Less liquidity makes TCA a critical tool.

Data is harder to come by in the less liquid, off-the-run Treasury securities.

Aim is to provide the buy side with liquidity across asset classes on a single venue, in a single trade.

Market shifts away from submission-based pricing, toward independently validated reference prices.

Products enable fixed income and FX traders to manage execution costs and portfolio construction.

Off-the-run securities are less liquid despite comprising the bulk of the market.

Aim is to provide accurate, independently validated market data.

Regulator suggests monitoring metrics such as price movements and fund flows.

27-year capital markets veteran will spearhead next phase of Treasury platform's growth.

Deutsche Bank is one of two foreign banks operating in China to receive approval for this licence.