In new research, "The Future of Fixed Income: Laying the Foundations for a New Market Structure," TABB Group says the fixed income market is facing up to the dual challenges of regulatory and technological change driving a wholesale shift in market structure.
Radi Khasawneh, fixed income research analyst, TABB, said: "Although the impetus for change differs in each area, regulatory and technological issues dominated the agenda. This is uncharted territory and the Treasury, corporate bond, interest rate swap and credit default swap markets have been redefined with many jostling to take advantage of perceived opportunities as the market becomes more electronic."
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The report focuses on four discussion areas – regulation, swaps executions facilities (SEFs), electronification and the effect of tapering on fixed income.
It also incorporates comments from panelists and guest speakers at the market research firm’s TabbFORUM "Breaking Rates" conference, including Neal M. Soss, managing director and chief economist, Credit Suisse, the conference keynote, and in a one-to-one discussion, Lee Olesky, CEO, Tradeweb, and Colin Teichholtz, co-head of fixed income trading, Pine River Capital Management.
The January event, attended by over 500 market participants, underscored many of the main themes of TABB’s 2013 research that focused on the consequences of regulation on trading behavior. Panelists included:
Corporate Bonds:
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By GlobalData- James Wallin, senior vice president, fixed income, AllianceBernstein L.P.
- Mark Hepsworth, president, pricing & reference data, Interactive Data
- Amar Kuchinad, founder & CEO, Electronifie Inc.
- Richard M. McVey, chief executive officer, chairman of the board, MarketAxess
- Marshall Nicholson, managing director, KCG BondPoint
SEFs:
- Randall Costa, managing director, Citadel LLC
- Sam Priyadarshi, head, fixed income derivatives, The Vanguard Group
- Amy Caruso, director, program manager – derivatives regulatory initiative, Babson Capital Management
- Paul Hamill, managing director, head of FI agency trading, UBS
- George Harrington, CFA, global head of fixed-income trading, Bloomberg
US Treasuries:
- Komson Silapachai, head of Treasury and TIPS Trading, State of Texas
- John W. Griffin, Jr., senior risk manager, Hartford Investment Management Company
- Ryan Sheftel, global head of fixed income, FX and commodities e-Commerce, Credit Suisse
- Isaac Chang, global head of fixed income, KCG
