Fixed Income Trading Platforms Add Liquidity

Terry Flanagan

Credit Suisse clients can gain faster, seamless access to liquidity through its U.S. Treasury algorithmic trading capabilities now available on the Bloomberg Professional service.

The sharp rise in electronic trading of cash U.S. Treasuries demands new solutions for clients to access liquidity. Faster moving markets require the buy side to move from trade idea to execution as rapidly as possible with the greatest control. The integration of Credit Suisse Onyx’s liquidity directly into Bloomberg’s fixed income staging and trading blotter TSOX delivers these capabilities.

“Our most advanced clients are asking for smarter and more automated ways to trade with us and we are delighted to be partnering with Bloomberg to provide this,” said Ryan Sheftel, head of FID eCommerce at Credit Suisse. “With all the structural changes in the Rates market we see this as a continuation of our commitment to innovation in electronic trading with much more to come.”

Bloomberg’s TSOX workflow is used extensively across the industry by thousands of market participants globally. Bloomberg offers subscribers access to Credit Suisse Onyx’s stable of fixed income-specific algorithms and streaming liquidity that includes pairs, custom butterflies, basis and more.

The move further enhances Credit Suisse Onyx’s fixed income electronic trading solution, offering clients access to outright trading and algorithmic execution against the liquidity provided by Credit Suisse’s electronic liquidity pool for rates, Clearwater.

“Through this collaboration with Credit Suisse, Bloomberg provides market participants an integrated solution to access a bank’s Treasury bond liquidity pool,” said Ben Macdonald, Bloomberg’s global head of product. “We are committed to working closely with our customers and industry leaders to increase market transparency and trading efficiencies.”

Credit Suisse Onyx is a key element of the bank’s innovative source of client focused electronic solutions that span research, analytics and trading.

Separately, Tradeweb Markets has completed the acquisition of BondDesk Group, and has rebranded its combined retail fixed income division as Tradeweb Direct. Over the next several months, Tradeweb Direct will integrate the businesses, technology, services and support of both Tradeweb Retail and BondDesk to provide the most advanced retail fixed income offering for broker dealers, retail and middle market investors.

“Tradeweb Direct now represents the deepest pool of liquidity in retail fixed income, providing customers with innovative, efficient trading solutions and industry leading portfolio analytics,” said Lee Olesky, CEO of Tradeweb Markets. “The acquisition of BondDesk and launch of Tradeweb Direct broadens our distribution capability across rates, credit and municipal bond markets and underscores Tradeweb’s focus to provide our clients in every market segment with comprehensive and innovative fixed income trading technology and service.”

Customers will benefit from a new bridge between each of the current trading platforms to improve overall liquidity, as well as enhanced portfolio analytics through Tradeweb’s recent acquisition of Interactive Portfolio Solutions. During the initial integration period, user experience will not change and Tradeweb Direct will be working closely with clients to ensure there is continuity in their trading activity during the integration.

Over the long-term, Tradeweb Direct will leverage the BondWorks Wealth Management Platform to build a best-of-breed solution for market participants to gain direct access to liquidity across retail fixed income markets. Tradeweb will also apply its leading institutional fixed income expertise and technology to enhance its offering to middle market investors with new functionality and greater access to liquidity.

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