OpenDoor has launched the first all-to-all continuous order book for off-the-run Treasuries (OFTRs) and Treasury Inflation-Protected Securities (TIPS). State Street will execute transactions matched on the platform as a riskless principal intermediary to Participants and Clearing Dealers.
Greenwich Associates has released its 2019 Leaders in European Fixed Income report. J.P. Morgan tops the list based on market share. Citi is second, followed by Barclays and Goldman Sachs. Fifth place is shared by HSBC, BNP Paribas and BofA Securities.
AxeTrading’s clients will now be able to access UBS Bond Port, which has the equivalent of USD 30 billion of daily liquidity in credit, rates and emerging market bonds. They can choose to distribute prices to other participants of the Bond Port network on an anonymous basis and access firm liquidity in over 40,000 ISINs across 19 currencies.
ING’s advanced analytics tool for Fixed Income is to become London-based Katana Labs. ING Ventures will provide a £1.5 million scale-up loan as part of a £3 million funding round, and sell its majority stake in Katana to third-party investors.
Intercontinental Exchange has added new functionality to ICE ETF Hub, supporting US-listed fixed income exchange traded funds (ETFs). Since launching last week, fixed income primary trades for 17 funds have passed through the system - including iShares Core U.S. Aggregate Bond ETF (AGG) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD).
As a major step forward for DLT in Capital Markets, Deutsche Börse and HQLAX have successfully launched their DLT solution for collateral swaps in the securities lending market. The first live transactions were executed by Commerzbank, Credit Suisse and UBS on the Eurex Repo F7-trading system.
A guest post from Nikolay Zvezdin explains a new product model, the Tranched Value Security.
The Fixed Income and Derivatives market is in the midst of fundamental change, as trading migrates away from the phone and onto electronic venues. This move to e-trading has been triggered by the need to capture accurate data and report it to the regulators, combined with the need for liquidity, and the ongoing demand for efficiency gains in the middle- and back-office.
Driven by regulation and a need to demonstrate best execution, Fixed Income trading continues to evolve, becoming increasingly electronic. Whilst this benefits the market in terms of increased access and market transparency, it has also resulted in the industry-wide problem of fragmentation.