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European Credit Update - February 2015

New issuance of euro-denominated corporate debt intensified in February in the wake of the European Central Bank’s announcement on January 22 that it would launch an expanded quantitative easing program, effective in March.

The Consolidated Audit Trail: Stitching Together the US Securities Markets

The complexity of our market structure and underlying technologies surpasses our current ability to monitor, analyze and reconstruct market events.

Data Points: Government Bond Update - February 2015

Following lengthy negotiations between Greece’s new government and eurozone finance ministers, a four-month extension of the country’s bailout program was agreed on February 20.

Credit Default Swaps: Weapons of Mass Disclosure

The multitrillion-dollar market for credit default swaps came under withering criticism during the 2007-10 financial crisis, and Warren Buffett famously deemed them “financial weapons of mass destruction.

The Need for Equivalence in European and U.S. Clearing Rules

Regulatory equivalence means that European banks clearing their trades via CCPs in equivalent jurisdictions can do so without the need for added compliance burdens.

The CAT Conundrum: A Cost-Benefit Analysis

The Consolidate Audit Trail is one of those unique initiatives that the capital markets community agrees is important.

How Reg ATS Destroyed Buy-Side Price Discovery and Block Liquidity

There’s plenty of demand for block liquidity. The problem is supply. Reg ATS, which was intended to broaden market transparency, instead eviscerated it, in the process leaving price discovery behind.

Market snapshot: Germany's 10-year Bund yield drops to new record low

Germany’s 10-year government bond bid-yield closed at a new record low of 0.19% yesterday. Its downward course continued today, as it dropped to an intraday low to 0.17% at 13:16 GMT.

Compression List Trading on SEFs

Compression List Trading volumes have continued on their upward trend this year and in this article I will look into the what the data shows both in terms of volumes and also SEF market share.

Trade Surveillance in Swaps Trading

The advent of Swap Execution Facilities and Swap Data Repositories means that it is now possible to implement effective trade surveillance in the OTC swaps market.