Fixed Income and OTC Derivatives Trading, Q3 2023: Behind the Numbers

Declining/negative primary dealer net positions in the post-pandemic landscape continue to pressure the already beleaguered U.S. credit markets.

A confluence of negative macroeconomic factors―rampant inflation, aggressive Fed rate hikes, and a persistent threat of a recession―have set the stage for one of the most significant times of flux in the fixed income market in modern memory. As the Fed continues to raise interest rates, bond market investors continue to feel the pain. Given the precarious position the markets are in today, keeping a finger on their pulse is more important than ever.

This quarterly trends update is the sixth in an ongoing series of reports tracking the expanding list of critical factors affecting the OTC fixed income and OTC derivatives U.S. markets. This report utilizes qualitative and quantitative data provided by participant interviews, public trade-data resources, proprietary Datos Insights estimates, and third-party statistics to reach its conclusions about the current and future states of the fixed income marketplace.

Clients of Datos Insights’ Capital Markets service can download this report.

This report mentions BGC Partners, Bloomberg, FIA, GFI Group, LatAm SEF, NEX Group, SIFMA, Tradeweb, Tradition Group, and Tullet Prebon ICAP.

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