CDS trading remains stubbornly human

Buy-sider traders remain skeptical of the benefits of algo execution for credit derivatives.

The adage ‘build it and they will come’ wouldn’t seem to apply to the credit derivatives market.

Automated trading and execution of credit default swaps, both single-name and more widely traded indexes, is a rarity among buy-side firms. Yet experts point out that the ingredients for greater automation exist: the contracts are standardized, liquid, and can be traded on electronic platforms.

It’s a jarring contrast with the corporate bond market, where electronic trading and algorithmic

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Systematic tools gain favor in fixed income

Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.

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