FROM THE ARCHIVES

What EM trade sizes tell us about market evolution

What EM trade sizes tell us about market evolution

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While issuance of emerging markets bonds beat the same period in 2023 by a third, secondary trading is far more choppy, with a stepped...
Meet the new market makers

Meet the new market makers

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The DESK profiles six of the major electronic liquidity providers. Non-traditional market makers were seen to offer liquidity when many dealers pulled back in 2020....
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ESMA corrects SI bond ranking to place BNP Paribas as second in Europe

ESMA corrects SI bond ranking to place BNP Paribas as second in Europe

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The European Securities and Markets Authority (ESMA) has republished its ESMA Annual Statistical Report, now stating that the largest systematic internalisers (SIs) for bond...
Lothian joins SMBC Nikko Securities America; BNP Paribas poaches Guglieri

Lothian joins SMBC Nikko Securities America; BNP Paribas poaches Guglieri

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Andrew Lothian, a veteran of the credit trading markets, has joined SMBC Nikko Securities America’s credit trading desk. Lothian, whose career as a trader...
Jefferies picks Propellant for FI data analytics

Jefferies picks Propellant for FI data analytics

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Jefferies has selected Propellant Digital to provide data solutions for fixed income markets. Propellant combines public and proprietary trading data to financial institutions, aiming to...
Clearstream consortium seeks to resolve historic Reg S and Rule 144A bond inefficiencies

Clearstream consortium seeks to resolve historic Reg S and Rule 144A bond inefficiencies

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In October, the international central securities depositary (ICSD), Clearstream, has its seventh meeting of its business consortium to reduce operational risks and time delays...
Deciphering the Size of the Portfolio Trading Market: Ted Husveth

Deciphering the Size of the Portfolio Trading Market: Ted Husveth

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Ted Husveth, Managing Director, Credit Product Manager, Tradeweb. In our last blog post, we examined what a typical portfolio trade on our platform looks like...
AXA IM confirms it is offering outsourced trading

AXA IM confirms it is offering outsourced trading

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AXA Investment Managers has confirmed it has begun to offer outsourced trading to smaller firms. “Due to the squeezing of margins and the need for...
The Tenth Annual Trading Intentions Survey

The Tenth Annual Trading Intentions Survey

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Key parts of bond market electronification are still up for contention, with stiff competition across pre-trade, primary and secondary market services. In 2024 The DESK...
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Trading: Regulatory overreach onto the trading desk

Trading: Regulatory overreach onto the trading desk

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  Complaints about regulators expanding rules for equity markets into fixed income are rising on both sides of the Atlantic. The Securities and Exchange Commission (SEC)...
Bitcoin, blockchain and the DLT chimera

Bitcoin, blockchain and the DLT chimera

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The uncertain promises of distributed ledger technology for financial markets. By Ferdinando Ametrano, Banca IMI (Intesa Sanpaolo). Distributed ledger technology (DLT) is at a very...
DCM deals substantially up year-on-year

DCM deals substantially up year-on-year

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Total deal size volume for debt capital markets, year-to-date is up 32% on 2023, according to data from Dealogic. The trend in regional deals has...