Dealer-to-client
Record share of OTC trades eschews interdealer, CCP channels
More than one-fourth of global notional involves a single dealer and is not cleared, BIS data shows
Natixis turns on the taps in flow trading
French bank boosts flow business, balancing structured solutions capabilities
Foreign buyers jolt e-trading in Japan government bonds
Platforms report rise in small-ticket volumes, but bigger trades remain on voice
BMO Capital Markets gaining ground in US Treasuries
Canadian bank goes head-to-head with large US bulge brackets in D2C market
FX-style crypto platforms could bridge gap with TradFi
Emergence of execution-only ECNs, prime brokers and clearing houses brings new confidence in crypto
MTS and WeMatch combine to launch euro swap MTF
New venue to start as interdealer but will soon take on Tradeweb in the dealer-to-client market
Banks turn to analytics playbook to take on FX platforms
Dealers aim to lure clients from high-fee multi-dealer platforms with improved investment analytics
OTC trading platform of the year: TP Icap
Risk Awards 2022: Interdealer broker reinvents itself with Fusion platform and Liquidnet acquisition
Planned EU cross-border trading ban to hit most large markets
Most major jurisdictions currently provide either interdealer or client exemptions
OTC FX options market gears up for faster electronification
Share of electronic trading remains low but host of factors promise to change that for good
CanDeal ideal: could Canada make a sea-change in e-trading?
E-trading firm aims to capture all Canada’s electronic fixed income trade, requiring a culture shift
Optiver becomes first non-bank options market-maker on FXall
Dutch e-trading firm joins OTC FX options platform in a market taking electronic baby steps
US regulator casts doubt on key SA-CCR netting benefit
OCC rejects suggestion banks can net certain cleared client exposures; Fed stays silent
A guiding light for corporates lost in the fog of XVAs
Chris Kenyon proposes a framework for optimising XVAs – from the client perspective
The corporate bond revolution will be streamed
Dealers are piping feeds of live, executable prices direct to select clients
UBS unleashes Orca for rates clients
Machine learning algo trawls liquidity pools to slash US Treasury trading costs
High costs limiting CNY corporate swaps market
Isda AGM: Demand growing but high capital costs burdening banks
State Street top trading partner of Dodge & Cox Funds in 2018
Custody bank made up over 90% of all principal transactions
Clients feel forgotten by Giancarlo’s swaps trading plans
Industry says wider Sef mandate ignores reality of dealer-to-client market
Buy side using two-way prices in bid to hide trade intent
Number of trades done via ‘request-for-market’ protocol leaps 510% in past year
Hunt for toxic flow hits one of banking’s old problems
Wider use of mark-out tools helps banks spot ‘bad’ trades – and also stirs debate on pay