IXED INCOME TRADING OCAL CURRENCY BOND MARKET WORLD BANK GOVERNMENT BOND CONFERENCE WILL OBERUCH GLOBAL PRODUCT MANAGER, FIXED INCOME TRADING
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1 IXED INCOME TRADING OCAL CURRENCY BOND MARKET WORLD BANK GOVERNMENT BOND CONFERENCE WILL OBERUCH GLOBAL PRODUCT MANAGER, FIXED INCOME TRADING MARCH// 13 // 2014
2 DEVELOPMENT OF DOMESTIC BOND MARKET 2 Singapore was looking for Electronic Trading Platform to increase price transparency and liquidity Bloomberg delivered a solution called E-Bond to address issues for local currency bond market Foreign Investment doubled from 6% to 14% 3 months after launch Average Daily Turnover increased %67 from 2004 to 2012 Corporate Issuance increased %270 from 2004 to 2012 (LEAG<go>) July 2005 May 2006 June 2012 Amt Outstanding quadrupled to S$78 Bln E-Bond Launched Request for Quote 2-Way Quote Driven Order Book Corp Bond EOD Fixings Bloomberg offers a complete solution for the Local Fixed Income Market
3 COMPLETE SOLUTION LOCAL CURRENCY BOND MARKET DEVELOPMENT 3 Bloomberg offers a complete solution for the Local Fixed Income Market 1. Scalability 2. Functionality 3. Infrastructure Technology Bloomberg Innovation Barriers Low Liquidity Price Transparency High Trading Costs Lack of Infrastructure Narrow Investor Base Policy Bond Issuance Market Trading Rules Primary Dealer Systems Market Maker Program
4 COMPLETE SOLUTION LOCAL CURRENCY BOND MARKET DEVELOPMENT Bloomberg offers a scalable solution throughout the trade workflow 1. Analysis 2. Execution 3. Post Trade 4 Market Sponsor Primary Auction E-Bond Market Makers Settlement/ Payment Local Investors Price Discovery Analytics News Bloomberg STP Trade Reporting Fixings/Valuations Central Depository Global Investors Community Global Investor Curve Development Back Office Systems Global Dealers Order Routing
5 Market Makers E-Bond Trading E-BOND PROCESS 5 Bloomberg provides all the functionality needed for the Secondary Market. Central Bank / Ministry of Finance Define Market Structure Settlement/ Clearing Market Rules Firm Two- Quotes Market Oversight Request for Quote (RFQ) Local Buyside Request for Quote (RFQ) Register Voice Trades Trade Reporting Register Voice Trades Price Discovery Trade Data EOD Fixings Yield Curve Global Investors Analytic Tools BLOOMBERG TERMINAL Voice/STP VCON FIT ALLQ Staging TSOX Community IB Global Trading Fixed Income Trading Tools
6 E-BOND MARKET SURVEILLANCE 6 Bloomberg offers the suite of market tools to monitor price and trade activity in real time or a period basis. Quoting Obligations Admin Blotters E-Bond Trade Reporting Graphing and Alerts
7 E-BOND MARKET SURVEILLANCE QUOTING OBLIGATIONS 7 View Quoting Obligations for Market Maker Program Average Spread Quoting Time Compliant Average Spread Compliant Time Compliant Quantity Access to the Quoting Obligations can be done in real time or in a period basis
8 E-BOND MARKET SURVEILLANCE TRADE REPORTING 8 MOSB<go> Most Traded Bond per Exchange Real-time trade statistics for intraday and periodic trade data. Supports over 40 bond exchanges, including E-Bond globally
9 E-BOND MARKET SURVEILLANCE TRADE REPORTING Robust Reporting for the Market Surveillance and Performance 9 Summary Trade Statistics Summary by Issue Price Taker and Maker Performance Turnover per Primary Dealer including RFQ and Orders (shown) Data can also be delivered electronically
10 E-BOND MARKET SURVEILLANCE GRAPHING AND ALERTS 10 GP<go> All Trading Activity is recorded into Bloomberg Pricing Source: EBND Trading Activity is configurable about which data is published. IYC<go> Trading data can be feed into graphing, analytics, curve, and valuated pricing.
11 E-BOND MARKETS SCREEN PRICE DISCOVERY AND TRADING 11 Views for Orders, Security Data and Market Activity On Market Activity view for active trades Live quotes and orders Links to Bloomberg Analytics Inquiries requiring actions Commingled competing quotes with quote depth Quote display can be firm or indicative Integrated IB chat facility available Supports interbank & B2C participants
12 COMPLETE SOLUTION LOCAL CURRENCY BOND MARKET DEVELOPMENT 12 Bloomberg manages the infrastructure for the technology and personal to keep the focus on the market development No Separate Fee Flawless Performance Reliable Highly Secure Hosted Solution Outsourcing of Maintenance 24/7 Support Financial markets are constantly changing, so does Bloomberg to respond new challenges and improve their product. Such changes are broadly client driven and you can be one of them - Head of Financial Markets Department
13 WHY USE BLOOMBERG FOR YOUR LOCAL CURRENCY BOND MARKET? 13 Bloomberg offers a complete solution for the Local Fixed Income Market 1. Scalability 2. Functionality 3. Infrastructure 14 Years Overall Experience Using Both** Bond Auctions and E-Bond* Georgia** Pakistan** 2011 Sri Lanka Dominican Republic** 2013 Slovakia Russia Repo South Africa Belgium Dutch Portugal Singapore* Hong Kong* UK DMO Will Oberuch woberuch1@bloomberg.net
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