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Autoexecution of government bond trades can reduce risk and cost for investors, but is only available in a few markets. Traders need to take account of liquidity and investment goals to assess when auto-ex, auto-pricing and non-competitive trades best serve investment goals. In January’s show, David Scilly, head of fixed income and Currency Dealing at First State Investments, and Frank Cerveny, head of markets and sales at MTS, discuss how to leverage automated trading in government bond trading, in order to deliver best execution.

Automation of corporate bond trading is small but growing, with investment grade instruments – particularly in the US – leading the way. From auto-quoting to full auto-execution, buy-side firms are trying to take advantage of greater efficiency so they can better support investment objectives and ultimately greater returns for end investors. In January’s show, Juan Landazabal, global head of trading at asset manager GAM, and Gareth Coltman, head of European product at MarketAxess, given their insights into where and how traders can automate dealing in what is often a highly illiquid market.

Managing the bond issuance process manually is often inefficient and creates operational risk for buy-side traders. This video is the first in a three-part series with Herb Werth, managing director at IHS Markit, discussing how his firm supports traders in automating this process.

Political uncertainty changes the way bond portfolios are managing risk. In December’s show Kay Swinburne MEP, Vice-Chair of the European Parliament’s Committee on Economic and Monetary Affairs and Luke Hickmore senior investment manager at Aberdeen Standard discuss how Europe’s political landscape might impact investment and trading decisions; Lee Bartholomew, head of Derivatives Product R&D in Fixed Income at Eurex outlines the way that derivatives might be used to manage event risks and provide possible solutions approaching for 2019 in fixed income.

A shadow of disruptive events hangs over the stock markets in 2019. Gianluca Minieri, CEO of Amundi Intermediation UK & Ireland, explains the skills and tools that a buy-side trading desk needs to handle these risks, and Tim McCourt, Global Head of Equity Index and Alternative Investment Products at CME Group highlights the value of derivatives when handling event risk in the year ahead.

How do investors know if their traders are doing a good job? A white paper has been published by the Investment Association (IA), to explain exactly that. Carl James, global head of fixed income trading at Pictet Asset Management, and head of the IA’s fixed income trading committee, and Ross Barrett, senior policy advisor at the IA, to discuss why investors need clarity on this issue, while Mike Thorpe, managing director at Tradeweb Europe explains if and when bond trading execution can be quantified and benchmarked.

Trader TV captured the most surprising and interesting takeaways from:

Paul Reynolds, head of fixed income at TradingScreen;
Frank Cerveny, head of markets at MTS;
Mike Thorpe, managing director, Tradeweb;
Giuseppe Nuti, managing director and global head of the central risk book and data analysis at UBS;
Lee Bartholomew, head of derivatives Product R&D for Fixed Income at Eurex;
Richard Colucci, head of sales, Algomi;
Scott Eaton, CEO, Algomi;
Henry Wallis, WBR.

Speaking at the Fixed Income Leaders Summit, held in Amsterdam between 6-8 November 2018.

Roelof van der Struik, manager for Treasury Trading & Commodities at PGGM says the repo market is broken; he tells us how the Dutch pension fund manager is using electronic platforms to correct the broken repo market.
At the same time (from 06.36), the Securities Financing Transaction Regulation (SFTR) promises to severely impact market efficiency yet Tom Harry, Product Manager at MTS and Steve Holland, SFTR Product Manager, UnaVista believe that SFTR will strengthen buy- and sell-side relationships.

Giuseppe Nuti, managing director and global head of the central risk book and data analysis at UBS explains how an AI system can work even on sparse bond market data, while Jim Switzer, global head of fixed income trading at AllianceBernstein, reveals his firms plans for AI on the buy-side desk. Market data provided by MTS.

Trading costs do not have to be higher in emerging markets, says Mark Denny, head of dealing for global markets at Investec Asset Management. He gives us an update on the last quarter, with a masterclass in how to build relationships and electronic trading capability in EM, to deliver best execution.