The days of corporate bond portfolio trading estimates are coming to an end. FINRA has proposed and the SEC has approved a new rule (proposed FINRA Rule 6730(d)(4)(H)) that will require corporate bonds traded via a portfolio trade be reported to...

Shane Swanson and David Easthope discuss the recent SEC proposal to update the definition of “exchange” and the potential implications for technology firms, particularly those trading crypto, digital assets, and others in the DeFi ecosystem. The...

At the January 26, 2022, SEC Open Meeting, the Commission voted 3 to 1 to: Propose amendments to Exchange Act Rule 3b-16 (the definition of “Exchange”); Re-propose a modified Regulation ATS for ATSs that Trade U.S. Government Securities (...

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 (...