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.
Investment banking profits are a two-sided coin. Revenues often make the headlines, but it can be reductions in spending that increasingly drive profitability.
Despite the growth in electronic trading in the corporate bond market over the past decade, block trades, defined as those with a notional value of $5 million or more for investment grade and $1 million or more for high yield, remain predominantly...
The market structure supporting the trading of U.S. Treasuries has been under close scrutiny for the past decade. A series of events including the taper tantrum (2013), flash rally (2014), repo market stress (2019), pandemic panic (2020), and...