TradingScreen, Long-Only AMs Launch Corporates Crossing Network

Trading venue is the latest to join bonds fray.

philippe-buhannic-tradingscreen
Philippe Buhannic, TradingScreen.

TradingScreen and 15 of Europe's largest long-only asset managers have partnered on TradeCross, a buy side-designed crossing platform for fixed income corporate bonds.

TradeCross will enable participants to discover and unlock hidden liquidity from buy-side inventories, along with other new sources of liquidity to complement the traditional trading approach for credit products.

The new platform covers all segments of the credit market—investment grade, emerging markets and high yield—and offers buy-side traders the ability to anonymously trade blocks while respecting their sell-side relationships and STP processes.

40 More Set to Join

The software is currently being deployed or already installed at several early-adopter firms.

Among the initial group of asset managers involved are Nordea Asset Management, the Netherlands' PGGM, and Nataxis. An additional 40 asset managers have pledged their commitment to participate in Phase II, which will begin shortly after the launch. 

The credit market has faced more challenges in the past five years than at any other time, with a very high growth of new issuance and a drastic reduction of the intermediation capital committed to liquidity. Today, new tools are necessary for the buy-side trader in order to address this harsh rebuild of the market, and TradingScreen’s innovative record positions us well to resolve these challenges for banks, buy sides, and exchanges alike.

“The TradeCross initiative is unique as it is built with scalability and the needs of the buy side in mind,” says Brett Chappell, head of fixed income trading at Nordea Investment Management. “We hope that this easy-to-use and integrated platform, focusing on the needs of the asset management community, will allow it to become a main driver in setting the standard for fixed income trading in the future.”

PGGM’s head of trading, Patrick Fleur, adds that the Dutch firm expects immediate advantages as an early adopter.

“PGGM believes TradeCross represents a step toward a more transparent and efficient market with better liquidity, leading to lower costs for our clients," he says. "It should, therefore, contribute to a more sustainable financial system since it is no longer using the increasingly scarce balance sheet of investment banks. This is beneficial to our clients along with pension fund participants.’’

Rebuild Under Way

Philippe Buhannic, CEO of TradingScreen, says the collective effort on TradeCross has highlighted the priority buy-side firms see in reshaping the corporates market to reflect its shifting liquidity.

“The credit market has faced more challenges in the past five years than at any other time, with a very high growth of new issuance and a drastic reduction of the intermediation capital committed to liquidity. Today, new tools are necessary for the buy-side trader in order to address this harsh rebuild of the market, and TradingScreen’s innovative record positions us well to resolve these challenges for banks, buy sides, and exchanges alike."

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