Market making
Drax, Brevan and the rise of the agency broker
JB Drax has become a key broker for at least 15 buy-side firms, including Brevan Howard. But what is driving the success of the secretive agency broker and its peers?
A threat to the Ion throne?
Banks need connections to e-trading venues; they don’t want the other services that come with them
Currencies flow market-maker of the year: Citadel Securities
Risk Awards 2019: Credit innovation opens up market-making to previously out-of-reach customers
Equities flow market-maker of the year: Citadel Securities
Risk Awards 2019: Risk management overhaul helps market-maker navigate February 5 volatility
Off-the-run barriers frustrate Jump Trading
Chicago prop firm has been unable to break into the market for off-the-run Treasuries
Banks scan chat and web for trading intel
Market-makers seek new signals on volatility and direction via natural language processing
Benefits and risks of central clearing in the repurchase agreement market
In this paper, the authors quantify the potential direct economic benefits to market participants and increased risks to CCPs of moving bilateral repo transactions between US dealers and their nondealer clients to CCPs.
Mifid drives ETF trading on to platforms
Best execution rules push Tradeweb ETF volumes up 32%, but smart order routers may alter trend
State Street uncovers a bond liquidity mystery
Bigger trades are cheaper, research finds – and investor analytics head, Mark McKeon, knows why
EU prop firm capital crunch could hit market liquidity
Traders claim they would be put out of business by bank-style capital rules
US lawmakers divided over Volcker rule’s impact on bond liquidity
Both sides cite Fed data to support their interpretations of prop trading ban
Don’t keep up with the Kardashians
Dealers may have gifted the buy side an information edge
Pricing in the dark: how dealers lost their information edge
Asset managers may have an information advantage over dealers in bond pricing
SEC’s White ‘deeply concerned’ about bond market illiquidity
Agency to publish report on regulation and market liquidity in May 2017
Mifid II impact on energy liquidity sparks fiery debate
Regulators and industry clash over interpretation of Mifid II market-making rules at industry event
US-European rift deepens on leverage ratio
FDIC rebuffs European calls to allow netting of client clearing margin in leverage exposure measure
Floor trader confusion holding back new swap market-makers
Non-banks fear rules restrict non-cleared swap trading
Barclays opens up forex desks to last-look lawsuit
Agreement will help investors pursue other market-makers
Part fills add to liquidity woes and sharp price moves
Not trading in full amounts makes market-making harder and more expensive for clients, say market participants
Interview: Zar Amrolia on liquidity provision
Former co-head of Ficc at Deutsche Bank believes non-banks will become essential source of liquidity for banks
Nasdaq energy futures face liquidity challenge
Traders say new exchange may struggle to compete with CME and Ice
Buy-side firms reject market-making role
Client mandates and compliance mean dealers cannot be replaced like-for-like
Energy traders mine Dodd-Frank data for market insight
SDR data feeds offer window into OTC commodity derivatives market
BIS says central banks should prepare for market-making in crises
Central banks could consider direct interventions in critical markets