Tradeweb Portfolio Trading trading, portfolio trading, corporate bonds, electronic trading, baskets, evaluated pricing

Discover Electronic Portfolio Trading

Credit markets are growing, converging, and evolving every day. We make sure the technology you trust does, too.

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Redefine your approach to seamless risk transfer

Greater flexibility. More liquidity. Efficient execution. Trade at the close.

As an institutional investor, you can now see and trade competitively on any custom basket of corporate or emerging market bonds in net proceeds or against an evaluated pricing service. Break through to a better trading experience: • Access to greater liquidity • Minimize information leakage • Improve certainty of execution • Trade less liquid credit instruments • Reduce workload and operational risk • Gain valuable insight from supporting data and analytics • Trade credit portfolios at the close – on price or on spread • Enable bulk treasury cross on spread based portfolio inquiry Enhance your ability to shift portfolios and tailor risk, especially in combination with other protocols and ETF, CDX, and iTraxx trading. It's the end of emailing spreadsheets and lengthy negotiations—your existing OMS integration is all you need to get these trades done quickly.

1. Efficiency and timeliness

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The ability to aggregate portfolio-level statistics and pricing for the trade in its entirety (vs. pricing every ISIN) can be used for BestEx and Transaction Cost Analysis (TCA) purposes.

Global Portfolio trading BY THE NUMBERS

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USD TOTAL VOLUME AS OF Q4 2022

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Deciphering the Size of the Portfolio Trading Market

Accurately characterizing what makes up a portfolio trade has implications on how we estimate volumes within the broader credit market. It's useful to know what proportion of TRACE volume comes from portfolio trades and how it's changed over time.

While the fixed income marketplace has increasingly moved to electronic, the corporate bond market has been slower to make the transitions. This is changing, partly due to the introduction of electronic portfolio.

Portfolio Trading Just Keeps Growing

When we first launched portfolio trading, we saw it as a targeted efficiency play. We were right, but we underestimated just how popular the protocol would become and how it would become a key factor in opening up liquidity and improving execution quality for the buy-side.

BREAK THROUGH TECHNOLOGY

Electronic Portfolio Trading Rewrites the Corporate Bond Liquidity Playbook

$93bn

Learn how portfolio trading is already reshaping the credit markets—and how it can benefit your workflow.

Large trades can be market-moving, so while utilizing a list RFQ protocol to trade many bonds at once may be efficient, prices can be impacted.

Designated portfolio traders are versed in the Fixed Income ETF ecosystem and can leverage the create-redeem processes to smartly price baskets of risk. Trading with an individual portfolio trader at a bank can also minimize information leakage.

Structuring illiquid and liquid bonds as a package, where risk can be mitigated across the portfolio, enables a bank to price the illiquid bonds.

Articles

Portfolio Trading is Expanding in Surprising Directions

Redefine your approach to seamless risk transfer

Greater flexibility. More liquidity. Efficient execution. Trade at the close.

As an institutional investor, you can now see and trade competitively on any custom basket of corporate bonds or emerging market bonds in net proceeds or against an evaluated pricing service. Break through to a better trading experience: • Access greater liquidity • Minimize information leakage • Improve certainty of execution • Trade less liquid credit instruments • Reduce workload and operational risk • Gain valuable insight from supporting data and analytics • Trade credit portfolios at the close – on price or on spread • Enable bulk treasury cross on spread based portfolio inquiry Enhance your ability to shift portfolios and tailor risk, especially in combination with other protocols and ETF, CDX, and iTraxx trading. It's the end of emailing spreadsheets and lengthy negotiations—your existing OMS integration is all you need to get these trades done quickly.

Learn how portfolio trading is already reshaping the credit markets—and how it can benefit your workflow.

So... why try Portfolio Trading?

It’s inefficient to trade each ISIN one by one and takes considerable time to manually find the right counterparty over the phone. Electronic portfolio trading provides seamless workflow throughout the entire trade cycle.

2. Price impact

3. A designated portfolio trader

4. Aggregate pricing

5. Illiquid securities