Liquidity

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Why the Bond Market Has Become Jumpier

November 24, 2021, The Economist

James Maddison was sure he had scored. As his free kick arced over the wall of Arsenal players, a goal seemed certain. Somehow Arsenal’s goalkeeper, …

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All Shook Up: The Effect of ELPs on the Bond Market

By Dan Barnes
November 18, 2021, The Desk

Redlap Consulting’s latest research paper, written by Rebecca Healey and Charlotte Decuyper, asserts that the pandemic has “rewritten the rulebook on trading”, …

News

Traders Pile Into Fixed Income Amid Liquidity Shift – Report

By Luke Jeffs
November 16, 2021, Global Investor Group

Derivatives and equity trading firms are increasingly diversifying into fixed income to tap increased transparency and more active market makers in …

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Futures Expiration Puts Global Bond Market Liquidity to the Test

By Edward Bolingbroke
November 15, 2021, Bloomberg

The erosion of liquidity in the US Treasury market is causing headaches in the futures market, where the quarterly process of swapping expiring …

MiFID, News

UK and EU in Danger of “Balkanization” of Liquidity if They Diverge Too Much, Says Equities Head

By Annabel Smith
November 10, 2021, The Trade

A buy-side head of equities trading has warned that too much regulatory divergence between the EU and the UK following Brexit could …

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Cracks Appear in World’s Biggest Bond Market as Fed Pulls Back

By Liz Capo McCormick and Elizabeth Stanton
November 13, 2021, Bloomberg

Warning signs are starting to flash at the regulators of the $22 trillion US Treasury market, which is being …

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Liquidity Issues Under Microscope as ETFs Start to Move Underlying Markets

By Tom Eckett
November 15, 2021, ETF Stream

The rise of exchange traded funds over the past two decades has been nothing short of remarkable, however, the proliferation of strategies …

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SOFR First Slowly, Then All at Once: Measuring the Market Transition from LIBOR

By Jonathan Rick, Director of Research, Tradeweb
Originally published by Tradeweb

The dealer-to-dealer market’s switch towards the Secured Overnight Financing Rate (SOFR) this summer galvanized broader acceptance of the new …

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Worsening Treasury Liquidity Poses ‘Spillover Risk,’ BOA Says

By Brody Ford
November 1, 2021, Bloomberg

By the standards of March 2020, last week’s whiplash in the U.S. Treasury market may not look like much, but it’s a mistake …

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Fed Repo Backstop Won’t Help Intraday Liquidity Stress

By Sharon Thiruchelvam
October 25, 2021, Risk

A lack of supervisory guidance means the US Federal Reserve’s standing repo facility (SRF) may not help tackle intraday liquidity stresses, banks are …