Trick Of The Trade: Pouring Liquidity Back Into Fixed Income by Milken Institute
Larry Tabb, Founder and CEO, TABB Group
Constantinos Antoniades, Head of Fixed Income, Liquidnet
Michael Freno, Head, U.S. High Yield Investments Group, Babson Capital Management
Amy Koch, Managing Director and Head of Fixed-Income Trading, Standish
Fred Orlan, Global Head, Fixed Income, Jefferies
Michael Piwowar, Commissioner, Securities and Exchange Commission
The alarm has sounded in the fixed-income markets, with the Bank for International Settlements being the latest major authority to warn about the lack of liquidity. Historically low interest rates, surging bond issuance and shrinking dealer balance sheets all raise the risk that a minor dislocation will cause a panic as sellers overwhelm a thinly traded marketplace. Is this the new normal in fixed-income trading, or are there viable alternatives to the current fixed-income market structure? What effect is electronic trading having on the various types of fixed-income securities? Are sharp price swings like the one experienced in Treasuries in October going to become more common, or was that an isolated incident? This panel will include perspectives from a diverse group of participants sharing their views on what the market holds for issuers, traders and investors.