01 February 2018

A gradual evolution is required to achieve change in US Treasury market structure, says Hirak Biswas, head of product and strategy, LiquidityEdge, who notes that the market has experienced little innovation in the past 20 years. Speaking with TABB Group senior analyst Dayle Scher at our recent Fixed Income conference in New York, Biswas says years of regulatory pressure and lower profits are driving consolidation and specialization among market makers, which in turn highlights the need for new liquidity sources and market structure changes. They discuss the evolution of trading tools and protocols and the future of liquidity provision, as well as the potential role of the buy side as market makers.

18 December 2017

An antiquated market structure has hindered evolution in US Treasuries trading, and complex clearing and settlement paths have often stifled innovation. But in 2017, the winds of change have finally started to pick up pace. While long-discussed regulatory developments are starting to materialize, the real change in USTs has been on the frontline of electronic trading. This year we have seen further consolidation of vendors offering alternative trading protocols, with market participants throwing their full weight behind the models they believed in.

7 November 2017

Treasuries-trading platform LiquidityEdge LLC is expanding into older securities, which account for the lion’s share of the U.S. government’s $14.3 trillion of debt.