MarketAxess Research

The real story about primary dealer … holdings

We and others have commented at length about the stark drop in primary dealer corporate bond inventory since pre-crisis highs of approximately $250bn to around $58 billion today. Since the beginning of April, however, we have had even greater insight into this data which puts a different perspective on the story. Now we have information about dealer holdings across all of the individual credit instruments: USTs, TIPS, Agencies, MBS, commercial paper, US high grade, US high yield, munis and ABS.

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MarketAxess Research

Finding the Liquidity Signal in the Data Noise

One of the questions we frequently get from our clients is whether we could help them measure and quantify levels of liquidity in the corporate bond market. In order to make better informed trading decisions they want to understand, for example, how liquid the market is today compared to during the credit crisis.

We wanted to create an objective, quantifiable benchmark against which we could measure liquidity over time and across credit instruments, to help inform our clients' market research and analysis.

The MarketAxess Bid-Ask Spread Index (BASI)™ is the result of this work.

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MarketAxess Research

How (in)frequently do bonds trade?

We often find ourselves trying to characterize the bond market in terms of how liquid, or illiquid, it is compared to other asset classes like equities. In particular, when we are running transaction cost analysis (TCA) reports for clients and we're asked about benchmarking specific bonds, one of the biggest challenges is finding a comparable trade to benchmark to.

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Bond Trading Roupie

Europe's Bond Trading enters a New Evolution
Christophe Roupie, Head of Europe and Asia at MarketAxess, talks evolving dynamics within fixed income markets, the impact of MiFID II, electronic trading’s inflexion point and Brexit one year out.
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Technology Transforming a Vast Corporate Bond Market


Technology Transforming a Vast Corporate Bond Market
"84% of Investment-Grade investors utilize electronic trading, accounting for 20% of overall volume" and MarketAxess is leading the pack in market share and penetration according to Greenwich Associates research.
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This information is provided "AS IS." Although the data presented has been obtained or compiled from sources MarketAxess® believes to be reliable, MarketAxess® cannot and does not warrant, either expressly or impliedly, the accuracy, validity, timeliness or completeness of this information, or its suitability for any particular purpose.