For the corporate bond market, the last decade was about the growth of electronic trading. The buy side wants the next to be about automation. In December 2024 and January 2025, we asked 67 buy-side corporate bond traders in the United States and...

As costs related to compliance rise and budgets compress across the financial services industry, technology end users are demanding more use cases for applications. In the case of digital communications, end users have traditionally sent...

About a fifth of U.S. market-structure-savvy, sell-side electronic equities professionals think the transition to T+1 will come with a large disruption with many or severe issues. Only 9% are optimistic and expect a smooth rollout. This, according...

Two decades ago, exchanges and electronic trading venues were seen as offering two things—a marketplace for buyers and sellers to interact and market data reflecting the results of those interactions. Today’s global fixed-income trading venues offer...

Corporate bond investors are well taken care of. Markets are more transparent, electronic and generally more accessible than they’ve ever been. The path to this point certainly wasn’t smooth. In the early 2000s, TRACE reporting, MarketAxess and...

Repo and U.S. Treasury clearing will increase in 2026. The SEC finally put forth, voted on and passed a final rule laying out their long-expected approach to mandatory clearing for this systemically important market after years of industry...

The role of environmental, social, and governance (ESG) factors in investment decision-making has generated both positive and negative publicity. Fixed-income portfolio managers have indicated that ESG is a factor in their investment decision-making...

On May 28, 2024, U.S. equity trades will settle next day. While this might evoke a sense of déjà vu, it is different this time. Really. In 1995, U.S. securities settlement shortened from T+5 to T+3. Soon after, advocacy groups and management...

What started as panic selling from the Fed’s extreme tightening in Q1 2022 turned into excited buying by retail investors in Q4, with tax-loss harvesting and tax-free (and low-risk) yields nearing 5% offering what many saw as the chance of a...

A recently published Coalition Greenwich research study found that trading in credit-focused ETFs has grown notably relative to the underlying corporate bond market (what we’re calling the ETF-to-cash ratio). In notional terms, the volume traded in...