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Executive SummaryMarket impact is measurable and manageable. It is driven by liquidity, size, and execution choice.Median post-trade impact is 13% of the bid-ask spread in US HG and 11% in EUR IG.Liquidity matters most: low-liquidity US HG bonds show nearly twice the median impact of high-liquidi...
AI is reshaping how trading decisions are made across the fragmented fixed income markets, being integrated into pricing, liquidity discovery and execution workflows. Julien Alexandre, Global Head of Research at MarketAxess, outlines the key developments and explores where AI in fixed income might go next.
The long end of the US investment grade curve is quietly transforming. Curve steepening has created attractive yields while liquidity has dramatically improved—RFQ responses have nearly doubled and spreads have tightened significantly. With enhanced tools and deeper markets, long-duration trading is more accessible than ever.
This is the first in a short series of AxessPoints that will explore the benefits of trading larger block sizes electronically, and how our tools and protocols are being developed to help optimize execution regardless of size, side, and timing. Tradability: An AI-powered liquidity gauge Underst...