Electronic Trading Seen Gaining Steam

Fixed-income firms are expected to continue migrating to electronic trading models in the U.S. and Europe as tight spreads force dealers to cut trading costs and as regulatory concerns rise.

  • 25 Feb 2005
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Fixed-income firms are expected to continue migrating to electronic trading models in the U.S. and Europe as tight spreads force dealers to cut trading costs and as regulatory concerns rise. "Tighter spreads are reducing execution costs," said Harrell Smith, manager of the securities and investments practice at Celent, a research and advisory firm, explaining the demand for electronic platforms from sell-siders.

And with regulatory scrutiny on the rise, particularly in the U.S. credit markets, the need for increased transparency will drive a push toward greater use of automated systems because they are more transparent, said Silvio Oliviero, v.p. in ecommerce, credit & rates at J.P. Morgan. On the flip side, there is a general concern in the dealer community the rise of automated trading will undermine relationships between the sell-side and its investing clients, noted Serge Marston, director of electronic markets at Deutsche Bank.

From the buy-side perspective, electronic trading is positive because it boosts liquidity by pressuring dealers to offer better prices, investors said. Yet Jacques Sterck, global head of the dealing desk at Dexia Asset Management, noted electronic trading remains fragmented. "[I want] one global platform offering all products, instead of specialists in govvies, corporates, etc.," he said.

  • 25 Feb 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,291.38 1348 9.06%
2 JPMorgan 320,704.66 1461 8.11%
3 Bank of America Merrill Lynch 318,128.31 1104 8.04%
4 Goldman Sachs 236,643.87 789 5.98%
5 Barclays 231,197.41 895 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.85%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.16%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.30%