2016 European Fixed Income Market Sizing: E-Trading Maturity Through IDB2C?

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9 October 2016


Celent has released a new report titled 2016 European Fixed Income Market Sizing: E-Trading Maturity Through IDB2C? The report was written by Joséphine de Chazournes, senior analyst in Celent’s Securities & Investments practice.

This is Celent’s yearly European fixed income report to update market players on market size, trends, and structural changes.

Electronification patterns are mature in government bonds but not in nongovernment bonds, where the buy side is playing a more active role in the run-up to MiFID II.

Interdealer government bond trading volumes have further dried up because of the economic uncertainty and the increased balance sheet cost, but dealer-to-client business has kept up: it is critical to enhance liquidity by creating an IDB2C microstructure for nonbanks to provide liquidity.

Though volumes are stable in the nongovernment bond interdealer market, there are many market share swings between the platforms. The dealer-to-client market has grown thanks to the client inclusive technologies, venues, and protocols.

“It is time for regulators, DMOs, and IDB platforms to start working on a new microstructure that would enable selected nonbanks to enter the European government IDB secondary market in a safe enough way for governments and dealers alike,” says de Chazournes. “The nongovernment bond market liquidity has shifted: the success of some client-centric venues and protocols is its best proof.”