ViableMkts Content is designed to be entertaining, informational and provocative.

The source of our material comes from industry insiders and market structure experts including ViableMkts Principals. Access to Viable Content is complimentary. Scroll down to view our extensive library.

Are-You-Experienced

Are You (User) Experienced? Fixed Income Market Evolution Requires an Evolved Desktop

by Chris White (May, 2017)

FIX API connectivity is starting to break the ice shelf in fixed income and push a wave of new trading platforms and data & analytic solutions into the market. Today, it has never been easier for fixed income solution providers to connect to end-users, but user adoption remains elusive because of a fundamental issue.

letsmakeadeal

Let’s Make a Deal-er: Buy-Side Requirements for Price Making in Fixed Income Markets

by Anna Shtromberg & Kevin Molloy (March, 2017)

Throughout 2016, the topic that gained momentum in the corporate bond market was the need for the buy-side to embrace price making as a strategy. Several prominent buy-side firms claimed that they had started taking steps to shift their behavior from a pure price taker to one of a price maker by directly posting prices and responding to RFQs.

Money in dustbin isolated on white

A Tree Falls in the Forest: Illuminating the True Costs of Corporate Bond Electronic Trading

by Chris White (January, 2017)

It is hard to imagine today, but in the not so distant past, there was a lively debate regarding the usefulness of electronic trading in the corporate bond market. Currently, electronic corporate bond trading has not only evolved to become an essential component for secondary trading, eTrading is considered by many to be the panacea for resolving the perceived corporate bond liquidity crisis.

assembly

Sales Workflow Systems in Fixed Income: Some Assembly Required

by Ruby Saleh & Barry Goldenberg (October 6, 2016)

Without proper organization, maintenance, socialization and dissemination of critical market making data, profitable trades are missed. Given the recent performance of even the bulge-bracket corporate bond dealers, every potential money making opportunity needs to be identified and explored. But how?

old-school-1

When Keeping It Old School Goes Wrong: Debating Transparency in Fixed Income Markets

by Chris White (August, 2016)

Despite the rise of the internet, smart phones and Pokemon Go, most fixed income markets have done an excellent job of shunning technology and remaining true to their unstructured, OTC origins. Like the last uncontacted tribes in the Amazon, fixed income market participants have avoided the trappings of modern tools to preserve a naturalistic market environment where trading and valuations are based on superstition, intuition, and guess work instead of high quality data.

jayz

The bond market has 99 solutions, and 1 problem

by Chris White (July, 2016)

Central banking policy has had an extraordinary impact on the US corporate bond market. Over the past 8 years, the market has expanded rapidly and now stands at ~$8.5 trillion in notional size, which is almost double the size of the market in 2006 (~$4.5 trillion). As US corporations continue to utilize copious amounts debt capital to finance themselves, the US corporate bond market gradually assumes the position of being the most systemically important market in the US financial system.

millivanilli

The rise and fall of the hottest financial product in the world

by Chris White (July, 2016)

In 2007, the market for Credit Default Swaps (CDS) was on a six year journey from relative obscurity, to being the hottest financial product in the world. The outstanding notional size of the market had grown from less than $1 Trillion in the beginning of 2001, to over $60 Trillion by the end of 2007, with no signs of stopping. Almost ten years later, the outstanding size of the CDS market is hovering just over $10 Trillion, the result of eight consecutive years of decline.