We can view the central banks of the world as temples of a country’s economic flow…central bankers influence economic liquidity by setting interest rates. In the US the Federal Reserve determines the overnight rate which is the rate that banks can borrow from each other on overnight deposits . This is turn influences the entire yield curve. And helps […]
Business Week reports in an upcoming article about the enhanced transparency that the NYSE Bonds system will provide to investors…I’m glad that the mainstream media is beginning to talk about the new system…and the advantages in a transparent bid/ask system…Exchange versus OTC…that is a song we like to sing…
From the BW story ”We’re looking to capture […]
Thursday, October 26, 2006
Bloomberg News reports in a story published by the International Herald Tribune how the bond trade reporting system (TRACE) has eliminated some very, very high paying jobs…
Bond traders unite! Save them from transparency and automation….
I predict that we are just on the earliest edge of automation and transparency in the bond markets. Regulators are focusing on […]
Wednesday, October 25, 2006
The Toronto Stock Exchange (TSX) said today that it will acquire Shorcan Brokers Ltd., Canada’s first fixed income inter-dealer broker.Simultaneously, a TSX subsidiary has bought the fixed income indices, PC Bond, and related data assets of Scotia Capital, a unit of Bank of Nova Scotia. It also signed a long-term license deal under which Scotia […]
I’ve been very involved for a number of years with the standards setting organization for electronic trading…www.fixprotocol.org
This is a great group of fixed income professionals who have done the heavy lifting in standardizing the computer to computer messaging of pre-trade, trade and post-trade information. We are having an in-person meeting on Monday at the […]
Wednesday, October 18, 2006
I’m a little obsessed with this issue of exchange trading of bonds versus the over-the-counter market for bond trading right now…it is important for a number of reasons to investors…most of these reasons are arcane and obtuse…
I spent several days last week composing my thoughts in a letter to the SEC in response to their […]
Thanks to Google I’ve been in contact with Mr. Fred Siesel, formerly of the NYSE, and am learning a lot more about the issue of Exchange trading of bonds.
There is no question that investors will be better served by the transparency of the new bond platform of the NYSE Exchange. Here is a summary from […]
Several big announcements this week on the retail side of the equity business. Bank of America and a new market entrant, Zecco.com, announced free online equity trading. I learned about Zecco from a Techcrunch post.
I’ve been loosely monitoring the account growth at Zecco which you can do by looking at the “Forum” section of the […]
Tuesday, October 10, 2006
The technology infrastructure group at the NYSE, SIAC, has gained new leadership.
Dow Jones story here (WSJ paywall):
“Jerry Putnam, current SIAC chairman, president and co-chief operating officer, will step in as interim chief executive. Thomas Demcheck, senior vice president, will become chief operating officer.”
Jerry Putnam is the founder and head of Archipeligo…this seems to be a natural […]
Thursday, October 5, 2006
Our financial services colleagues, who trade equities, have always been way ahead of the fixed income markets in the use of technology and electronic execution. So its interesting to see the transition of the NYSE to more electronic trading.
From the WSJ…
