Trends in Fixed Income Trading 2020

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Dissecting the Global Fixed Income E-trading Landscape

This report, the eighth annual report in an on-going series, explores change in the structure of the global fixed income market from an e-trading perspective witnessed since 2013, spanning bonds, rates, swaps and applicable structured products. Where once the historical business models of market participants were characterised by voice / manual or e-manual sales-trader processes and workflows, in 2020 digitalisation and electronification in response to new regulations are exposing the frailties of those once opaque methods while also incentivising growth in innovative approaches to transaction execution and business model design.

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This report examines these changes by exploring the approaches to trade lifecycle management that are now commonly and uncommonly utilised by sellside broker-dealer institutions, non-bank brokerage venue operators, electronic brokerage venue operators and exchange platform operators to cater to the liquidity access needs of buyside firms and non-bank price / market-makers.

These changes are primarily driven by the proliferation of new, fixed income-specific order management and execution management technology, and by new bank and non-bank brokerage venue and exchange platform offerings and matching methodologies, which GreySpark believes – in 2020 – are increasingly leading to a democratisation of access to bonds and swaps liquidity data on a pre-trade and post-trade basis in manners not previously witnessed.

These developments – and the opportunities they create for both buyside firms and sellside investment banks to productively collaborate on price-making and order execution – will continue to accelerate an on-going transition away from voice and dealer-to-client market structure and toward a flatter, more multi-polar landscape.

By expanding the scope of this research in 2020, this report paints a more global picture of the fixed income market’s structural evolution, and it draws on comparisons between developed markets bonds and swaps trading technologies and their emerging markets counterparts.

Published on: 14 Dec, 2020
  • 1.0 The Global Multilateral Fixed Income E-trading Brokerage Venue & Platform Landscape
    • 1.1 Multilateral Fixed Income E-trading Brokerage Venue & Platform Operators and Product Coverage
    • 1.2 Multilateral Fixed Income E-trading Brokerage Venue & Platform Matching Methodologies
    • 1.3 Multilateral Fixed Income E-trading Brokerage Venue & Platform Liquidity Providers
    • 1.4 Multilateral Fixed Income E-trading Brokerage Venue & Platform Additional Services
  • 2.0 The Global Corporate & Sovereign Bonds Multilateral Brokerage Venue & Platform E-trading Landscape
    • 2.1 Corporate & Government Bonds Multilateral Brokerage Venue and Platform Operators
    • 2.2 Corporate & Government Bonds Multilateral Brokerage Venue and Platform Matching Methodologies
    • 2.3 Corporate & Government Bonds Multilateral Brokerage Venue and Platform Liquidity Providers
    • 2.4 Corporate & Government Bonds Multilateral Brokerage Venue and Platform Additional Services
  • 3.0 Consolidation & Expansion in the Global Multilateral Fixed Income Brokerage Venue and Platform Landscape
    • 3.1 Bringing it All Together
  • 4.0 Notable Migrations at the Margin
    • 4.1 The Growth of Portfolio Trading
    • 4.2 Bundling Swaps
    • 4.3 Putting the ‘E’ into Dealer-to-Client Repo Trading
  • 5.0 Appendices
    • 5.1 Methodology
    • 5.2 Glossary of Terms
    • 5.3 Table of Figures

Report Data & Figures

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