To play a game well it helps to see the moves the other players are executing … and for corporate bond trading we’ll be getting new data that will make understanding order flows a lot easier…
New data fields will be coming for the Trade Reporting and Compliance Engine (TRACE) system… see the details below… or pass them on to the tech guys… they always enjoy the hoary stuff…
The important message here is data will show if a bond trade is:
- Inter-dealer transaction (”Dealer Transaction”)
- “Customer Transaction” and the member referenced is a buyer (or acts as agent on the buy side)
- “Seller” (or acts as agent on the sell side)
Not entirely sure of the specific uses for the information … but for trading securities information is premium… look forward to seeing this implemented… also data will be coming on equity-linked note (ELN) trade reporting changes
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