Societe Generale to Provide Prices to Thomson Reuters Bond Platform
Thomson Reuters announced that Societe Generale is the latest financial institution to list cash bond prices on its electronic bond trading platform, Thomson Reuters Fixed Income Trading. The bank joins 17 of the world’s largest financial institutions already contributing prices to the platform.
Thomson Reuters Fixed Income Trading provides a source of cash fixed income liquidity to private bank and wealth management execution desks through an extensive range of instruments from global, regional and local dealers. It includes over 26,000 unique debt issues covering government, sovereign, agency, corporate and covered bonds. The platform also supports the complete trade workflow from price discovery through to trade execution and notification.
“The addition of Thomson Reuters Fixed Income Trading to our direct-to-customer platform services further expands our electronic price distribution and execution footprint and enables us to reach a broader regional client base,” said Olivier Gazzolo, global head of FIC Credit Platform at Societe Generale.
According to a recent report by McKinsey and Greenwich Associates, a gradual transformation is underway in the corporate trading space, and market participants will need to adapt.
“Dealers must take steps—if they have not already—to align the organization, harness the opportunity in better data management, transform the sales force and reduce cost per trade,” according to the report, which was based on a survey of portfolio managers, traders, and analysts conducted in the spring of 2013.
Dramatic changes on the part of market participants will be required for match-based corporate bond e-trading to come to life in the way it has in cash equities and a few other asset classes like U.S. Treasuries, CDS indices and foreign exchange, the report said.
Buy-side customers using Thomson Reuters Fixed Income Trading can automate their trade execution by connecting the platform directly to their execution management and order management systems through a FIX-compliant trading API. Electronic management of trade workflow saves customers time while significantly reducing costs and errors.
“We are pleased to welcome Societe Generale as a key fixed income market maker to our bond trading platform,” said Claudio Salinardi, head of fixed income at Thomson Reuters. “The fixed income market is a key focus for Thomson Reuters and we are committed to providing our customers with easy access to important sources of liquidity while completely supporting their workflow and offering the most comprehensive, valuable and intuitive pre-trade information services.”
Thomson Reuters provides data for over 26,000 fixed income instruments delivered over its consolidated feed Elektron Real Time and via its flagship desktop Thomson Reuters Eikon. Thomson Reuters also provides insight into fixed income markets from specialist analyst teams such as Thomson Reuters LPC, Thomson Reuters MMD and Thomson Reuters IFR.
Upstart exchange has seen market share increase to near 4%.
Goldman Sachs Asset Management’s fundamental equity business manages over $20bn in thematic equities.
Data extraction and integration is the second stage of a digitization process.
With Ankit Mittal, Business Change Manager, Global Trading, Schroders
IIGCC and lead investors will launch a pilot with companies including BP, Eni, Repsol, Shell and Total.