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Fixed-Income Subscription
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.
Fixed-income cross-margin opportunities: A driver of change
Greenwich Report
The derivatives market is vital to the financial system. It allows market participants to manage and hedge risks, generate alpha and, more generally, helps them achieve their goals.
The future of credit futures
Greenwich Report
Two decades ago, most corporate credit-investing strategies operated primarily by owning (or not) corporate bonds.
The U.S. Treasury market capped off its summer with the lowest average monthly volatility reading since December 2021 and a decline of 27% from last August—a sign that the previous cycle is truly coming to an end.
Electronic trading of U.S. corporate bonds remained consistent in August, at 46% of notional volume traded on overall market volumes that were down 13% month over month and 2% year over year.
Understanding the importance of measuring U.S. Treasury volatility
Greenwich Report
In an effort to better understand how volatility data is used and measured by market participants, if and how they trade volatility, and what improvements they’d like to see in their volatility metrics, we interviewed interest-rate traders and...
Electronic trading picked up in June with 52% of investment-grade (IG) bonds traded electronically in notional terms, while volume dropped 9% month over month.
U.S. Treasury traders shifted into summer mode in June despite ongoing tariff, economic, political, and monetary policy uncertainty. Volatility dipped to its lowest level since February, dropping 4% year over year and 7% month over month.
U.S. corporate bond trading volume dropped in May, following April’s records. And while May’s volume was the lowest since January, the $40 billion and $13 billion in investment-grade (IG) and high-yield (HY) bonds, respectively, were still 11% and...