Each of these fixed income TCA solutions showcases attempts by the fixed income exchange, market data and trading venue community to develop competitive post-trade offerings at a pivotal moment for the future development of bonds e-trading. Specifically, the EU’s Markets in Financial Instruments Directive (MiFID II) is poised to create new standards beginning in 2018 for bonds market trade and transaction reporting transparency that will affect both buyside and sellside market participants in a variety of different ways. Additionally, MiFID II’s mandates are set to create new levels of publicly-available bonds post-trade data, which many broker-dealers, investors and technology vendors believe could one day allow them to better model their orders on a pre-trade basis.
