In June, the United States added significant social upheaval to a year that had already seen major economic change marked by extraordinary federal intervention.
U.S. Treasury markets spent most of June in an eerie calm as volumes, electronic trading, volatility, and derivatives activity all dropped back down to or below long-term averages.
Global markets liquidity came under extreme pressure in late February and early March as fear and uncertainty gripped the world. Market infrastructure, meanwhile, held up remarkably well. The swaps market, however, was not immune to liquidity...
U.S. Treasury market volumes stabilized in May and are effectively back within normal range. May’s average daily volume (ADV) of $610 billion is only 7% above the full year average for 2019 and only 10% higher than the same month last year.
The COVID-19 panic affected corporate credit markets more directly than any other aspect of the financial system. Credit markets were the center of the storm.
Corporate bond market structure has shown its resilience in 2020 like never before. Even in the most volatile days, before the Federal Reserve stepped in and the migration to working from home was just beginning, volumes surged, the largest trading...
Buy-side fixed-income trading desks have faced mounting demands on their time: the explosion of issuance, alongside greater transaction/trade reporting obligations, and increasingly rigorous internal audit requirements. However, they pale in...
One person's struggle is another's opportunity - weaving the fixed income market into something that feels like a single interface remains challenging but is increasingly obtainable.
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