BrokerTec
BrokerTec Chicago goes live, targeting RV traders
New venue aims to wrestle cash leg of Treasury-futures basis trades from streaming venues
Clobbered: how ‘toxic’ flows reshaped US Treasury trading
Volumes have dropped by more than a third at BrokerTec. The reasons are complex, the outlook uncertain
All-to-all no panacea for Treasury liquidity
Traders fear push for equity-style market could be detrimental to off-the-run securities
Treasury traders remain wary about adopting algos
Yet proponents insist US government bond market is ‘ready for disruption’
Duffie: SEC plan heralds all-to-all Treasuries trading
Former Fed adviser welcomes long-advocated Treasuries clearing mandate
Page 19901: the benchmark that time forgot
CFTC probe into swap price rigging revives the ghosts of Libor manipulation
People moves: CRO role for SG’s Ricke, Barclays continues hiring spree, new SwapClear head, and more
Latest job changes across the industry
UBS unleashes Orca for rates clients
Machine learning algo trawls liquidity pools to slash US Treasury trading costs
BrokerTec outage serves as ‘systemic risk’ wake-up call
January 11 shutdown of dominant US Treasury market platform worries participants
Jump: inside the secretive e-trading giant
Execs at the Chicago prop firm wish the whole world was a Clob, but as bilateral volumes rise, they’ve decided to go with the flow
Brexit OTC mutation, chaperones and SA-CCR
The week on Risk.net, October 6–12, 2018
Direct streaming gains foothold in US Treasuries market
Cost savings drive dealers away from Clob model into alternative venues
New DTCC fee structure could lure non-bank traders
US regulator approves proposal targeted at government securities business
DTCC set to cut US Treasury clearing fees
Revised fee structure could prompt more firms to participate in clearing
Size-discovery protocols are not on the efficient frontier
Practice improves allocations but more can be done, says Darrell Duffie
BrokerTec dominance ‘unhealthy’, says Nasdaq’s Shay
More clearing needed to improve US Treasury competition
Non-banks eye EGBs as primary dealers retreat
Primary dealers warn of further exits as principal trading firms wait in the wings
HFT firm Teza said to be eyeing prop trading retreat
Big US Treasury trader has seen hedge fund add $1.5bn this year