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Pricing fixed-income securities: Light at the end of the tunnel?
The panel
Mark Seenath, Director, OTC product management, FactSet
Matt Murphy, Credit trader, T Rowe Price
Raphael Stern, Global head of fixed income portfolio management, ETF and indexed strategies, Invesco
Chris White, Founder and CEO, BondCliQ
Moderator: Victor Anderson, Global content director, WatersTechnology
One of the challenges facing fixed-income market participants centers on how they price bonds and other fixed-income securities they are looking to trade. This is a perennial pain point for firms, given that the vast majority of US government, municipal and corporate bonds are traded over the counter, leading to fragmented liquidity and often sporadic trading cycles. As a result, firms lack timely, accurate and observable prices, instead relying on dealer quotes and stale pricing data that can obscure true market levels.
These needs are being addressed through cross-venue aggregation of evaluated prices, dealer quotes and reference data (such as the FactSet–BondCliQ partnership). Enhanced analytics tools and normalized datasets further enhance price discovery and benchmark validation.
Key webinar discussion points:
- The specific challenges facing fixed-income market participants when it comes to obtaining reliable, accurate and transparent pre-trade pricing information for large numbers of fixed-income securities
- The benefits accruing to market participants leveraging the FactSet-BondCliQ partnership
- The ongoing structural shift toward the electronification and automation of global fixed-income markets
- How the post-trade consolidated tape across European and UK bond markets, to be implemented in the next 12–18 months, will provide market participants with post-trade insight not previously available
- New opportunities through the use of blockchain and other distributed-ledger technologies across global bond markets.
The first on-chain US Treasury transaction took place during 2025, paving the way for the technology to revolutionise markets through instant execution and settlement.
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