Fixed income
Settling scores: industry pushes back on new penalties in settlement efficiency drive
Esma is asking for feedback on proposals that could see penalties for settlement fails increase by 25 times. But affected parties say adapting to the new system would be a technical upheaval and are calling for more structural reform.
Fixed income in 2023: Mergers, modernization, and mysteries, oh my!
Between tech revolutions, secret EMSs and electronified bonds, the fixed-income market saw major advancements over the last 12 months
Buy side unconvinced of corporate bond streaming benefits
Managers see limited utility of streamed prices in the once OTC-only asset class.
Waters Wrap: On EMSs, regulation, and (among others) BlackRock Aladdin
Regulators in the US and Europe have turned their sights on execution management system providers. Anthony examines some of the questions the industry is trying to answer.
What is Aladdin Trader? BlackRock’s fixed-income tool still a mystery
Sources tell WatersTechnology that Aladdin Trader will expand on the platform’s ‘limited’ execution functionality.
Better tech brings threat of two-speed trading in fixed income
Smaller asset managers may get left behind as automation allows the big players to prosper.
Interop tech buys time for buy-side fixed-income traders
A few buy-side traders and portfolio managers spearheading a drive for greater interoperability are reaping the rewards of increased workplace efficiency. Is interoperability the fixed-income panacea the buy side has been looking for?
Broadridge’s LTX looks to GenAI as it competes for market share
LTX has pinned its hopes of breaking into the fixed-income market on innovative use of AI. But how successful has its approach been, and what is it up against?
Waters Wrap: Reading the fixed-income tea leaves
A lot gets made about how much fixed income has been electronified. Anthony says that “percentage” ignores the important technological evolutions and strategic shifts being made by the vendor community.
Tradeweb turns attention to automating larger trades in credit
CEO: “In 2023, as we’re entering 2024, there are still clients that pick up the phone and do trades like it’s 1994.”
For MarketAxess, portfolio trading buoys flat revenue in Q3
The vendor is betting on new platforms like X-Pro and Adaptive Auto-X, which helped forge a record quarter for platform usage.
Quants look to language models to predict market impact
Oxford-Man Institute says LLM-type engine that ‘reads’ order-book messages could help improve execution
JP Morgan pulls plug on deep learning model for FX algos
The bank has turned to less complex models that are easier to explain to clients.
BlackRock forecasts return to fixed income amid efforts to electronify market
The world's largest asset manager expects bond markets to make headway once rates settle.
The consolidated tapes are taking shape—but what shape exactly?
With political appetite established on both sides of the Channel, attention is turning to the technical details.
Shining a light on fixed income
Traditionally, fixed income as an asset class has presented market participants with several challenges due to the over-the-counter (OTC) model by which the bulk of securities are traded. Observable market data, especially for infrequently or thinly…
ICE to offer ultra-low latency data between the US and Europe
The offering will run eastward, connecting routes in the US with European markets in London, Frankfurt, and Bergamo.
Integration looms large for buy-side firms deciding on whether to buy or build
As high-speed trading systems become par for the course, asset managers turn their focus to integration capabilities, according to a new study.
Locking down the lifecycle: Trading Technologies turns to analytics and TCA in latest acquisition
The tech provider gains TCA, analytics, and algo optimization tools as established vendors vie to build more comprehensive platforms.
Terminal velocity: MarketAxess bets on algo trading as electronification of fixed income gathers speed
MarketAxess hopes to bring fresh ideas from other asset classes with acquisition of multi-asset algorithm provider Pragma.
The loan market has a new identifier, but the path to adoption isn’t clear
The CEI aims to bring interoperability to loan trading, but it’s entering a market dominated by a long-standing incumbent.