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The Rise of the Buy-Side as a Price Maker

Is the buy-side becoming an active price maker?  With the buy-side holding more and more fixed income securities, they are now positioned to help improve market liquidity and increase secondary turnover. However, just holding the assets is not enough – the buy-side need the appropriate technology, reach and skillset to move into a world of price formation and liquidity provision.  Gareth Coltman, Head of European Product Management at MarketAxess, explains how the buy-side is adapting to evolving fixed income market structure.

MarketAxess is a global leader for fixed income electronic trading, connecting a network of over 1,000 institutional investor and broker-dealer firms.  Founded in 2000, MarketAxess was launched at a time of significant technological innovation, a legacy the firm has continued. With the development of its all-to-all Open Trading™ functionality, MarketAxess is helping to shape the future of the credit markets. Open Trading allows participants to trade Eurobonds, emerging market, US high-grade and high-yield bonds with all other participants on the platform. 

Fixed Income Leaders Summit 2015 - The Highlights

The Meeting Place for European Leaders in Fixed Income Trading

The Fixed Income Leaders Summit returned in 2015 with a bang, delivering on its promise to provide a market leading buy side focused event.

With 407 attendees, and nearly half of those representing leading asset managers, hedge funds and currency managers, it truly represented the largest buy side gathering of senior fixed income decision makers in Europe.

Trends in Fixed Income - US vs Europe

With a variety of regulatory changes shaking up both the US and European fixed income market, the industry is seeking methods and knowledge on how best to ensure these regulations have a limited impact on their business and which new technologies to invest in and platforms to partner with.

Compare now the Top Trends in US with the Top Trends in Europe...

Fixed Income and Electronic Trading

In the Equities or Foreign Exchange (“FX”) markets, evaluating a potential trade does not require much calculation, and so the pure speed of moving data from one application to another has been one of the prime limiting factors on winning those trades. But the world of Fixed Income is different.

Find out how the upward trend of Electronic Trading is effecting the Fixed Income industry and what impact it could have on your firm.

US Top Trends in Fixed Income

With a variety of regulatory changes shaking up the US fixed income market, the industry is seeking methods and knowledge on how best to ensure these regulations have a limited impact on their business and which new technologies to invest in and platforms to partner with.

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Gianluca Minieri Interview

Gianluca Minieri, Head of Global Trading at Pioneer Investment Management talks to us about his biggest challenges for 2015.



Nathalie Masset, Euronext Interview

Nathalie Masset, Head of European Debt Markets at Euronext talks to us about how she thinks the Fixed Income market will evolve in 2015.

Synergies between Equity and Fixed Income

A 360 degree perspective on Synergies between Equity and Fixed Income - Transparency Synergies and what is transferable to Fixed Income.

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Fixed Income Professionals Reveal Top Challenges

This first inaugural Fixed Income Benchmarking Survey (conducted with over 90 fixed income professionals) revealed that the biggest buy side headache is sourcing liquidity.

Switching Channels: Q&A with Lee Sanders

Switching channels: Q&A with Lee Sanders, AXA Investment Managers

Case to Attend

You know that attending this event will immediately make a positive difference to your job. But convincing your boss of that is a different matter! Here are some tips to convince your boss that the cutting-edge information and networking will power your business forward and is well worth the investment.


The Connection Conundrum

The Connection Conundrum - The key challenges faced when choosing which platforms are best to connect with, for fixed income trading.

ROUNDTABLE - Searching for liquidity in a shrinking pool

At a time when electronic connectivity of the bond market is still a ‘work-in-progress’, how should buy-side traders combine current relationships and new initiatives to ensure access to liquidity?

Pendulum Swing Risks Paradigm Shift

Pendulum Swing Risks Paradigm Shift - Do capital constraints in fixed income markets demand a return to an agency approach by banks or is a more fundamental shift in market dynamics on the cards?

Leave no stone unturned

Regulation used to be something that banks worried about, rather than their clients. But the efforts of regulators to squeeze risk out of the banking sector have inevitably increased risk elsewhere in the financial system. Clearing houses, for example, are now required to take on the counterparty risks previously held by banks in the OTC derivatives markets, with significant implications for the default management arrangements. Similarly, higher capital charges under Basel III effectively reduce the risks stemming from banks’ market making activities in the bond markets, helping to lower the probability of future tax payer bail-outs. But if the banks will no longer warehouse risk for their asset management clients, the buy-side faces a substantially increased risk of holding high quantities of worthless, illiquid paper in the event of sharp price correction.

New EU Legislation Casts Uncertainty Over Fixed Income Liquidity

New EU Legislation Casts Uncertainty Over Fixed Income Liquidity -Fixed income market participants are unsure whether new EU legislation will improve or harm liquidity, a recent survey has found Many are doubtful about the potential positive impact of MiFID II.

Data: the sell-side’s greatest asset

Basel III is already draining banks’ and brokers’ capacity for market making, while MiFID II could further constrain liquidity provision. Is technology the key to the future of buy- and sell-side relationships in the bond markets?

US bond dark pool promises to bring new liquidity to the buy-side

US bond dark pool promises to bring new liquidity to the buy-side - Fixed income is facing a liquidity crisis as banks arereducing market making activity in the asset class. Could a new US-based darkpool for bonds be the answer to the market’s problems?


ROUNDTABLE DEBATE: How does emerging market debt as a portfolio diversifier compare against alternative assets

This article was taken from the ‘Investing in Emerging Market Currencies & Debt, Europe 2015’ industry report produced by Clear Path Analysis, including the views of 10 pension plans and consultant groups.

This article is produced by Clear Path Analysis, 2015.

DOES ZERO INFLATION MAKE IT A GOOD TIME TO HEDGE?

This article was taken from the ‘De-Risking Investment Strategies, Europe’ industry report produced by Clear Path Analysis, including the views of 10 pension plans and consultant groups.

This article is produced by Clear Path Analysis, 2015.

Nick Cox: Engaging a moving target

What are your strategic priorities in the role, one year in?

My strategic priorities are around developing our platform. We want to make connectivity across it more sophisticated than people sending emails and Bloomberg messages. Mike Urciuoli joined J.P. Morgan Asset Management as chief technology officer a little before I joined, and we are looking at how we take a platform that has been focussed on ‘buy’ rather than ‘build’, and instead take the optimal approach in order to make things more fit-for-purpose and more scaleable.

This article was first published in The Desk, Summer 2015

Making The Team

Nicholas Greenland is managing director for APAC and EMEA, head of broker/dealer relationships for BNY Mellon Investment Management based in London. In his role he represents the trading desks for the 12 boutique asset managers that are part of BNY Mellon Investment Management, which have a total of US$1.7 trillion assets under management. Nick joined BNY Mellon in December 2013.

The greatest concentration of risk

Gianluca Minieri has been the global head of trading at Pioneer Investments since 2011, driving reform across trading operations, including the creation of dedicated fixed income trading roles where portfolio managers once dealt with brokers directly. Now the firm is in the process of expanding its traders’ roles to work across assets, taking advantage where markets carry similarities.

This article was first published in The Desk, Spring 2015

Conference Report – Why Sponsor Now For 2016?

The Fixed Income Leaders Summit launched in the US with a bang! With 262 attendees, and nearly half of those representing leading asset managers, hedge funds and pension funds, it represented the largest buy side gathering of senior fixed income decision makers.

Beyond Equities Interview with Chris Rice

Beyond Equities: Evolution Of Technology And Concepts Into Fixed Income And Currencies - an interview with Chris Rice, Senior Managing Director of State Street Global Advisors, and Global Head of Trading.

(This article was first published in GlobalTrading 2014Issue 51)

The Highlights of Fixed Income Leaders Summit US

The Fixed Income Leaders Summit launched in the US with a bang! With 262 attendees, and half of those representing leading asset managers, hedge funds and pension funds, it truly represented the largest buy side gathering of senior fixed income decision makers.

Bloomberg: Evolution of the OTC Swaps Market

Bloomberg: Evolution of the OTC Swaps Market - Bis Chatterjee, Head of Credit Trading at Citigroup, and Nathan Jenner, COO, Fixed Income E-Trading at Bloomberg, took a closer look at the many changes taking place in the OTC swaps industry, such as mandatory clearing.