We examine the evolution of the fixed-income market, the products, platforms, the role of dealers, institutional investors, and emerging liquidity providers, and the impacts of new and expected regulation.
Our independent third-party analyses form the basis for senior sell-side management to benchmark their client businesses, identify revenue opportunities, assess service quality, and optimize allocation of resources.
The new year started off at full speed, with the market drivers of 2020—politics, monetary policy, fiscal policy, and the COVID-19 vaccine—continuing to move markets in 2021.
What a year. U.S. corporate bond markets went from bid-ask spreads jumping over 1,000% between late February and late March to a market in which new issuance and electronic-trading adoption hit record levels.
The ramifications of new equity exchanges, an increasingly tech-heavy fixed-income market, spending on surveillance technology, clearing and continued cloud adoption are some of the big themes we see shaping 2021.
Historical highs and lows in the U.S. corporate and municipal bond markets punctuated all of 2020. The markets swung from record volumes and volatility in the spring to unnerving calm in the summer.