Bonds
It takes two: bilateral price streaming takes hold in govvies
Large dealers offer direct API access to government bonds as alternative to request-for-quote trading
The ‘get-out-of-debt’ card that may worry bond investors
A new paper analyses the controversial tool that governments may be forced to deploy to control borrowing costs
Some European banks still failing net interest income test
Swedbank joins seven other outliers after it updates methodology assumptions
The investors who aren’t fretting over Trump’s stat sulk
Some see dismissal of statistics agency chief as an assault on US institutional integrity; for others it offers a chance to throw off outdated methods
JPM piles into Treasuries with record $72bn AFS surge
Portfolio reshaped with shift to medium-term maturities as Q2 glut boosts holdings to all-time high
ICE’s approach to pricing global fixed income assets
Accurate and transparent bond pricing is critical for managing risk, meeting regulatory requirements and making informed investment decisions
Fed’s new leverage ratio: the horse that never left the gate
Most of the biggest dealers aren’t leverage constrained now, and experts are sceptical that banks will use the extra capacity for Treasuries
Altice CDS auction may debut lock-up tweak
Separate industry proposal would make permanent a cash settlement fallback
Market shocks push IRC to records at EU banks
Component for default and migration risk hits new highs at several dealers
Platforms expand portfolio trading to EGBs
Bloomberg and MTS to follow Tradeweb with extension of popular credit protocol
Non-cash collateral jump spurs tri-party VM expansion
BNY, Euroclear and JPM extend collateral platforms to variation margin as bonds and equities gain traction
Podcast: Villani and Musaelian on a quantum boost for machine learning
Classical methods struggle with highly dimensional problems. Quantum cognition takes a different approach, as hedge fund duo explain
Isda moves to fix outdated CDS obligations list
Updated process would allow for mass updates, reserving legal review for most complex challenges
Supervised similarity for high-yield bonds
Quantum cognition ML is used to identify tradable alternatives for high-yield corporate bonds
How BrokerTec, MarketAxess fared during Treasury rout
Electronic bond trading platforms see spike in volumes and small growth in market share, Risk.net analysis shows
Dodging a steamroller: how the basis trade survived the tariff tantrum
Higher margins, rising yields and stable repo funding helped avert another disruptive blow-up
Deutsche’s Americas CRO on risk-taking in choppy markets
Risk Live Boston: Risk managers must stay alive to sudden market moves, but volatility can also bring opportunity, says Jonathan Hummel
Trump tariffs turn swap spreads into ‘pain trade’
Hedge funds bet big on Treasuries to outperform swaps. The opposite happened.
The case for believing in a Bessent put
Money market funds could prove critical in efforts to control 10-year yields
Euronext plots bond futures foray
Exchange group plans to launch mini futures on European sovereign bonds, aimed at retail investors
For US Treasury algos, dealers get with the program
Four banks now offer execution algos on Bloomberg, with plans to go further, faster
EU debt wave raises dealer capacity concerns
Ongoing QT and upcoming defence spending piles pressure on bank balance sheet supply, say dealers
ALM desks await rebound after euro swap spread hit
Bank treasury desks still feeling pain on bond and asset swap positions that saw big losses last year
High CNH rates curb appetite for Hong Kong’s new repo scheme
Dealers remain hopeful initiative is a prelude to full onshore repo market access