Tradeweb Fimsac Corporate Bond Market: E-Trading Perspective
Client Execution Metrics vs AiPrice and Cover Price
TCA metrics are more insightful than Model Bid/Offer in March
Tradeweb
Product: US Credit
Period: 06-Jan-2020 to 18-Sep-2020
Sample: Outright, Standard Settlement, In Comp
Outliers removal: Trades with percentage of bid offer spread captured more than 3 standard deviation away from the average removed (over 99% kept). Standard deviation calculated on a weekly basis.
US Credit - Average Execution Against Ai-Price Bid/Offer
Saving to Cover
Dealer per Million Traded
4,000
3
Market Segment
$ Saving Per MM Traded (vs. TW Ai-Price)
Counterparty Attribution
$Saving Per MM Traded (vs. TW Ai-Price)
2,000
0
-2,000
-4,000
-6,000
-8,000
2,000
-2,000
-4,000
-6,000
13-Jan
27-Jan
10-Feb
24-Feb
09-Mar
23-Mar
06-Apr
20-Apr
compr
04-May
18-May
convey
13-Jan
27-Jan
10-Feb
24-Feb
09-Mar
23-Mar
06-Apr
20-Apr
04-May
18-May
unr-to
UNG-TO
un-st
vacom
unr-ET
un-to
un-st
45-Jun
29-Jun
29-Jun
uhr-62
29-Jun
infat
13-Jul
27-Jul
10-Aug
24-Aug
im-20
Inr-et
m.cc
27-Jul
das-20
10-Aug
24-Aug
07-Sep
$ Saving to Cover per Million Traded
$ Saving to Cover per Million Traded
12,000
10,000
8,000
6,000
4,000
2,000
0
8,000
6,000
4,000
2,000
wer-ET
Segment
HY
IG
©2020 Tradeweb Markets LLC. All rights reserved. The materials and information contained herein are proprietary.
Tradeweb
27-Jan
10-Feb
24-Feb
09-Mar
23-Mar
06-Apr
20-Apr
04-May
18-May
01-Jun
15-Jun
29-Jun
13-Jul
27-Jul
10-Aug
24-Aug
07-Sep
Attributed
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