June 05 2013 : Bharat Book Bureau presents the new report "Fixed Income Electronic Trading 2013: How Banks Can Prepare for Changes in the Market Structure" Achieving specialist status as a fixed income liquidity provider means banks must first understand how they are positioned in the market.
The global financial crisis has caused liquidity in the fixed income market to stall and fragment across a number of trading venues. New capital markets regulations are changing the fixed income market’s structure, forcing established trading venue operators to prepare for changes that will incentivise the emergence of new competitors.
The report finds that leading banks must adapt to this changing landscape by differentiating themselves from competitors and become specialist providers of liquidity in the fixed income markets. In order to achieve this, enhancements to existing sales and trading tools that emphasise cost-effective access to bonds liquidity and IRD liquidity as well as enhancements to various areas of post-trade functionality, must be made.
Achieving specialist status as a fixed income liquidity provider means banks
must first understand how they are positioned in the market. To aid in this
effort, the report creates a business and technology maturity model that banks
can use to prepare for changes to the market structure for bonds and IRD
dealing. This maturity model can be used to assess the adaptability of a bank’s
fixed income dealing business and drive decisions in the development or adaption
of technology solutions that will allow that business to grow in an increasingly
competitive future landscape.
Table of Contents
1. The Evolution of Debt Markets
1.1. The Great Deleveraging
1.1.1. Monetary Policy Keeps Yields at an All-Time Low
1.1.2. Fiscal Policy Doubles the Stock of Government Debt
1.1.3. Central Banks Soak up a Significant Portion of the New Paper
1.1.4. Investment Banks Increase their Capital Cushions
1.2. Growth of IRS in EUR, USD and GBP
1.3. The Search for an Efficient Market Structure
2. The Fixed Income Markets in 2013
2.1. Electronification of Bonds Trading
2.2. Electronification of Swaps Trading
3. Regulations Reshaping the Fixed Income Industry
3.1. Basel III – Changing the Cost of Doing Business
3.2. The Dodd-Frank Act – Electronic Execution of Swaps
3.3. EMIR – Central Derivatives Clearing/MiFIR – Pre-Trade Transparency
3.3.1. Regulatory Mandates, Impacts, Unknowns and Uncertainties
4. Transforming the Business Model
4.1. Market Infrastructure and Trading Platform Operators
4.1.1. Crossing of Client Orders
4.1.2. Inventory Advertising
4.1.3. Market Making by Non-Bank Entities
5. The Platform Battleground
5.1. Swaps Trading Platforms
5.2. Clearing Houses
6. The Competitive Landscape
6.1. Three Levels of Maturity to Benchmark the E-Trading Offering
6.2. Factors for Differentiation
7. Mapping Technology Choices into the Maturity Model
8. Maturity in the Street
9. Adapting to the Changing Market Structure
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