Thought Leadership

By Sue Gross
 • 
2 weeks 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.
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By Sue Gross
 • 
1 month 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.
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By Sue Gross
 • 
3 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.
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By Sue Gross
 • 
5 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.
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By Sue Gross
 • 
8 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.
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By Sue Gross
 • 
8 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…
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By Sue Gross
 • 
9 months 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.
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By Sue Gross
 • 
10 months ago

The increased regulation aimed at protecting the retail investor around individual bond investing has contributed to the substantial growth in fixed income packaged product adoption by advisors and could ultimately hurt the retail investor’s access to individual bonds.
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By Sue Gross
 • 
11 months ago

The need for dependable financial benchmarks cannot be overstated given the recent LIBOR debacle which resulted in an FCA mandate for the replacement of LIBOR by the end of 2021. A reliable benchmark needs to be firmly and quantitatively grounded in the economic realities of the market it aims to represent.

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By Sue Gross
 • 
12 months ago

On September 1 and August 12, 2016, respectively, the MSRB and FINRA formally applied to the SEC to make mark-up disclosure on retail confirms the law of the land. In the 14 months since, BondWave has been actively engaged in providing a real-time Prevailing Market Price (PMP)
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