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.

Credit: montage

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Waterstechnology? View our subscription options

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here