Vuk Magdelinic

Speaking to The TRADE, Vuk Magdelinic, chief executive of Overbond, explained: “A lot of buy-side firms, depending on their portfolios of course, look to Neptune basically to discover price and size most efficiently. This service is augmented now with a systematic integration of Neptune real time data and an algorithm that can then do deeper comparison both in real time and historical, digesting more data and bringing the insights to buy-side desk faster and in a more robust way. It’s essentially a levelling up of the Neptune benefits.”

The move will enhance client-specific analytics for corporate trading execution as well as providing Neptune Networks, a fixed-income pre-trade market utility, with the latest in AI size-adjusted pricing and liquidity discovery.

Byron Cooper-Fogarty, chief operating officer at Neptune, said: “Neptune has always responded to buy-side demand for connectivity to core workflow and analytical tools. The integration with Overbond is the latest step in that process.” 

In addition, Overbond is also set to expand the securities covered by its analytics and trading algorithms through the incorporation of Neptune data into each single-tenant client environment, on request. 

While sell-side fixed income desks have distributed axes to clients to signal which securities they are most interested in buying and/or selling for some time, buy-siders instead use this information to execute large trades, optimise order allocation and source liquidity for less liquid securities. 

Read more: Bond traders increasingly managing execution rather than partaking

“This is at the end of the day data integration. Obviously, the Overbond product on its own already has capability to aggregate different data sources to produce recommendations on size, routing, and obviously liquidity profile and market price per security, but the Neptune data inclusion for buy-side shops makes the dealer quotes and execution component of that aggregation more robust and extends the coverage and precision and relevance of the signals for particular buy-side desks. It’s a client-specific solution.” Magdelinic said to The TRADE.

Following this integration, Overbond AI is set to utilise axe data provided by Neptune to enhance its size-adjusted pricing, with plans for this to be included in its analytics and trade automation suite.

Read more: Overbond unveils new artificial intelligence-based smart order routing system

Last September, Overbond unveiled its smart order routing (SOR) algorithm, aimed at addressing the time-consuming and challenging process of allocating trades via the best execution route.

Specifically, it uses historical information alongside current dealer axes, unique to clients, to determine the optimal dealer to engage for a specific security, given current market conditions. The live axe data from Neptune will further enhance the precision of the Overbond SOR algorithm, according to the business.

Speaking to future plans, Magdelinic told The TRADE: “I think with increased buy-side adoption we will look to deploy our next generation smarter order router, which helps buy-side desks with recommendation of where to route – not just amongst the dealer inventory choices, but also with regards to the venues and protocols they’re connected to.”

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The buy-side can utilise the automated process of SOR for online trading specifically, working for best execution through allocating based on price and liquidity. The algorithm also, when needed, has the capacity to determine optimal methods of breaking up (or chunking) a trade.

In the development of its offering, Overbond worked with both buy- and sell-side partners. Specifically, the system is an AI-enhanced routing logic to provide traders with a complete view of order break downs. 

Speaking in an announcement, the business highlighted that AI-driven tools are “critical for achieving no-touch end-to-end bond trading automation and may contribute to the continuing increase in automated trading of fixed income”.

Read more: Overbond expands automated bond trading service with Deutsche Börse European fixed income data

Overbond’s developed analytics auto-adapt to trade size and direction, which allows traders to view data across hundreds of thousands of fixed income securities.

Traders can view implied liquidity and confidence scores which have been sourced from volatility and bid-ask spread components. Overbond employs a three-tier system, dependent on liquidity and pricing confidence relative to the universe of bonds with the same currency.

Vuk Magdelinic, chief executive of Overbond, explained: “Gauging liquidity and routing orders are pivotal steps in the trading process and enhancing them with AI can help traders manage their workflow more efficiently, automate more trades and improve profitability. At Overbond we have a strong team of data scientists and developers who are working hard to innovate and push the boundaries of what AI can do in the fixed income markets.”

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Over recent months, historical Level 3 data provider BMLL has seen a surge in activity as it continues to expand its equities and ETF data coverage. Its products now include data from the Hong Kong Stock Exchange (HKEX), Cboe Europe Indices, and more recently this month, the Shenzhen Stock Exchange.

Speaking to The TRADE last week, Paul Humphrey, chief executive of BMLL, explained that these recent moves had come in response to client demand for enhanced coverage.

“Our clients and market participants overall are demanding increasingly comprehensive, high quality data sets to understand market behaviour and we are delighted to provide them with the insights they need to make more informed trading decisions.”

Data from the added exchanges are available to BMLL users across the buy- and sell-side, as well as global exchange groups. Other inclusions earlier this year include: Cboe Japan, Japannext, and Singapore Exchange.

In other exchange news, the Johannesburg stock exchange launched a joint venture with big xyt in a bid to offer greater accessibility to data analytics to international trading venues and firms of all sizes.

The JV – big xyt ecosystems – is set to offer the Trade Explorer data platform, recently launched in South Africa, to financial centres globally.

Speaking at the time, Leila Fourie, chief executive of JSE Group, said: “All trading venues understand the need for a market data business adjacent to the core mission of providing high quality markets.”

There has also been notable movement in bonds offerings, which included updates from Overbond, Mizuho EMEA, and Intercontinental Exchange (ICE).

In May, Overbond entered into an agreement to integrate European fixed-income transaction data from Deutsche Börse into its AI-aggregated data feeds and automated bond trading.

With this move, Overbond plans to “generate a robust European fixed-income trading data set,” aimed at plugging the gap in the fixed income markets in Europe that continue to be challenges for traders. The firm said its combination with Clearstream transaction data would create “the most robust European AI training data set available for the benefit of a better informed fixed income in Europe”.

The following month, Mizuho EMEA joined Neptune network as axe dealer for bonds in a move linked to a desire from the buy-side to access higher quality data from liquidity providers.

Byron Cooper-Fogarty, chief operating officer at Neptune, at the time highlighted that “this has been a client driven addition, as buy-side traders and portfolio managers continue to ask for high quality data from liquidity providers such as Mizuho.”

More recently, ICE made some updates to its corporate bond offering, relaunching its sweeps protocol – ICE RMA – in response to market demand.

Peter Borstelmann, president of ICE Bonds, highlighted that there was a notable demand for improvement in the space and the development of a product superior to that already in the market.

Speaking to The TRADE, he explained: “We heard from our partners that they wanted a strong competitor in this space and nobody had yet been able to step [into] that capacity.  We saw this as an opportunity to invest in something that we were the initial creators of and would be a nice complement to our existing ATS liquidity network […] we invested in both human capital and technology to bring an intuitive and easy product to market and the initial adoption and activity validates this investment.”

Also launched into the market in recent months were updates to FX offerings from several players. Earlier this month, August, Bloomberg announced that it had added a new suite of FX pricing quality tools in a bid to enhance RFQ pricing requests.

The tools – available to clients of its premier multi-bank FX trading platform (FXGO), through MISX, Bloomberg’s multi-asset reporting tool for electronic trading – allow price markers to more quickly identify where and why opportunities to price are being missed.

Tod Van Name, global head of foreign exchange electronic trading at Bloomberg highlighted the importance of this enhanced tool and the transparency and availability of real time information that it provides to their clients for trading operations.

“These new pricing quality analytics in MISX provide both buy- and sell-side market participants with unparalleled breadth and depth of analysis and output, that can help them make more informed trading decisions and achieve better outcomes.”

Guillaume Carreno, global head of electronic client connectivity at Crédit Agricole CIB, added: “The additional information, especially the “Best Alternative” data, has enabled us to identify areas where we can further improve the pricing quality for our clients. The productivity efficiency we gain with this new feature is an important added value.”

Similarly, Trading Technologies (TT) has been making a move to establish itself in FX, launching a new business line in June following its entry into the fixed income market for the first time in March with its acquisition of AxeTrading.

In August, TT acquired Abel Noser’s buy-side TCA subsidiary, building on its continued multi-asset data and analytics expansion.

“This acquisition enhances our appeal to the buy-side with an offering that spans multiple asset classes which we can fortify with the wealth of anonymised data harnessed through our platform,” said Trading Technologies chief executive officer Keith Todd.

Elsewhere, players have made enhancements aimed at assisting traders with their operational needs, seeking to optimise, secure, and streamline processes.

In June, futures industry technology provider FIA Tech enhanced its Trade Data Network (TDN) to support the operational resiliency demands of clearing firms utilising the platform. 

From now, users of TDN are able to securely replicate and store all trading activity at any exchange connected to the network, resulting in speedier recovery in the event of a systemic outage. 

Additionally, the following month, FlexTrade and TRAction announced a new integration aimed at alleviating the “operational burden” of transaction reporting on the buy-side trading desk.

Its system users can use this update in daily transaction reporting processes, by automatically reporting their data through the TRAction platform in the appropriate format. (Spark EMS users can also use TRAction for Emir, Mifir, ASIC, MAS and Canadian reporting).

At the time, the pair claimed that this direct integrated approach “removes formerly manual tasks, reducing errors and improving quality”.

More recently, MarketAxess announced plans to acquire multi-asset algorithmic trading provider Pragma, betting on this move as a sure way to enhance its clients’ workflows.

“Our acquisition of Pragma underscores MarketAxess’ commitment to innovating, integrating, and providing our clients with quantitative, AI-powered technology solutions powered by proprietary data designed to simplify and enhance their workflows,” said Chris Concannon, chief executive officer of MarketAxess. 

David Mechner, founder and chief executive of Pragma, added: “Pragma and MarketAxess share a common mission of using technology and automation to improve trader efficiency and generate superior trading outcomes for investors.”

These recent surge in activity, across various sectors and asset classes, makes clear how seriously firms are taking demands from the market. Providers are demonstrably taking note of the market’s call for better and more accessible data, acutely aware that falling behind the client demand curve now will be increasingly detrimental to business in the long run.

Whether it be through acquisitions to “plug gaps,” joint ventures to share expertise, or straightforward investment in technological updates, what is clear is that providers across the board know where priorities need to lie as the market undergoes significant change. 

Driven by mounting regulatory pressures, increased globalisation, and general uncertainty as regards future trading rules, the need for better data is clear. It’s do or die.

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The discussion delved into the key impacts of automation within fixed income, in particular, how it could shape the future role of traders themselves.

Among the panellists was Adrian Dacruz, vice president, strategic market development capital markets at Deutsche Börse who touched on the positive correlation between automated solutions and individuals being freed up to focus on higher value tasks, such as strategy and building client relationships – “working on managing the execution process rather than partaking in it”.

He added that, “Automation allows us to reduce the biases that exist in the investment sphere because of us as humans. Day to day behaviours, like herd behaviour, bias, and over confidence is reduced with an automated strategy. Humans act on emotion, but a system acts on what it’s told to do, which is a key factor.”

Andrew Kovacs, director of product management EMEA at Charles River Development agreed, suggesting that, “There is a need for technical expertise to evaluate the resulting trades that have been processed through this automation process”.

If everything is done manually, said Kovacs, “You have a very deep understanding of every trade you’ve actually executed as opposed to when you pass things through a machine. Looking for ways to improve or optimise the process on the trading desk requires new skills to make sure the quality of the trades remain high.”

He went on to say: “The skills that traders have today may not lend themselves particularly well to this exercise, so trade desks may have to bring in talent to complement the process.”

Other speakers included Lu Fu, managing director, head of eSales and digital transformation EMEA at Mizuho and James Bunting, global head of partnerships at Finsemble.

Interoperability is essential

The panel established that automation is a multi-faceted, dynamic problem to solve. A large portion of the discussion centred around interoperability, which the speakers agreed is vital to the future of the space.

Bunting said ensuring applications and services were working together cohesively was essential “even though they’ve never been designed to.”

For Fu, one of the most important considerations from a trading desk perspective was to ensure that users have a say in how they want their workspace to look and operate in order to increase efficiency.

“We need to upgrade the trading desk skill set in a way people feel comfortable in knowing how the systems work together now […] the majority of the time end-users struggle to see how systems interact. It’s a long journey and as Andrew pointed out a lot of time is [spent] training on the desk, and hiring more diverse types of talent on the desk to help with this,” Fu said.

Panellists also discussed what credit trade workflow could look like in the next two years, with Kovacs highlighting how the line between traders and PM roles is becoming increasingly blurred as the traders’ realm opens up.

“Years ago, traders had control over all the data related to trading activity, but now PMs have insight into a lot of information such as liquidity and pricing and they might use that to help inform their security selection process,” he noted. “Now more than ever, PMs are helping make decisions about which trades to automate” – a situation which he stated will only continue to be more prevalent as automation increases.

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The agreement specifically relates to Deutsche Börse and Clearstream’s recently co-developed new fixed income data service, Bond Liquidity Data.

Through this partnership, Overbond customers will be able to access settlement-level fixed-income transaction data derived from the 170 million transactions that Clearstream processes annually. This covers 60 domestic markets and includes 100 currencies.

With this move, Overbond AI plans to “generate a robust European fixed-income trading data set,” aimed at plugging the gap in the fixed income markets in Europe that continue to be challenges for traders.

Overbond uses six months of historical data to train its AI model. The firm said its combination with Clearstream transaction data would create “the most robust European AI training data set available for the benefit of a better informed fixed income in Europe”.

The fixed income markets have typically been heavily over the counter and manual in past years and for this reason the space lacks transparency. While Europe is on the cusp of implementing a consolidated tape for bonds, until regulators do so the industry remains reliant on data aggregation services such as these.

Vuk Magdelinic, chief executive of Overbond, said: “Complete and accurate data is a foundational tool for achieving consistent profitability in the bond markets. Incorporating Clearstream data into the training set for Overbond AI is a game-changer. It allows us to create a great tool for traders of European debt and enables them to automate up to 40% of their trades using Overbond.”

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Nomura Securities appointed Joshua Lukeman as managing director and head of US Delta One Index. Lukeman joined Nomura from Credit Suisse, where he spent nearly 19 years in various leadership and trading roles within the firm’s equity finance business. Most recently, Lukeman served as head of the equity finance group for the Americas, where he oversaw multiple trading desks including equity synthetics, ETF and systematic marketing making. Before joining Credit Suisse, Lukeman spent six years at Morgan Stanley as an equity and index option market maker. At Nomura, Lukeman will expand the firm’s D1 Index and ETF products, alongside bringing additional expertise in related financing products to scale Normura’s broader US equities offering.

AI quantitative analytics provider Overbond appointed Chaim Hack as its new director of sales, based in London. Hack was previously director of business development at Coremont for just under a year, and for Coremont Digital for eight months before that. He was formerly with cybersecurity firm QOMPLX from May 2020 in a variety of roles. Hack first came to the UK in January 2014 as managing director of EMEA business for investment management software firm Enfusion, for whom he set up the firm’s first London office. He started his career in derivatives at JP Morgan, where he worked for six years.  

Fixed income investment banking boutique KNG Securities appointed CIS specialist Igor Nartov as emerging markets (EM) senior advisor. Nartov is a senior fixed income trader with more than 12 years’ experience in EM FX and rates markets. He joined KNG Securities from investment bank VTB Capital, where he oversaw the local currency government bonds trading franchise. Nartov also brings market-making experience in a wide range of products including FX, local rates, interest rates derivatives and structured notes in both EM and G10 areas.

Talomon Capital junior investment director and trader, Michael Truckle, left the firm to join Hudson Bay Capital Management. Truckle was appointed associate analyst at Hudson River Bay Capital after spending the last two years at Talomon. Prior to joining Talomon in 2021, Truckle spent nearly two years at JP Morgan in an emerging markets equities trading role and later in an equity capital markets syndicate role. Truckle was recognised as one of The TRADE’s Rising Stars of Trading and Execution in 2021 alongside peers from across various other buy-side institutions.

Global trading infrastructure provider Exegy made a string of key senior appointments including a new chief executive office, chief financial officer and chief technology officer – as part of its accelerated growth strategy. David Taylor was promoted to the role of chief executive officer, after serving in product strategy and engineering leadership roles at Exegy over the last 18 years. Taylor replaces James O’Donnel, who announced his retirement after leading the company since 2005.

Alongside Taylor’s appointment, Peter Feret was named chief financial officer. Feret brings 25 years of experience in shaping financial strategy for growing companies including Scripps Networks Interactive, which was acquired by Discovery Inc. and Ministry Brands. Elsewhere, Jason White, who has spent 20 years at Exegy, was promoted to the role of chief technology officer. During his tenure at Exegy, White has held leadership roles in engineering, solutions consulting, managed services and product strategy, most recently serving as vice president of product management for market data.

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Overbon

An AI quantitative analytics provider for institutional fixed income capital markets, Overbond provides data aggregation solutions and AI algorithms for bond pricing, bond buyer matching, pre-trade signals and market surveillance. 

“Happy to announce have started at Overbond,” said Hack in a social media post. “Would like to thank [CEO] Vuk Magdelinic for the opportunity and looking forward to European expansion for the company.”  

Read More – TRADE CALLS: Overbond – Automation in fixed income markets  

Hack was previously director of business development at Coremont for just under a year, and for Coremont Digital for eight months before that. He was formerly with cybersecurity firm QOMPLX from May 2020 in a variety of roles. 

He first came to the UK in January 2014 as managing director of EMEA business for investment management software firm Enfusion, for whom he set up the firm’s first London office. He started his career in derivatives at JP Morgan, where he worked for six years.  
 

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Vuk Magdelinic, chief executive officer, Overbond:

Steve Toland, co-founder, TransFICC: Over the past few years many people have predicted that the fixed income market would consolidate. In fact, the opposite is true, with more than 170 fixed income electronic trading venues currently live (an increase of approximately 20 in the past year). In 2023 we predict that market fragmentation will increase, with the launch of more e-trading venues. Also, as dealers seek to manage trading costs, direct connectivity will increase, where dealers provide direct streamed prices as an alternative source of data and direct trading. Modular technology will drive the market forward, and we expect to see opensource technologies become used more widely in fixed income, as firms accept they do not need to build all the applications in their technology stack. Cloud adoption is another key trend. In the past two years there has been more acceptance that the Cloud offers the benefits of scalability, efficiency, and reduced costs, and that it can be used for trading asset classes that are less sensitive to latency. With increased efficiency a key requirement for all trading firms, modular technology solutions, built in the Cloud for maximum scalability to meet evolving functionality, will be essential to the evolution of the Fixed Income market during 2023.

Raj Paranandi, chief operating officer, MarketAxess EMEA and APAC: The last 12 months have resulted in some of the most volatile and challenging liquidity conditions the bond market has faced in recent memory. Recent periods of volatility have created a greater desire from market participants to innovate and adapt to new approaches in the market. In fixed income this has continued to drive electronification and the use of data to enable transparency in decision making. We continue to believe that all-to-all trading is an essential mechanism to allow investors to navigate stressed market conditions, where there may otherwise be liquidity shortages.

Stefano Dallavalle, fixed income product manager, EMEA, FlexTrade Systems: The adoption of EMS technology will continue to grow into 2023, with the streamlining of execution workflow driving efficiency in fixed income emerging as key drivers for the buy-side. The next 12 months will build upon existing automation to see additional protocols and destinations made available to smart order router (SOR) strategies to deliver improved choice and flexibility of execution to the buy-side. Additionally, bilateral dealer connectivity via EMSs will offer a disruptive alternative to the established RFQ workflow of many desks and will continue to grow into 2023. The EMS’s ability to combine these connections with other data points available to the buy-side and to offer a consolidated pre-trade view of the market while providing intelligent automation capabilities will become crucial in 2023. As a result, I predict that fixed income EMS solutions will emerge into mainstream use and become a mission-critical tool for bond desks, similar to their use in other asset classes.

Alex Nowak, head of Continental European FICC e-Sales, JP Morgan: Since more than one-third of the institutional clients we surveyed in JP Morgan’s FICC e-Trading Survey at the end of last year suggested liquidity availability and price transparency were their key concerns entering 2022, we focused on enhancing the tools provided to clients to navigate these markets and to reinforce cross asset systematic trading capabilities. Due to the benefits clients received from real-time monitoring tools in FX spot and how it impacted their usage of orders versus risk-transfer, we see rising demand for more functionality and interactive capabilities in FX and at the same time greater pre- and post-trade transaction cost analytics in fixed income and commodity markets in 2023. These solutions will come via bank-specific and third-party channels to enrich the execution decision process and address the increasing data needs of traders and portfolio managers alike as well as the data scientists who support those trading efficiencies. Algos are set to continue to grow by volume in FX due to sophisticated decision-making processes supporting best execution requirements and new demand will arise for these orders in areas like US Treasuries, which are starting to see new solutions developed. Government bond trading will broadly witness changes to trading protocols aided by improved streaming pricing, similar to FX Spot, helping clients with price discovery, reduce information leakage and serve as a steppingstone towards more algorithmic trading solutions.

Chris Bruner, chief product officer, Tradeweb : The electronification of the credit market is truly taking shape and we’re seeing a unique change beginning in that space. In 2023, expect to see more focus on large-scale risk transfer in credit as opposed to single security trading. As the tools and analytics needed to make this kind of trading more efficient becomes available, expect to see more portfolio managers adopting this approach. Large-scale risk transfer will represent a fundamental shift in the structure of the credit market as traders increasingly view it as transferring baskets of risk with a desired set of characteristics. Packaging up trades provides investors with greater certainty that trades will be executed and when you combine this with the rise of automation, we know we’ll be seeing a lot more of this kind of trading in 2023. 

Jim Kwiatkowski, CEO, LTX (a Broadridge company):

The capital markets industry experienced a particularly volatile 2H 2022 as investors grappled with a looming recession and peak inflation. This year will be remembered as the year when market participants were forced to adjust to a drastically different environment due to a hawkish approach from the Fed, the war in Ukraine and persistent supply chain issues altering the trading landscape. The US corporate bond market was not unscathed by these challenges, which will continue to have ripple effects well into 2023.

We expect the Fed’s tightening of monetary policy to continue, with the process ending in the first half of 2023 and interest rates and inflation remaining relatively high throughout the year. We expect high rates and recessionary concerns to continue to hold back the new issue market. Amidst these conditions, the availability of secondary market liquidity will be a key challenge that market participants will continue to solve for in 2023. We expect to see electronic bond trading reach record levels with the employment of innovative artificial intelligence (AI) and technology that increase transparency while minimizing information leakage. We also anticipate the further adoption of advanced trading tools for more efficient e-trading of large orders.

The post The TRADE predictions series 2023: Fixed income appeared first on The TRADE.

The margin optimisation add-on is integrated with Overbond’s suite of AI-powered fixed income analytics, and aims to help traders optimise their hit ratio and triple the number of RFQs they can profitably respond to with full or partial automation.  

It captures margin optimisation data and trains the model to the risk tolerance and execution style of the trading desks, categorising RFQs processed in terms of those that are accepted, rejected, covered and traded away. With this, the tool reduces distance-to-cover at point of execution of new RFQs based on best price according Overbond’s pricing model.

“It is difficult for sell-side fixed income desks to be profitable in this environment, so trade automation has become the industry standard. Traders are realising that they can gain a competitive edge by augmenting their trading with AI,” said Vuk Magdelinic, CEO of Overbond.

“Of course, achieving an optimal hit ratio is a key part of maximizing P&L. With Overbond’s AI-driven margin optimisation add-on, sell-side desks can respond to up to three times the volume of RFQs without incurring negative margin on those trades.”

Earlier this month, Overbond teamed up with trading communications specialist IPC to introduce technology that allows voice transaction data to be translated into algorithms for executing automated trades in fixed income.

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Analytics provider Overbond has teamed up with communications specialist IPC to automate fixed income trading using AI algorithms.

Through the partnership, the FinTechs will introduce technology that allows voice transaction data to be translated into algorithms for executing automated trades in fixed income. 

As part of the agreement, IPC’s point-of-trade voice transaction data  will be integrated into Overbond’s AI pricing and liquidity algorithms.

“Roughly one quarter of fixed income trades in the United States and Europe are still executed by voice,” said Vuk Magdelinic, chief executive officer at Overbond. “This heretofore uncaptured data was a significant gap in AI-powered, automated fixed income trading and modelling, and will be erased by Overbond’s strategic collaboration with IPC.” 

IPC’s dictation as a service is cloud and natural language processing (NLP) based, and is powered by its financial ecosystem, Connexus Cloud. It enables traders to dictate their trade jargon and then translates the output in real-time through a visualisation application, giving end-users an exportable and structured format of data.

The communications specialist expanded the data remit of its Connexus ecosystem through an extended partnership with data and trading technology provider Vela in August last year that saw its users gain access to Vela’s SuperFeed.

Fixed income has undergone continuous evolution in the last year as electronic trading initiatives continue to transform the market. In the US market, electronic trading of US investment grade and high yield bonds grew by 111% and 145% respectively in the last three years, research by Coalition Greenwich found.

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