We recently gathered input from 16 corporate-bond liquidity providers, examining their views on liquidity, where they see opportunities for innovation and the market’s next step forward. Their key areas of planned investment—direct connectivity to...

The buy side sees the U.S. Treasury market as largely transparent. That’s a good thing. However, less than half of that same group told us they regularly perform transaction cost analysis (TCA). That suggests one of two things: Either the buy side...

With exchange-traded markets around the world already up and over the technology adoption curve, over-the-counter markets, including those for U.S. corporate bonds, securitized products and loans, have come into focus as markets that have only just...

I wouldn’t call myself a crypto skeptic. I fully appreciate the opportunities presented by distributed ledgers, smart contracts, Ethereum, and even some cryptocurrencies. Further, creating new infrastructures that allow institutions to trade...

“This is a big year for uncleared margin,” a poignant statement from ISDA CEO Scott O’Malia in his recent conversation with Coalition Greenwich. The next phases—5 and 6—to be implemented on September 1, 2021 and September 1, 2022 respectively, will...

Competition among fixed-income trading platforms is increasingly fierce. Despite an already impressive run-up in electronic trading levels, expectations for growth in this segment are so high that an arms race is underway among those trying to take...

One of the most interesting questions we ask our participants in the annual Market Structure and Trading Technology study is which technologies have the most potential to be truly impactful on the trading desk. In other words, where does the hype (...

2020 has been an incredible year for financial markets and for those that analyze them. The year has been littered with spectacular events, many of which were completely unprecedented. Some events reversed long-standing trends, while others...

Two factors—integrating workflows and an expanding product base—hold the key to growth of innovative trading protocols such as streaming and broader use of electronic trading in the U.S. Treasury market. That was the refrain among leading market...

Trading volumes in U.S. Treasury (UST) markets hit records in March. For the week ending March 6, the average daily volume (including coupons and bills, but not TIPS) was $1.025 trillion per day ($997 per day for only coupons) — a record. On March 9...