E-Trading May Cut Out Little Guys In Repo Mart

A new electronic platform for triparty repurchase trades could further concentrate repo trading in the hands of the largest dealers.

  • 17 Jun 2005
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A new electronic platform for triparty repurchase trades could further concentrate repo trading in the hands of the largest dealers. Thomson TradeWeb recently launched the first such trading platform to connect multiple dealers with buysiders. "[The platform] has the potential to further strengthen those dealers because middle and smaller dealers aren't on TradeWeb," said Mark Cartier, head of repo trading at Mizuho Securities.

The majority of repo trading is already controlled by the largest dealers who can provide the most liquidity. The new platform may even cut back on trading volumes for firms that stick with their own single-dealer systems, according to Harrell Smith, manager of the investments and securities practice at Celent, a research and consulting firm.

The original group of dealers is composed of J.P. Morgan, Deutsche Bank, UBS and Morgan Stanley. TradeWeb intends to roll out a version later this summer that handles triparty repos for agencies and mortgage-backed securities.

  • 17 Jun 2005

All International Bonds

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  • Today
1 JPMorgan 358.05 1659 8.33%
2 Citi 332.29 1407 7.73%
3 Bank of America Merrill Lynch 284.66 1219 6.62%
4 Barclays 257.19 1062 5.98%
5 HSBC 211.94 1165 4.93%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $b No of issues Share %
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1 BNP Paribas 40.25 189 7.05%
2 Credit Agricole CIB 37.82 159 6.62%
3 JPMorgan 30.92 83 5.42%
4 Bank of America Merrill Lynch 26.57 82 4.65%
5 UniCredit 26.09 141 4.57%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $b No of issues Share %
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1 JPMorgan 11.53 77 9.62%
2 Morgan Stanley 11.15 54 9.30%
3 Goldman Sachs 10.04 53 8.37%
4 Citi 8.06 63 6.72%
5 Bank of America Merrill Lynch 5.64 31 4.70%