Press Release
Electronic Credit Trading Approaching Inflection Point in IG
–News Direct–
The share of U.S. investment-grade (IG) bonds traded electronically is closing in on 50% this year. The mark is significant its a measure of the success of market makers, venues, and investors in bringing transparency, liquidity, and diverse electronic execution options to the world of corporate credit trading.
So, how did we get here? This shift was anything but accidental and did not happen overnight. Behavioral changes by market participants willing to embrace more electronification, the rise of automation and algorithmic trading, the introduction of new trading protocols, and even how these bonds trade have all contributed to this milestone.
While voice execution is still the primary choice for larger or more complex trades, were witnessing the creative uptake of diverse tools and emergent liquidity pools to manage an increasingly heavy load of credit trading volumes. As I noted in this December blog, a host of market players have, in their own ways, challenged traditional manual trading conventions to establish a vital role for electronic trading in the credit market. Now, as more and more market participants continue to embrace the benefits of electronification, weve reached an inflection point in investment-grade markets.
Growth of IG electronic trading
Consider this In 2013, just 8% of high-grade bonds and 2% of high-yield bonds outstanding traded electronically. Over the course of the next six years, electronic volume of high-grade bonds persistently edged higher, at an average of about 3% a year. With the onset of Covid and remote work a digitization accelerant of sorts for fixed income – the share of electronic trading in high-grade bonds increased more rapidly, from 25% in 2019 to about 45% today, according to data provided by Coalition Greenwich. In the past year alone, the share has jumped by 8%. Tradeweb, for our part, has been a strong contributor to this increased adoption, reporting a record 19.7% share of fully electronic U.S. high-grade TRACE in April 2024.
The overall volume of investment-grade trading, too, has reached record highs. In April, market-wide U.S. high-grade TRACE average daily volumes were up 50% year-over-year (YoY). The volume we see across IG has played out on our platform, too; in the first quarter of 2024, Tradeweb saw fully electronic U.S. high-grade average daily volumes rise 62% to $6.7 billion from the same period last year.
Some of this, of course, is situational. In the current interest rate climate, investment-grade bonds offer attractive relative value to high-yield and some other fixed income products. With the path of interest rates becoming less clear as the year progresses, institutional investors are trying to stay ahead of the Fed by repositioning their IG portfolios for whatever they believe lies ahead.
A paradigm shift
Still, something more fundamental is happening in terms of electronification. First, institutional investors have grown to rely on electronic trading for improved liquidity, price transparency, and efficiency. Instead of calling every dealer to trade, they can send out a request-for-quote (RFQ) and almost instantaneously get back multiple quotes. Theyre also exploring how to electronically trade large baskets of risk in a more efficient manner through Portfolio Trading.
Second, dealers right now are applying automation and algorithmic techniques to respond to trade requests and execute specific trades. The buyside is catching on to use of the technology, too. Thats increasing both the volume and velocity of high-grade trading.
Third, many firms have been slower to add resources to trade this asset class, despite the uptick in volumes. In response, organizations are taking a harder look at electronic trading for even their more complex trades and portioning some of their business out to electronic trading venues.
Lastly, and this is where Tradeweb comes in the protocols, platforms, and functionality we use to trade corporate credit are quickly expanding as automation and AI become more embedded in the electronic trading process and we innovate alongside clients to deliver increasingly advanced features.
The shifts weve seen play out in corporate bond markets both in terms of behavioral and structural market shifts wouldnt have been possible without the introduction of electronic protocols and tools, which have laid the foundation for these changes, and, therefore, have been vital to this progression.
Trading protocols the fundamentals
From the launch of the Trade Reporting and Compliance Engine (TRACE) more than two decades ago, to the development of sophisticated modeling techniques for pricing bonds in near real-time, greater price transparency and the increased diversification of electronic protocols have been leading electronic trading to this point.
To further illustrate this, we can look at RTX 3.03 03/52 as an example. Through April 2024, this bond went through several different electronic trading protocols on Tradeweb, such as portfolio trades, anonymous RFQs, dealer-to-dealer session-based trading and Rematch. By utilizing multiple different trading protocols, this bond, which only had a liquidity score of 7 on our platform (the maximum being 10), gained exposure to more potential bids and different pools of investors. This example illustrates how using different electronic protocols can encourage increased liquidity, velocity and trading efficiency in the corporate bond space at a pace unheard of a decade ago.
While corporate bond traders regularly favor the phone when doing a larger trade, they send out smaller trade sizes electronically because they can do this more efficiently. This trend of electronification and workflow automation of smaller trades similar to what we saw happen in equity markets has resulted in more participation, and, thus, more liquidity in IG markets. Were seeing this in our data on a global scale, too; in the first quarter of 2024, global credit Automated Intelligent Execution (AiEX) average daily trades increased by 70% year-over-year.
Tracking high-yields progression
Meanwhile, the share of high-yield bonds trading electronically remains stuck at about 30%. We can assume that some of the challenges associated with trading high-yield bonds are due to the characteristics of the bonds themselves. High-yield bond deals are often smaller and less liquid than those in the high-grade market, which creates challenges in price discovery/valuation. And credits are often stories requiring specialized knowledge of the issuer and a thorough understanding of their operations, which narrows the market of prospective trade partners.
Another key consideration for trading high-yield bonds is how they trade. High-yield bonds trade on price as compared to investment-grade bonds which trade on spread to a benchmark U.S. Treasury bond. Therefore, because of this tie-in to the U.S. Treasury market, investment-grade bonds are exposed to a number of intelligent hedging innovations and capabilities that foster more transparency and growth. For example, a significant driver of IG growth on the platform has been Tradewebs Net Spotting technology, which nets hedging activity across Tradeweb clients spotting simultaneously.
For high-yield bond trading to reach new heights in electronification, markets must continue to embrace electronic tools and protocols in different ways. While the rise of algorithmic trading and portfolio trading have been catalysts for the electronification of IG markets, we have yet to see this play out the same way in HY a more niche, opaque market. Moreover, an illiquid marketplace poses challenges for market makers who may be less inclined toward price transparency. Still, this market is ripe for more electronification, as advancements in data, algo pricing and technology encourage more efficiency.
Room to run
While the market is unlikely to abandon voice trading altogether, it will come to depend on technology more and more, in part because it allows those trading credit to offload quotidian trades to electronic venues and focus on those trades requiring a humans market guile and discretion. In the past five years alone, our markets have seen incredible growth and innovation in the IG markets, with HY following closely behind. I am optimistic about the opportunities that lie ahead in credit markets and look forward to the next five years.
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,500 clients in more than 70 countries. On average, Tradeweb facilitated more than $1.5 trillion in notional value traded per day over the past four fiscal quarters. For more information, please go to www.tradeweb.com.
Forward-Looking Statements
This blog contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forwardlooking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading Risk Factors in documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this blog are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this blog. In addition, even if future events, our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this blog, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this blog speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this blog.
Contact Details
Tradeweb Media Contact
Savannah Steele
+1 631-655-4225
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/electronic-credit-trading-approaching-inflection-point-in-ig-982354676
Tradeweb
COMTEX_452697822/2655/2024-05-21T13:58:58
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
Press Release
Crypto Crime Investigations Issues Urgent Advice: What to Do When a Digital Wallet Is Compromised
Atlanta, Georgia – In the ever-evolving world of cryptocurrency, the security of digital wallets has become a pressing concern for users globally. As the market expands, so does the prevalence of cybercrime, making it essential for individuals to understand the steps to take if they suspect their cryptocurrency wallet has been compromised. Crypto Crime Investigations, a leading firm specializing in digital asset recovery and cybercrime investigations, is here to provide guidance.
With the rise in the use of cryptocurrencies, incidents of wallet hacking and fraud have surged, often leaving victims feeling
helpless and uncertain about their next steps. Crypto Crime Investigations emphasizes that immediate action is crucial in mitigating losses and increasing the chances of recovery.
Immediate Steps to Take:
1. Stay Calm and Assess the Situation: If you notice unauthorized transactions or access to your wallet, take a deep breath. Panicking can lead to hasty decisions.
2. Secure Your Remaining Assets: If you have not already done so, transfer any remaining funds to a new wallet that is secured with strong passwords, two-factor authentication, and preferably a hardware wallet for added security.
3. Document Everything: Keep a detailed record of all transactions, communications, and any signs of unusual activity. This information will be invaluable during the investigation.
4. Notify Your Wallet Provider: Contact your wallet provider immediately. Many reputable services have protocols in place to assist users in the event of a security breach.
5. Report the Incident: File a report with the appropriate authorities. This may include local law enforcement and agencies specializing in cybercrime. Crypto Crime Investigations can assist with this process, providing expertise in navigating legal and regulatory frameworks.
6. Engage with Crypto Crime Investigations: Our team of experienced professionals specializes in tracing stolen assets and conducting thorough investigations. We utilize advanced forensic tools and collaborate with law enforcement to help recover lost funds and bring cybercriminals to justice.
7. Educate Yourself: Understanding the risks and security measures associated with cryptocurrency can prevent future incidents. Participate in workshops and follow updates from trusted sources within the crypto community.
Prevention is Key
The best strategy against crypto crime is prevention. Crypto Crime Investigations advocates for implementing robust security practices, such as using hardware wallets, enabling two-factor authentication, and regularly updating passwords.
As the landscape of digital currencies continues to grow, so does the importance of vigilance and education within the community. Crypto Crime Investigations remains committed to supporting individuals and businesses in safeguarding their digital assets.
For more information on how to protect yourself and your assets, or if you need assistance following a security breach, please visit our website at http://www.cryptocrimeinvestigations.com or contact us directly info@cryptocrimeinvestigataion.com .
About Crypto Crime Investigations
Crypto Crime Investigation is a premier agency dedicated to combating cybercrime within the cryptocurrency space. Our team of experts is passionate about helping victims recover lost assets and educating the public on best practices for securing digital wallets. We leverage cutting-edge technology and extensive industry experience to navigate the complexities of crypto-related investigations.
Media Contact
Organization: Crypto Crime Investigations
Contact Person: Daniel Johnson Public Relations Manager
Website: http://www.cryptocrimeinvestigations.com/
Email: Send Email
Country: United States
Release Id: 26102419047
The post Crypto Crime Investigations Issues Urgent Advice: What to Do When a Digital Wallet Is Compromised appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
Press Release
St. Paul’s PACE Hosts Workshops and Tours at 2024 National PACE Association Conference
San Diego, Calif. (October 25, 2024)– St. Paul’s PACE – Program of All-Inclusive Care for the Elderly –attended the 2024 National PACE Association (NPA) Annual Conference hosted at the Manchester Grand Hyatt San Diego. The dynamic four-day event provided St. Paul’s PACE leadership an opportunity to network with PACE programs from across the country and gather insights to enhance their services.
“The relationships we form and the tools we gain here will directly impact our approach to care moving forward,” said Shravan Mupparapu, Vice President of PACE Services at St. Paul’s PACE. “By collaborating with other PACE programs and learning from their experiences, we can create new pathways for innovation that shape the future of St. Paul’s PACE.”
St. Paul’s PACE leadership team at 2024 NPA Conference
This year’s conference placed an emphasis on behavioral health for PACE staff and participants. Other focus areas included quality improvement strategies, nursing practices, and effective intake techniques, which were explored through several educational sessions. Dr. Jacob Paulsen, Behavioral Health Program Manager for St. Paul’s PACE, hosted a workshop on behavioral health, discussing the need for innovative care strategies that address the unique challenges participants are facing.
Dr. Jacob Paulsen, Behavioral Health Program Manager for St. Paul’s PACE, hosts a workshop on behavioral health strategies.
“The traditional spectrum of care often falls short for our participants,” said Dr. Paulsen. “As experts in this field, we need to be creative in our approaches and deliver flexible, individualized care, especially when treating participants struggling with substance abuse and psychotic disorders.”
Leaders from visiting PACE programs gather for a tour of PACE Akaloa in Chula Vista
Throughout the conference, St. Paul’s staff hosted tours of their Chula Vista center, PACE Akaloa, for over 180 health professionals visiting from other PACE programs. The tours highlighted Akaloa’s unique approach to serving the diverse needs of its participants, the majority of whom are Spanish-speaking.
St. Paul’s involvement in this year’s NPA conference demonstrated its ongoing commitment to fostering collaboration and prioritizing innovation in senior care. By leveraging the knowledge gained, St. Paul’s PACE aims to deliver even higher-quality care to its participants.
St. Paul’s PACE supports seniors so they can continue to live independently at home by providing personalized medical services, social services, transportation, and home care. Seniors who are over 55 years years old with chronic medical conditions that make it difficult to live at home may qualify for services. For more information on St. Paul’s PACE, visit StPaulsPACE.org or call 1(833) PACE NOW. Press contact: Nicole Antonacci, St. Paul’s Senior Services Communications Specialist, 619-239-6900.
Media Contact
Organization: St. Paul’s PACE
Contact Person: Nicole Antonacci
Website: https://www.stpaulspace.org
Email: Send Email
Contact Number: +16195517400
Address: 1306 Broadway
City: El Cajon
State: CA
Country: United States
Release Id: 26102419033
The post St. Paul’s PACE Hosts Workshops and Tours at 2024 National PACE Association Conference appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
Advisor Wechat Capital (AWC), a pioneer in digital asset management, is redefining the future of finance by integrating cutting-edge technologies into its investment strategies. Positioned at the forefront of digital finance, AWC recognizes the transformative power of digital assets and blockchain technologies, positioning itself as a key player in an increasingly digital world. As part of its commitment to future growth, AWC is embarking on an extensive global expansion, aiming to grow its investment portfolio, recruit top talent worldwide, and forge partnerships with leading enterprises and academic institutions.
Advisor Wechat Capital (AWC), a pioneer in digital asset management, is redefining the future of finance by integrating cutting-edge technologies into its investment strategies. Positioned at the forefront of digital finance, AWC recognizes the transformative power of digital assets and blockchain technologies, positioning itself as a key player in an increasingly digital world. As part of its commitment to future growth, AWC is embarking on an extensive global expansion, aiming to grow its investment portfolio, recruit top talent worldwide, and forge partnerships with leading enterprises and academic institutions.
The Global Surge of Digital Assets
In recent years, digital assets have surged in popularity and value, no longer confined to niche circles but widely recognized across mainstream finance. Cryptocurrencies, non-fungible tokens (NFTs), and blockchain innovations are now integral to investment strategies and financial growth. Advisor Wechat Capital has not only embraced this evolution but has positioned itself as a leader in integrating digital assets into conventional portfolios. By offering access to these emerging assets, AWC enables investors to diversify while capturing the benefits of this growing sector.
Integrating Blockchain for Enhanced Security and Transparency
Blockchain technology serves as the foundation for many of today’s digital assets, and AWC is leveraging it to provide secure, transparent, and efficient financial services. By incorporating blockchain into its operational infrastructure, AWC achieves a new level of transaction transparency and security, significantly reducing risks compared to traditional finance models. AWC’s commitment to adopting blockchain solutions demonstrates a proactive approach to safeguarding investments while delivering top-tier service. Its blockchain-driven offerings allow investors to benefit from high security, transparency, and reduced transaction costs.
Expanding Investments and Partnerships Worldwide
AWC’s expansion strategy is designed to meet the growing global demand for digital assets and blockchain-backed services. As part of this strategy, AWC is significantly increasing its international footprint, reaching new markets and forging alliances with established enterprises and top universities. By partnering with innovative companies and educational institutions, AWC not only fosters innovation but also ensures a steady pipeline of qualified professionals who are adept in blockchain and digital finance. This collaborative approach underscores AWC’s mission to bring the benefits of digital asset management to a global audience.
Through these partnerships, AWC intends to:
- Strengthen Innovation: Collaborating with enterprises to co-develop blockchain applications and asset management solutions.
- Support Talent Development: Partnering with universities to offer internships, research opportunities, and specialized training programs in blockchain and digital finance.
- Promote Thought Leadership: Hosting seminars, conferences, and webinars to advance the knowledge and application of digital assets and emerging financial technologies.
Investing in Talent: A Global Initiative
AWC’s success relies on the expertise and forward-thinking approach of its team, and it is committed to recruiting the best talent worldwide. This recruitment drive focuses on individuals with diverse skill sets in blockchain, financial analysis, digital asset management, and data science. AWC values innovation, dedication, and adaptability, and its hiring strategy aims to foster a work culture that attracts and retains top professionals in the industry.
The talent initiative includes:
- Global Recruitment: Sourcing skilled professionals from around the world to strengthen AWC’s global presence and bring diverse perspectives to the team.
- Ongoing Training: Offering continuous learning opportunities, certifications, and specialized training programs that keep employees at the forefront of the industry.
- Collaborative Learning: Partnering with universities for mentorship programs and hands-on training, helping students and recent graduates develop skills directly relevant to careers in digital finance.
Educating Investors: AWC’s Commitment to Client Empowerment
AWC recognizes that while digital assets present exciting new opportunities, they can be complex for those more accustomed to traditional investments. To address this, AWC is deeply committed to investor education. Through its comprehensive programs—including webinars, guides, and individual consultations—AWC ensures that its clients are well-informed and confident in their investment decisions. This commitment to education not only empowers investors but also contributes to the industry’s growth by helping people understand and navigate the digital finance landscape.
Conclusion: AWC’s Vision for the Future of Finance
As the financial world undergoes a digital transformation, Advisor Wechat Capital is leading the way, not just by adopting new technologies but by actively shaping the future of asset management. Through its global expansion, recruitment efforts, and partnerships with enterprises and universities, AWC is creating a sustainable, innovation-driven ecosystem that benefits investors and the digital finance community alike. AWC’s proactive approach, integrating blockchain, digital assets, and a global talent base, positions it as a trailblazer in digital asset management.
For more information on Advisor Wechat Capital and its innovative approach to digital finance, visit advwechat.com.
Media Contact
Organization: Advisor Wechat Capital
Contact Person: Spencer Brown
Website: https://www.advwechat.com/#/
Email: Send Email
Address: 600 17th St, Denver, CO 80202, USA
Country: United States
Release Id: 26102419061
The post Advisor Wechat Capital Spirit of Discovery appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
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