“By joining Glimpse, we’re anticipating future market developments towards greater transparency and the democratisation of data through broader industry collaboration. Leveraging the insights gained from the collective buy-side data on Glimpse network, we’re enhancing our ongoing commitment to providing our clients with the best possible execution,” said Ming Liu, fixed income dealer, KBC Asset Management.

The addition of KBC Asset Management follows that of  T.Rowe Price in October. 

Read more – Data Sharing Network Glimpse Markets’ no fee data sharing platform continues to attract buy-side interest

Glimpse went live last June and received a high degree of interest from the buy-side around its data-driven data model, gaining significant traction with the buy-side.

Even prior to its launch, firms including NN Investment Partners, Invesco, Columbia Threadneedle, Carmignac and Quoniam Ass et Management had already committed, while PGGM, Allianz Global Investors, Bluebay Asset Maagement, Cowe, Exoé, Federated Hermes and Natixis TradEx Solutions have previously shown support.

Last year, Glimpse Markets formed a strategic alliance with Wavelabs to provide Glimpse’s clients with access to a free web-based dashboard.

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The move is the next step in Glimpse’s growing list of buy-side participants,

Glimpse went live last June, and immediately received a high degree of interest from the buy-side thanks to its data-driven data model.

Read more – Data Sharing Network Glimpse Markets’ no fee data sharing platform continues to attract buy-side interest

The network gained significant traction with the buy-side in the lead up to its launch, with firms including NN Investment Partners, Invesco, Columbia Threadneedle, Carmignac and Quoniam signing up initially.

PGGM, Allianz Global Investors, Bluebay Asset Maagement, Cowe, Exoé, Federated Hermes and Natixis TradEx Solutions have also previously shown support.

Last year, Glimpse Markets formed a strategic alliance with Wavelabs to provide Glimpse’s clients with access to a free web-based dashboard, allowing clients to view and analyse the live and historical buy-side trade data previously shared over the Glimpse network.

The post T.Rowe Price joins data sharing network Glimpse Markets appeared first on The TRADE.

Over the last couple of years, Glimpse Markets’ data sharing network has gained significant traction with the buy-side, with firms including NN Investment Partners, Invesco, Columbia Threadneedle, Carmignac, Quonian, SEB Investment Management and Mirabaud Asset Management joining.

Elsewhere, PGGM, Allianz Global Investors, Bluebay Asset Maagement, Cowe, Exoé, Federated Hermes and Natixis TradEx Solutions have also shown their support.

Read more: Data sharing network Glimpse Markets goes live

“I’m delighted that AP2 have decided to join the Glimpse network and share their trade data with the other buy-side members,” Paul O’Brien, founder and chief executive of Glimpse Markets, told The TRADE.

“The size of our data pool has grown by more than 300% over the past 12 months and the addition of AP2 further broadens our coverage in Scandinavia.”

Late last year, Glimpse Markets formed a strategic alliance with Wavelabs in which the latter began providing Glimpse’s clients with access to a free web-based dashboard.

The move allows clients to view and analyse the live and historical buy-side trade data that has been shared over the Glimpse network.

The post Glimpse Markets welcomes Andra AP-fonden to data sharing network appeared first on The TRADE.

AxeTrading – fixed income trading software company for market making, quoting, bond pricing and order execution

AxeTrading has undergone a year of transformation with a whole new layer of senior leadership brought in to drive the firm’s next stage of growth. In its first move since the appointment of new chief executive officer, Greville Lucking, the technology provider expanded its suite of products to including interest rate swaps. Raiffeisen Bank International (RBI) was the first participant to execute one of the instruments on AxeTrading in August.

The firm has also integrated its pricing library for calculation of non-standard swaps in a bid to boost quoting confidence for traders. Looking further back towards the end of 2021, the firm integrated pricing data and analytics tools from the Intercontinental Exchange (ICE) in a bid to help traders make more informed investment decisions.

The tools, including ICE’s evaluated pricing, continuous fixed income evaluated pricing, best execution services and liquidity indicators, are available via AxeTrading’s quoting and execution management system (QEMS).

BondCliQ – Centralised bond quote system

As Europe and the UK teeters on the precipice of implementing a consolidated tape, BondCliQ is set to continue making waves in the market this year and next. The firm offers several ways to facilitate the consumption of pre-trade institutional pricing data and post-trade TRACE data in the US.

Its quote platform encourages market makers to compete for client order flow based on customer service while it claims to offer dealers better access to pre-trade information and monetise quote data. As the industry’s first consolidated corporate bond quote system, it claims to aggregate 70,000 pre-trade bid and offer quotes on 15,000 bonds daily from more than 40 dealers.

It’s received backing from major institutions and venue operators including the London Stock Exchange Group (LSEG) which led a Series A funding round into it in January to support its expansion into Europe. Also, to show its support was buy-side giant Vanguard, which has formed a strategic partnership with the firm.

Glimpse Markets – buy-side data pooling network

Aimed at addressing the growing issue of rising market data costs, Glimpse Markets launched into the market earlier this year with a bang.

The post-trade data sharing network is designed to give more autonomy to the buy-side over the data accumulated through their transactions. It launched its ‘data dividend’ initiative – a system that rewards firms for their contribution of their data to the pool with a fee – in June last year and has since gained significant ground with the buy-side.

With a lack of a consolidated tape in the UK and Europe, firms are increasingly depending on disruptor initiatives such as this one to avoid soaring data costs. The data sharing network entered into a partnership with Wave Labs in April, linking to its credit trading system eLiSA ahead of its roll out due to take place this year. The two-way integration will mean that users of the eLiSA (Electronic Liquidity Seeking Application) will be able to leverage Glimpse’s European buy-side contributed trades data while also contributing to the network themselves.

The pair later extended this partnership at the end of September that will see Wave Labs provide Glimpse’s clients with access to a free web-based dashboard that will allow them to view and analyse the live and historical buy-side trade data that has been shared over the Glimpse network.

Wave Labs – eLiSA (Electronic Liquidity Seeking Application) – credit trading system

Wave Labs is the creator of eLiSA – the electronic liquidity seeking application aimed at revolutionising institutional bond trading by solving issues in fixed income that current execution management systems (EMS) do not.

Recently, Wave Labs launched an extension package, namely SIA, which is a no-code workflow automation and systematic investment toolset for fixed income.

Wave Labs started the roll out of eLiSA to its first pilot client earlier this year. It claims to offer the first technology that takes Neptune Axes and uses machine learning to predict whether a bond is mis-priced and by how much – a process that is now under way for its pilot client.

The firm also entered into a strategic partnership with Glimpse Markets – focused on complex data analysis and other trading functions including primary market trading – and also with the intention of linking it with eLiSA once launched. The partnership will see it provide a free web-based dashboard to Glimpse clients to allow them to analyse the data pooled by the network.

The post Leaders in Trading 2022: Meet the nominees for…. Outstanding Innovation in Fixed Income appeared first on The TRADE.

The rising cost of sourcing and aggregating data was a key topic discussion, with all buy-side panellists in agreement that this was the most poignant issue surrounding market data.

In response to the issue, buy-side panellists were asked if they would consider selling their transaction data in a bid to mitigate costs.

“If we agree we are not going to be positively surprised around issues to do with fragmentation and cost in the next few years then you have to assess selling data as an option,” said buy-side panellist and head of fixed income trading for EMEA at Fidelity, Lars Salmon. “The give to get model is increasingly popular.”

Recently launched Glimpse Markets for example, champions this model, offering buy-side contributors a dividend in exchange for their data.

Salmon confirmed that Fidelity had developed an internal solution for aggregating data, however, as noted by him and other panellists, such a process racks up extensive development and maintenance costs.

Offering a data vendor perspective on the panel was Michele Nicoletta, VP of fixed income corporate development at ICE.

“With regard to the cost question, there are implicit costs for aggregating data,” she said. “You get what you pay for and the cost savings of having the right data must also be considered. Cost pressure is causing clients to take an enterprise approach to providers and sourcing.”

When asked what current data innovations were most exciting in the industry, panellists noted a variety of areas and solutions, including cloud solutions brought to market by Snowflake, desktop interoperability, fixed income ETFs and the transparency they have filtered through the market’s ecosystem, and the growing synergies between coding and trading.

The post FILS 2022: Could the buy-side be forced to sell their data to mitigate rising costs? appeared first on The TRADE.

The move will allow clients to view and analyse the live and historical buy-side trade data that has been shared over the Glimpse network.

Glimpse launched its data sharing network in June, with a selection of asset managers sharing their trade data globally on a ‘give to get’ basis.

The firm stated that data on approximately 10,000 unique ISINs has been shared, with this number expected to increase as more buy-side are onboarded and as product coverage broadens.

“Glimpse and Wave Labs are aligned in their belief that increasing transparency and reducing data costs are good for the market and end investors and we’re excited to collaborate and play our part to improve the ecosystem.”

“Our partnership with Wave Labs provides Glimpse clients with an additional layer of flexibility and allows them to dig deeper into the data that has been shared on the network to extract more value and unique insights,” said Paul O’Brien, founder and chief executive of Glimpse markets.

“Glimpse is free for all buy-side asset managers, with access to this new analytics dashboard also provided for free, further helping us achieve our objectives of levelling the playing field, reducing data costs and democratising access to financial data.”

Ahead of Glimpse Market’s roll out in June, Wave Labs integrated data from the firm into its Electronic Liquidity Seeking Application (eLiSA) credit trading system. The two-way integration allows users of the eLiSA to leverage Glimpse’s European buy-side contributed trades data while also contributing to the network themselves.

Speaking to The TRADE about the latest partnership, Miles Kumaresa, founder and chief executive of Wave Labs, said: “We’re collaborating to dramatically increase market transparency by making essential trade data available in an immediately useful format to all buy-side firms at zero cost.

“Glimpse and Wave Labs are aligned in their belief that increasing transparency and reducing data costs are good for the market and end investors and we’re excited to collaborate and play our part to improve the ecosystem.”

Glimpse Markets and Wave Labs have both been shortlisted for The TRADE’s Outstanding Innovation in Fixed Income, Editors’ Choice Award 2022. You can view their entire shortlist here.

The post Glimpse Markets and Wave Labs extend relationship with new strategic partnership appeared first on The TRADE.

The network has gained significant traction with the buy-side in preparation for its launch with major firms NN Investment Partners, Invesco, Columbia Threadneedle, Carmignac and Quoniam all joining it in the last year and PGGM, Allianz Global Investors, Bluebay Asset Management, Cowen, Exoé, Federated Hermes, and Natixis TradEx Solutions voicing their support.

SEB Investment Management and Mirabaud Asset Management are the latest additions and Glimpse confirmed more were due to be added over the summer months.

“I’m delighted to announce the go-live of the Glimpse Markets data sharing platform,” said founder and chief executive officer of Glimpse, Paul O’Brien, in an update on social media.

“We now have a group of global asset managers sharing bond data with one another on a ‘give to get’ basis and at zero cost. While still early days, we’re really pleased by the quality of the data being shared so far.”

Around 3,000 unique ISINs have been shared so far. Of the data included, 40% relates to trades over €1 million in size. Just under a third of the data relates to the emerging markets with the remaining 70% representing European high yield and investment grade credit, O’Brien confirmed.

The need for consolidated fixed income data has grown significantly over the last few years alongside the number of financial instruments, trading venues and regulations institutions must comply with.

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The two-way integration will mean that users of the eLiSA (Electronic Liquidity Seeking Application) will be able to leverage Glimpse’s European buy-side contributed trades data while also contributing to the network themselves.

“This piece of work allows buy-side clients to seamlessly contribute their trades to Glimpse, allowing them to participate on our data sharing network without the need for any technical integration work,” Paul O’Brien, founder and chief executive of Glimpse, told The TRADE.

“Furthermore, integration with eLiSA means clients can leverage the full value of the Glimpse dataset within their execution workflow.”

The system credit execution management system (EMS) uses cloud-based APIs to route orders and execute trades and is the brainchild of former Nordea Asset Management head of trading, Miles Kumaresan, who launched Wave Labs in 2018.

It is connected to major execution systems that cover all areas of fixed income trading and Wave Labs confirmed in May last year that it had added three new liquidity providers, Bloomberg, UBS BondPort and MTS, to its roster.

It later completed a controlled trading exercise in June, which saw Paris-based Groupama Asset Management execute the first bond trade with Bank of America Merrill Lynch and Morgan Stanley.

“We are pleased to share that the version of eLiSA scheduled for roll out to pilot clients in Q2 and Q3 2022 will have Glimpse data integrated into its liquidity centric workflow. eLiSA is also able to create the daily data files contributed by the buy side to Glimpse for sharing,” said Kumaresan.

Watch The TRADE’s deep dive into fixed income execution management systems and their evolution including insights from Kumaresan on the launch of eLiSA here.

The first pilot due to be rolled out in the second quarter will be available to clients only, while a second pilot expected in the third quarter will see it rolled out to the wider market.

The post Wave Labs integrates Glimpse buy-side data into eLiSA credit trading system appeared first on The TRADE.

Several other firms have also voiced their support for the network including PGGM, Allianz Global Investors, Bluebay Asset Management, Cowen, Exoé, Federated Hermes, and Natixis TradEx Solutions, among others.

Owing to the lack of a consolidated data source in the market and the monopolised nature of venues and execution platforms, buy-side firms are regularly charged high fees for valuable transaction data.

Glimpse Markets aims to give the buy-side better control over their data in the bond markets and offers institutions a forum for the sharing and distribution of transaction data with no fees.

“Glimpse is flipping the current market model for financial data on its head by empowering the buy-side to come together and share their data in a secure manner in order to address the transparency issues that have plagued the bond markets for far too long,” said Paul O’Brien, founder and CEO of Glimpse Markets.

“We’re right at the beginning of this journey and have an exciting road ahead.”

Earlier this year, Glimpse enhanced its offering with the introduction of a Data Dividend scheme which rewards firms for contributing data based on the number of trades and total volume.

Glimpse plans to officially launch early next year with the expectation that at least 12 asset managers will actively contribute trading data once it goes lives.

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Invesco joins other recent buy-side recruits Columbia Threadneedle, Carmignac and Quoniam who also joined the network in the last few months.

Aimed at giving the buy-side better control over their data in the bond markets, Glimpse Markets offers buy-side institutions a forum for the sharing and distribution of transaction data with no fees.

Due to the market’s lack of a consolidated data source, buy-side firms are often charged lofty fees for valuable transaction data, which is monopolised by venues and execution platforms.

In June, Glimpse expanded its offering with a Data Dividend scheme aimed at rewarding firms for the contribution of data depending on the total volume.

“Glimpse empowers the buy-side to rightly control and own the data they generate while also bringing much needed transparency to the bond markets,” said Glimpse founder and chief executive, Paul O’Brien, in an update on social media. Our buy-side network is growing quickly and I’m excited to bring Glimpse to market very shortly.”

Other firms to have voiced their support for the network include PGGM, Allianz Global Investors, Bluebay Asset Management, Cowen, Exoé, Federated Hermes, First Sentier Investors, Groupama Asset Management, Invesco, Jupiter Asset Management, Liontrust Asset Management, Natixis TradEx Solutions, NN Investment Partners, Quoniam Asset Management and Union Investment, among others.

Glimpse is currently finalising its founding member group which it expects to complete in the next few weeks in preparation for its official launch early next year.

It expects at least 12 asset managers to actively contribute trading data once it goes live.

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