Gaining Price Transparency in Fixed Income Markets

A 4-part conversation between ICE Data Services and Charles River

Global fixed income markets are undergoing significant structural change, creating both challenges and opportunities for buy-side firms.

We asked Product Directors from Charles River and ICE Data Services how the incorporation of ICE Continuous Evaluated Pricing in the Charles River Order and Execution Management System provides a compelling solution for fixed income traders grappling with these challenges.

Following the path taken by equities over 20 years ago, bond markets are likewise transitioning to electronic trading. Conducting this interview on the floor of the iconic ICE/New York Stock exchange is an apt metaphor for the future of bond trading.

Part 1 –
Fixed Income Market Structure Evolution

The steady growth of electronic trading, increased broker/dealer regulation, and record corporate debt issuance have permanently changed global fixed income markets.

Our panelists discuss how these changes are forcing fixed income managers to adapt their existing processes, front office technology, and data requirements to remain competitive and compliant in this new environment.

Part 2 –
Regulatory Drivers for Improved Trade Analytics

MiFID II trade transparency requirements mandate that traders justify prices at the point of trade and defend best execution in a systematic manner. This can be difficult if not impossible in thinly traded names and illiquid markets.

In this segment, panelists examine the critical role that independent pricing plays in helping fixed income managers demonstrate best execution and evaluate the execution quality of new trading venues.

Part 3 –
Improving Trader Efficiency

Front-office downsizing, faster markets and the large number of new issues has created new challenges for fixed income traders. The ability to leverage trade analytics and pricing data is proving to be a key differentiator for buy-side firms.

Our panelists examine how traders gain important pre-trade market visibility, respond faster to trading opportunities, and collaborate more effectively with portfolio managers to generate trade ideas.

Part 4 –
The Evolving Fixed Income OEMS

Greater price transparency in fixed income markets provides firms and their clients with reduced execution costs and helps ensure compliance with the latest regulations. As new trading venues and business models are launched, the ability to provide transparency rewards those venues that can demonstrate consistently high quality executions.

Our panelists discuss how the partnership between Charles River and ICE Data Services provides fixed income managers with a compelling and evolving solution for navigating rapidly changing fixed income markets by delivering evaluated pricing and extensive analytical capabilities from within the order and execution management system.

About the Presenters:

Bill Gartland, CFA
Senior Director, Evaluated Services
ICE Data Services

Bill joined ICE Data Services in 2014 to lead the delivery of the Continuous Fixed Income Evaluated Prices product. He is a Chartered Financial Analyst with over 25 years of experience, beginning his career as a fixed income research analyst with Drexel Burnham. For the last 10 years, Bill has focused on fixed income electronic trading at Bloomberg, Tradeweb and Benchmark Solutions. He holds a BA in Mathematics from Iona College and an MS in Computer Science from the New York Institute of Technology.

Michael Beattie
Director, Product Management
Charles River

Michael is responsible for the product management of Charles River’s Fixed Income Execution, Equity, FX, and Listed Derivative initiatives.  Prior to Charles River, Michael was a Vice President at Fidelity Investments,  responsible for Equity, Fixed Income, and Electronic Trading projects for the Fidelity Capital Markets trading desk. At Andersen Consulting, Mike worked on initiatives at Goldman Sachs, Thomson Financial, State Street Bank, and Sun Trust Bank. Michael holds a BS in both Economics and Finance from Boston College, and an MBA from Babson College.