Liquidnet sees electronic future for gray bond trading
TP Icap’s gray market bond trading unit has more than doubled transactions in the first quarter of 2024.
TP Icap’s Liquidnet is electronifying one of the last bastions of voice trading in European fixed income: the gray market.
Trading ‘in the gray’ refers to the act of buying or selling a bond before it has been formally issued. Portfolio managers have long traded bonds among themselves in the days after an offering has been announced, but before the securities have been issued.
The gray market can help investors manage both an over- or under-allocation from the banks bookrunning a bond offering. It
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