New financial regulations will transform e-trading of bonds and CDS

While e-trading for cash bonds has rebounded over the past year, with new interest from traditionally less active clients such as wealth managers, the CDS market is about to undergo a sea change in e-trading as new laws in US and Europe force a wholesale migration to central clearing and exchanges.

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For operators of electronic trading platforms, whether single-dealer, inter-dealer or broker-to-client, the past year has seen a resurgence in cash bond trading after the Lehman-induced dip of late 2008 and early 2009. In fact, the signals are that volumes in 2010 could better previous records.

“There has been a comeback in terms of volumes executed electronically. Volumes are higher than they were in 2007, which was a peak year for electronic trading,” says Emanuele Caloia, head of fixed income

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