* The Development of Alternative Trading Systems in the U.K. Gilts Market: Lessons and Implications* Allison Holland Introduction The use of electronic trading mechanisms has become increasingly widespread

More information

RISK MANAGEMENT IN CHANGING FIXED INCOME MARKET CONDITIONS

RISK MANAGEMENT IN CHANGING FIXED INCOME MARKET CONDITIONS IM Guidance Update January 2014 No. 2014-01 RISK MANAGEMENT IN CHANGING FIXED INCOME MARKET CONDITIONS I. Introduction Fixed income markets experienced increased volatility during June 2013 as investors

More information

Overview. Integrated Front-mid-back office as well as standalone Front office or Back-office solution or Trading Channels

Overview. Integrated Front-mid-back office as well as standalone Front office or Back-office solution or Trading Channels Securities Trading The adoption of technology is rapidly changing the dynamics of the brokerage industry. The increasing use of smartphones and tablets represent a transformation in the way in which investors

More information

The Next Generation Market Platform from Nasdaq

The Next Generation Market Platform from Nasdaq The Next Generation Market Platform from Nasdaq MORE TRANSPARENCY MORE ACCESS TO LIQUIDITY MORE STABLE TRADING The Next Generation Market Platform from Nasdaq MORE TRANSPARENCY MORE ACCESS TO LIQUIDITY

More information

MEDIA STATEMENT Electronic Trading Platform for RSA Government Bonds

MEDIA STATEMENT Electronic Trading Platform for RSA Government Bonds MEDIA STATEMENT Electronic Trading Platform for RSA Government Bonds The National Treasury will implement an electronic trading platform ( ETP ) for the Primary Dealers ( PDs ) where the secondary market

More information

The Need for Speed: It s Important, Even for VWAP Strategies

The Need for Speed: It s Important, Even for VWAP Strategies Market Insights The Need for Speed: It s Important, Even for VWAP Strategies November 201 by Phil Mackintosh CONTENTS Speed benefits passive investors too 2 Speed helps a market maker 3 Speed improves

More information

c wivw.uguicles.com Brian R. Bruce, Editor

c wivw.uguicles.com Brian R. Bruce, Editor c wivw.uguicles.com o o Brian R. Bruce, Editor PRECISION i CONTROL i EXECUTION ALGORITHMIC TRADING: WHAT SHOULD YOU BE DOING? PETER BERGAN AND COLLEEN DEVINE 14 coupled with a "white glove" service, appears

More information

Enterprise Risk Management

Enterprise Risk Management Enterprise Risk Management Enterprise Risk Management Understand and manage your enterprise risk to strike the optimal dynamic balance between minimizing exposures and maximizing opportunities. Today s

More information

Triton. All the trading power of ITG, now on your desktop. Client-Site Trading Products

Triton. All the trading power of ITG, now on your desktop. Client-Site Trading Products Triton All the trading power of ITG, now on your desktop. Client-Site Trading Products Triton ITG is known as the leader in quantitative trading, with more extensive capabilities and expertise than any

More information

TRANSPARENCY OF CORPORATE BOND MARKETS

TRANSPARENCY OF CORPORATE BOND MARKETS TRANSPARENCY OF CORPORATE BOND MARKETS REPORT OF THE TECHNICAL COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS May 2004 TRANSPARENCY OF CORPORATE BOND MARKETS A. INTRODUCTION IOSCO

More information

Setting the Scene. FIX the Enabler & Electronic Trading

Setting the Scene. FIX the Enabler & Electronic Trading Setting the Scene FIX the Enabler & Electronic Trading Topics Overview of FIX and connectivity Direct Market Access Algorithmic Trading Dark Pools and Smart Order Routing 2 10,000+ firms use FIX globally

More information

Issues Raised by Dark Liquidity

Issues Raised by Dark Liquidity Mr. Werner Bijkerk Senior Policy Advisor International Organization of Securities Commissions (IOSCO) Calle Oquendo 12 28006 Madrid Spain 11 th February 2011 Dear Mr. Bijkerk, Issues Raised by Dark Liquidity

More information

Is your outdated billing system costing you time and money?

Is your outdated billing system costing you time and money? Duck Creek Billing Is your outdated billing system costing you time and money? In a dynamic marketplace, being agile is essential to property and casualty (P&C) insurers that want to grow their business.

More information

FREQUENTLY ASKED QUESTIONS

FREQUENTLY ASKED QUESTIONS FREQUENTLY ASKED QUESTIONS The following Frequently Asked Questions (FAQ) are drafted based on TSX Private Markets current business model and operations. The responses to the FAQ are subject to change

More information

The right bond at the right price: Understanding bond pricing. Smart bond buying could save you thousands.

The right bond at the right price: Understanding bond pricing. Smart bond buying could save you thousands. The right bond at the right price: Understanding bond pricing. Smart bond buying could save you thousands. Executive summary Compared with stock market investing, it s not always easy to know what is

More information

Evolutionary Change. The future of electronic trading in European cash bonds. April 2016

Evolutionary Change. The future of electronic trading in European cash bonds. April 2016 Evolutionary Change The future of electronic trading in European cash bonds April 2016 1 This paper is provided for information purposes only and should not be relied upon as legal, financial, or other

More information