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serving the Public interest of Transparency in Debt Capital Markets
The Collaborative Market Data Network
Serving Transparency in Capital Markets
The Collaborative
Market Data Network

DO PRIMARY BOND MARKET AXES NEED TO BE REGULATED?

Post Date: 18 May 2021

Axes are by far the most prominent pre-trade bond indication of interest, often targeted to clients based on specific needs. Importantly, they are indicative but are considered much firmer than what is called a "run". Direction is shown as bid or offer and there is a relationship to a position. Axes are updated frequently, demonstrating the sell-side is truly keen to buy or sell and the market is unregulated. What benefits would regulation bring?


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