Andy Hill discusses ICMA’s report documenting the performance of the investment grade secondary bond market in Europe from February to April 2020 as the COVID-19 pandemic caused unprecedented levels of market volatility. During the peak of the crisis, before central bank intervention, participants resorted to voice trading when the market became too volatile and too illiquid for dealers to risk providing pricing across electronic platforms, although trading volumes recorded through platforms were at record levels. One of the key lessons from the crisis is that while market infrastructure held up well after 10 years of technological innovation, the role of market-makers in creating liquidity remains at the core of the secondary markets. Reducing the ability of market-makers to provide this service will inevitably impact market liquidity and efficiency, especially in times of market stress.
ICMA Quarterly Briefing, Q2 2022: EU Listing Act consultation and UK Prospectus Regulation review outcome
ICMA Quarterly Briefing, Q2 2022: UK Consumer Duty consultation
ICMA Quarterly Briefing, Q2 2022: MiFID II bond market transparency regime
ICMA Quarterly Briefing, Q2 2022: Settlement efficiency
ICMA Quarterly Briefing, Q2 2022: Common Domain Model: Phase 2
Obstacles to creating a successful repo market
ICMA Future Leaders Fintech Working Group Podcast Series | Episode 4 | The history and future of blockchain bonds
Monthly Market update: ICMA Asset Management & Investors Council (23 February 2022)
The Principles: The foundations of the sustainable bond market (podcast in Mandarin)
ICMA Future Leaders Fintech Working Group Podcast Series | Episode 3 | The challenges behind cash settlement of digital bond transactions
G7 economies and global bond markets with Aditya Bhave, Bank of America Securities
The future of credit trading
Monthly Market update: ICMA Asset Management & Investors Council (24 January 2022)
Recovery as a springboard for change with Debora Revoltella, EIB
Prospects for sovereign bonds and other fixed income assets with Luca Cazzulani, UniCredit
The outlook for growth and inflation 2022-2023 from Tom Porcelli & Peter Schaffrik, RBC Capital Markets
ICMA Future Leaders Fintech Working Group Podcast Series | Episode 2 | The European regulatory landscape, CMU and digitalisation
Financial market and economic outlook 2022 – with Gilles Moec, AXA Group
ICMA Quarterly Briefing, Q1 2022: Commentary from the Chief Executive
ICMA Quarterly Briefing, Q1 2022: ICSDs’ new syndicated closing model
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