Friday 23rd February 2018
February 23rd 2018: John Hardy, head of FX Strategy at Saxo Bank says in today’s client note that: “The latest European Central Bank minutes showed a debate on leaving the door open to QE resumption if conditions warranted, ultimately leading to the dropping of this language in the forward guidance. The headlines have seized on the discussion of the volatility of the euro in the minutes and the phrase that this provided “a source of uncertainty that required monitoring". ECB president Draghi offered a stern rebuttal at the most recent ECB meeting to a (likely offhand) statement by US Treasury Secretary Mnuchin that a weak dollar is a benefit to the US economy. The expectations for ECB policy unwinding have gone into neutral over the last couple of weeks, even with the recent recovery in risk appetite, and this kind of language from the ECB, heavy EUR long speculative positioning, and a rather sharp deceleration in the most recent PMIs are making it tough sailing for EUR bulls. Speaking of positioning, the JPY short is shrinking but still very large. Often, when the JPY is on the move, it is directly traceable to something else afloat in the markets, whether from direct signals from the central bank, or large swings in risk appetite or bond yields. But this recent move feels qualitatively different and rather significant, as if the market is changing its mind about its underlying assumptions (that the BoJ will forever be the policy laggard and as long as we aren’t seeing a market meltdown, carry trades versus the JPY are a no-brainer) and this could lead to a broad-based repricing of the G10’s cheapest currency” -

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Electronic Trading

Deutsche Bank today announced three new appointments in its Autobahn Equities team in Asia as part of the Bank’s global initiative to invest in its electronic trading platform. Harj Bagria, joining from Citigroup, will be part of the coverage and sales team. His arrival coincides with the build out of the product development team in the region, with the recent appointments of Andrew Royal and Jason Lam to assist with the rollout of Deutsche Bank’s 4th generation algorithmic trading platform – Autobahn – in APAC. All three hires are based in Hong Kong.

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MarketAxess Holdings Inc. (Nasdaq: MKTX), the electronic trading platform for fixed-income securities and data services provider, says it has expanded its execution choices for its municipal bond platform to include Muni Offerings. Muni Offerings allows municipal bond market participants to post and engage on inquiries using MarketAxess’ Axe pages. Single Request-for-Quote (RFQ) inquiry for both investors and dealers is also now available to users. The firm says the enhancements complement existing trading protocols - including Bid Wanted lists of up to 200 items, Open Trading and dealer inventory.

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MarketAxess Holdings Inc announced today it will expand its trading system in April to the $3.6trn municipal bond market. MarketAxess says it expects to have approximately 60 dealers and 250 institutional investor firms connected to the municipal bond platform when it launches, including many of the largest asset managers in the municipal bond market.   MarketAxess currently has more than 1,000 institutional investors and broker dealers worldwide on its corporate bond platform.  More than 6,000 users log in to its electronic platform daily to trade investment grade, high yield and emerging market securities, as well as Eurobonds.

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MTS says that the German bank BayernLB has joined its dealer-to-client platforms, MTS BondVision, as a liquidity provider.

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MarketAxess Holdings Inc, the market data provider and  operator of an electronic trading platform for fixed-income securities, completed a record quarter for Open Trading volumes, market share and participation, says the firm. MarketAxess Open Trading connects fixed income market participants in a centralised all-to-all electronic trading marketplace.

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It has been decades since these pits were the norm; the LME has the last open outcry floor in Europe. Electronic trading has come to dominate the landscape – it’s more efficient, you can trade multiple markets from a single screen, it’s less physically taxing and is arguably safer.  So does this mean that voice trading will be relegated to the history books?

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MarketAxess Holdings Inc. (Nasdaq: MKTX) the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, says it has appointed David Krein as Head of MarketAxess Research.

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After almost a year since the original announcement by MarketAxess Holdings Inc and BlackRock that they were working together to seamlessly integrate MarketAxess’ fixed income trading portal with BlackRock’s Alladin system that sources liquidity in corporate bonds, they say they are now expanding the Open Trading alliance into the European credit markets. 

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