Buy-side Perspectives Issue 7 | Page 39

Fixed income brand rankings
Electronic bond liquidity initiatives - by product, using, committed to purchase, testing, in discussion
Europe (Euro/GBP bonds)
1. Liquidnet Fixed Income*Winner

USA (US$ bonds)
1. MarketAxess all-to-all Open Trading*Winner

Asia (Asian bonds)
1. Bloomberg ALLQ/X *Winner

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11.

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Bloomberg ALLQ/X
Algomi Honeycomb
MarketAxess all-to-all Open Trading
Tradeweb
Bloomberg BBX/ Project Neptune
MTS B2Scan
Bloomberg AIM/EMSX/Ipreo
Market Axess RFQ/ TradingScreen TradeCross
BGC Trader/ UBS PIN
Aladdin ATN/Axe Trading EMS/Euronext
BondMatch/FlexTrade EMS/Markit Thinkfolio/
Portware EMS

Liquidnet Fixed Income
Bloomberg ALLQ/X
Algomi Honeycomb
Tradeweb/ Project Neptune
Bloomberg BBX/MTS B2Scan
MarketAxess RFQ/Ipreo
Bloomberg AIM/EMSX/UBS PIN
Tradeweb US Corporate
Aladdin ATN/Axe Trading EMS/BGC Trader/
FlexTrade EMS/Markit Thinkfolio/Portware EMS/
TradingScreen TradeCross

8.

Algomi Honeycombe
MarketAxess all-to-all Open Trading
Bloomberg BBX
Ipreo/Tradeweb
MTS B2Scan/Project Neptune
Bloomberg AIM/EMSX/BGC Trader/
MarketAxess RFQ
Aladdin ATN/Axe Trading EMS/FlexTrade
EMS/HSBC Credit Place/Markit Thinkfolio/
Portware EMS/SGX Bond Trading/
TradingScreen TradeCross/UBS PIN

Electronic bond initiatives for block trading - by product (as above) selected for >5M US$ block trading
Europe (Euro/GBP bonds)
1. Liquidnet Fixed Income *Winner

USA (US$ bonds)
1. Liquidnet Fixed Income *Winner

Asia
1. Bloomberg BBX *Winner

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4.

Bloomberg BBX
MarketAxess all-to-all Open Trading/
MarketAxess RFQ
Axe Trading EMS/BGC Trader/Bloomberg
ALLQ/X/Tradeweb/TradingScreen
TradeCross

4.

Bloomberg BBX
MarketAxess all-to-all Open Trading/
MarketAxess RFQ
Axe Trading EMS/BGC Trader/Bloomberg
ALLQ/X/Tradeweb

MarketAxess RFQ
Axe Trading EMS/BGC Trader/Bloomberg
ALLQ/X/MarketAxess all-to-all Open
Trading/Tradeweb

Preferred broker - by bond and currency type
Europe (Euro and GBP bonds)

USA (US$ bonds)

Asia (Asian bonds)

Rates OTC

Rates OTC

Rates OTC

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1. Barclays *Winner

1. BAML/Citigroup *Winners

Citigroup
Deutsche Bank/HSBC
JP Morgan/BNP Paribas/BAML
Société Générale/RBS/Lloyds Bank
Goldman Sachs
Morgan Stanley
RBC/Nataxis
Nomura/Crédit Agricole
Nordea
DZ Bank/DNB Nor/Credit Suisse/ANZ

Credit OTC

1. JP Morgan *Winner
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11.

Citigroup
Barclays
HSBC/BNP Paribas
Morgan Stanley/Goldman Sachs/BAML
Société Générale/Deutsche Bank
RBC
Lloyds Bank
Wells Fargo/RBS/Mizuho Bank/Natixis
Crédit Agricole/UBS/Nordea/DZ Bank
Credit Suisse/Danske Bank/Nomura

Goldman Sachs/JP Morgan
Barclays/Morgan Stanley
Deutsche Bank/HSBC
BNP Paribas/RBS/Wells Fargo
RBC
Crédit Agricole/Credit Suisse/Nomura/
Société Générale

1. Citigroup *Winner
JP Morgan
Morgan Stanley
BAML/Goldman Sachs
Barclays
Wells Fargo
Deutsche Bank/HSBC
ANZ/RBC

Citigroup
Barclays
BAML/JP Morgan/Mizuho Bank/Nomura
Deutsche Bank/BNP Paribas

Credit OTC

1. HSBC/Citigroup *Winners
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Credit OTC
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1. HSBC *Winner

JP Morgan
Barclays/BAML
ANZ/BNP Paribas/Deutsche Bank,
Goldman Sachs/Morgan Stanley/
Nomura/StanChart

Foreign exchange rankings
FX trading system – block trading
Asia
1. 360T *Winner

FX trading system

Europe
1. FX Connect *Winner

Asia
1. Bloomberg FXGO *Winner

Europe
1. FXall *Winner

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2.

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3.
4.

Cürex/FXall

360T/FXall/Portware

Bloomberg FXGO
FX Connect
360T/Cürex/Deutsche Bank/
Portware/UBS/BHF Bank

FX Mid and fixed fee broker

FX TCA vendor

FX data supplier

Global
1. JP Morgan *Winner

Global
1. ITG Analytics *Winner

Global
1. Bloomberg *Winner

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Citigroup/State Street
Deutsche Bank/Morgan Stanley/Northern Trust
BAML/BHF-Bank/BNP Paribas/CBA/Commerzbank/
Donner & Reuschel/HSBC/Lloyds Bank/RBS/Société
Générale/UBS/Westpac

Bloomberg
Morgan Stanley Matrix
Elkins/McSherry/FX Transparency/Portware

Portware/ Thomson Reuters
Currenex/Deutsche Bank/
EBS/ITG