U.S. Fixed Income Market: Industry Trends & Drivers 2015

Over the past eight years, over-the-counter fixed income markets have continued expanding upon a fractured foundation. Outstanding notional sizes of global debt markets surged – both the US corporate bond and US Treasury market continue to break annual records in notional outstanding, while the global swap market reinvents itself under Dodd-Frank and EMIR. Despite legislative and regulatory goals to reduce leverage and systemic risk, the structural imbalance created by expanding debt markets is starting to impact areas including market-making and liquidity provisioning, creating a new paradigm.

In this TABB Group report, U.S. Fixed Income Market: Industry Trends & Drivers 2015, the second in a series of annual reports tracking a growing list of critical factors impacting the OTC fixed income markets in a post-financial crisis world, TABB Group continues to looks at the past, and the trends that have been developing throughout the fixed income ecosystem, illustrating the changes underway in terms of the structural components of the market and dive into some of the idiosyncrasies present in the rates, credit, and swaps markets to gain a better understanding of what might await market participants looking to the future.