The largest proprietary trading firm in the US Treasury market has claimed it is unable to participate in the lucrative market for off-the-run bonds.
“It’s very frustrating for us, it really is,” said Mark Bruce, head of fixed income, currencies and commodities at Jump Trading. “That is an incredibly inefficient market that we simply cannot get access to.”
Off-the-runs are mostly traded on the phone or on electronic request-for-quote platforms, such as Bloomberg and Tradeweb. Bruce cited the