Trends in Fixed Income Trading 2019


Dissecting the Global Fixed Income E-trading Venue Landscape

This report explores the global fixed income e-trading trading venue landscape. Building on the findings of previous bonds e-trading venue reviews, this report significantly expands the scope of its research for this report – generating over 12,000 data points from over 125 venues – as the basis for its quantification of the ongoing shift in fixed income markets. Reviewing the venue data through a multitude of analytic lenses, the continued advancement of all-to-all (A2A) trading at the expense of the historic broker-dealer-centric trading model is evident across both single- and multi-tiered matching methodologies.

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GreySpark’s analysis of the fixed income e-trading landscape reviews offerings across:

  • the entirety of the global landscape;
  • venues offering specific fixed income products for trade; and
  • for venues based on their designation, whether regulatory or business-model based.

The results of this review indicate clear areas of convergence and diffusion due to regulatory efforts to formalise venues while maintaining global liquidity flows and trading facilities and are fully visualised in quantitative graphs. The upshot is a fixed income e-trading venue landscape that is increasingly driven by buyside liquidity, fomenting further transition to A2A markets by expanding data services and accommodating buyside trade requirements.

Published on: 25 Mar, 2019

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  • 1.0 The Global Fixed Income E-trading Landscape
    • 1.1 Venue Operators & Product Coverage
    • 1.2 Matching Methodologies
    • 1.3 Liquidity Providers
    • 1.4 Additional Services
  • 2.0 The Global Corporate & Sovereign Bonds E-trading Landscape
    • 2.1 Operators
    • 2.2 Matching Methodologies
    • 2.3 Liquidity Providers
    • 2.4 Additional Services
  • 3.0 The Role of Regulatory Designation in the Global Fixed Income E-trading Landscape
    • 3.1 Operators
    • 3.2 Matching Methodologies
    • 3.3 Liquidity Providers
    • 3.4 Additional Services
  • 4.0 Appendices
    • 4.1 Glossary of Terms
    • 4.2 Table of Figures

Report Data & Figures

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