Thought Leadership

By Sue Gross
 • 
4 weeks ago

The Cost of Uncertainty: What is the cost of uncertainty to bond market investors during significant events related to individual bonds? What about broader macro events like…Read Full Article

By Sue Gross
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2 months ago

How Bonds Trade: Studying volume patterns in the equity markets is a common occurrence. Studies of bond trading patterns seem to have been of much less interest to market participants. From a historical perspective, perhaps this is understandable. Until relatively recently there was no data to study. BondWave has begun to study fixed income trading patterns as a means for improving trading decisions.Read Full Article

By Sue Gross
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3 months ago

A confluence of factors combined during the past year, which together fueled the expansion of the fixed income industry in 2018. Among the most important of these were; rising interest rates; regulatory-driven market structural changes; improved access to data; application of quantitative methods to bond trading; and advances in technology. The catalyst for this growth was the industry’s growing need for greater operating efficiencies in a period of shrinking margins. Read Full Article

By Sue Gross
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5 months ago

On May 14, 2018 the Mark-Up Disclosure rule became the law of the land. For the first time brokers became required to put the amount of money they made on fixed income retail trades onto their trade confirmations. BondWave has been measuring daily transaction costs on a post-trade basis since April 2016. Using BondWave’s algorithm, we looked at the trend in retail mark-ups to determine if there has been a noticeable impact since the implementation of the disclosure rule.Read Full Article

By Sue Gross
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5 months ago

There is a common narrative thread in the fixed income markets today that essentially says, “the fixed income market today is like the equity market of 20 years ago (or 10, or 30).” The implied conclusion is that in 20 years (or 10, or 30) the fixed income market will look just like the equity market of today.Read Full Article

By Sue Gross
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7 months ago

The electronification of the fixed income industry is well underway and rapidly approaching an inflection point. With recent headlines emphasizing the new wave of mergers and acquisitions across the industry, fixed income participants may soon face an entirely new market structure to navigate.Read Full Article

By Sue Gross
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9 months ago

May 14th marked the official implementation date of the MSRB’s and FINRA’s mark-up disclosure rule and the calculation of a PMP utilizing the prescribed ‘waterfall’ approach for fixed income securities. This implementation also marked a critical next step in the transformation and evolution of the fixed income landscape. Read Full Article

By Sue Gross
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12 months ago

Fixed income participants have less than two months until the May 14th deadline for the implementation of the mark-up disclosure rule and the implementation of the PMP ‘waterfall’ approach for fixed income. Read Full Article

By Sue Gross
 • 
12 months ago

Get answers to questions for mark-up disclosure readiness. Does your solution account for side of market adjustments, provide Real-time PMP Calculations, or… Read Full Article

By Sue Gross
 • 
1 year ago

Despite numerous regulatory efforts for greater transparency, the nature of the municipal bond market remains opaque due to its fragmented nature. BondWave’s QCurves offers a transparent, flexible and quantitative municipal bond yield curve.Read Full Article