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ICE Fixed Income Monthly
Fixed Income & Data Services/Fixed Income/ICE Fixed Income Monthly Report | March 2023
March 2023

ICE Fixed Income Monthly Report

In this edition, bond market veteran Harley Bassman examines the volatility outlook with ICE's President of Fixed Income & Data Services Amanda Hindlian. And watch ICE's Michele Nicoletta interview Bank of America's Sonali Theisen on the rise of credit algo trading.

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There’s been plenty of action in global bond markets recently, with central bank meetings, inflation data, and banking sector concerns reflected in some big yield moves. One indicator we’re watching is the ICE BofA MOVE Index, a key measure for bond market volatility. I recently spoke to MOVE index creator and Managing Director at Simplify Asset Management Harley Bassman, to get insight on what this index is signaling.

READ THE FULL INTERVIEW

Market Structure Matters: featuring Amanda Hindlian

Kevin McPartland, Head of Market Structure & Technology Research at Coalition Greenwich moderated a webinar where he interviewed ICE’s Amanda Hindlian, to discuss the evolution of fixed-income data, opportunities for innovation and where the bond market is headed in 2023. The webinar recording and a summary of the conversation is available below.

Watch now

Fixed Income in Focus

How is the rise of credit algo trading impacting fixed income markets? Michele Nicoleta, VP, Fixed Income Corporate Development, ICE sat down with Bank of America's Head of FICC E-Trading & Markets Strategic Investments Sonali Theisen to analyze the issue in the latest edition of Fixed Income in Focus.

Webinar: Advanced fixed income trading analytics

ICE’s Trading Analytics is a comprehensive suite of fixed income products and services, designed to help inform trade decisions throughout the life-cycle of the order. Derived using ICE's fixed income evaluations, ICE’s Trading Analytics leverage the extensive content, technology and experienced data science teams of ICE Fixed Income and Data Services.

Join us for a webinar as we demonstrate our fixed income Trading Analytics solutions.

Register now

Webinar: Fixed income investing - implications for the buy-side

As fixed income data continues to grow, the quality of information and ability to consume and integrate it upstream and downstream are becoming more important. While there has been a lot of progress towards more standardization and the aggregation of such data, the fixed income markets remain fragmented, creating several challenges for the front office including: complexity in trading, interoperability of systems, keeping up with technology, as well as knock-on effects of an evolving market structure and work culture. All the while, market participants are managing macro forces not seen in several decades that have resulted in persistent volatility and uncertainty.

This webinar will focus on how the buyside is using data to achieve the best and most efficient results in fixed income investing.

Learn more

Connect to Fixed Income Markets

Manage risk, uncover opportunities, and make informed decisions in real-time with ICE’s end-to-end fixed income solutions.

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Best Execution Service

A statistical distribution approach for measuring bond trade execution quality, our Best Execution Service utilizes ICE’s evaluated prices to help clients monitor trading activities and to help measure trading effectiveness across the growing number of venues and protocols more closely, which can assist users with meeting regulatory obligations.

Municipal Bonds

Munis are a highly fragmented market, where data can be scarce and inconsistent. The challenges created by one million active securities, over 50,000 issuers and fewer than 1% of munis trading daily mean new ways of doing business have been a long time coming. ICE’s expertise, data and technology help connect muni market participants to new opportunities.

Best Execution Service

A statistical distribution approach for measuring bond trade execution quality, our Best Execution Service utilizes ICE’s evaluated prices to help clients monitor trading activities and to help measure trading effectiveness across the growing number of venues and protocols more closely, which can assist users with meeting regulatory obligations.

Municipal Bonds

Munis are a highly fragmented market, where data can be scarce and inconsistent. The challenges created by one million active securities, over 50,000 issuers and fewer than 1% of munis trading daily mean new ways of doing business have been a long time coming. ICE’s expertise, data and technology help connect muni market participants to new opportunities.

This material contains information that is confidential and the proprietary property and/or a trade secret of Intercontinental Exchange, Inc. and/or its affiliates (the “ICE Group”), is not to be published, reproduced, copied, modified, disclosed or used in any way without the express written consent of the ICE Group. This document is provided for informational purposes only. The information contained herein is subject to change and does not constitute any form of warranty, representation, or undertaking. Nothing herein should in any way be deemed to alter the legal rights and obligations contained in agreements between the ICE Group and its respective clients relating to any of the products or services described herein. Nothing herein is intended to constitute legal, tax, accounting, or other professional advice.

The information contained herein is provided “as is” and the ICE Group makes no warranties whatsoever, either express or implied, as to merchantability, fitness for a particular purpose, or any other matter. The ICE Group makes no representation or warranty that any data or information (including but not limited to evaluated pricing) supplied to or by it are complete or free from errors, omissions, or defects. Without limiting the foregoing, in no event shall the ICE Group have any liability for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits) in connection with any use of and/or reliance on the content of this document even if advised of the possibility of such damages.

Trading and execution services are offered through ICE Bonds Securities Corporation or ICE Bonds member FINRA, MSRB and SIPC. The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional investors only and is not intended for retail customer use.

Trading analytics available from ICE Data Pricing & Reference Data are a point in time output and as such dependent on and take into account the information available to ICE Data Pricing & Reference Data at the time of calculation. ICE Data Pricing & Reference Data does not have access to all relevant trade-related data or dealer quotes, and the utility of the output may diminish depending upon amount of available data underlying the analysis. The inputs utilized in each of the trading analytics services described herein depend on the methodologies employed by each such service and may not be the same as the inputs used in the other trading analytics services. There are many methodologies (including computer-based analytical modelling) available to calculate and determine information such as trading analytics described herein. ICE Data Pricing & Reference Data’s trading analytics may not generate results that correlate to actual outcomes, and/or actual behavior of the market, such as with regard to the purchase and sale of instruments. There may be errors or defects in ICE Data Pricing & Reference Data’s software, databases, or methodologies that may cause resultant data to be inappropriate for use for certain purposes or use cases, and/or within certain applications. Certain historical data may be subject to periodic updates over time due to recalibration processes, including, without limitation enhancement of ICE Data Pricing & Reference Data’s models and increased coverage of instruments. Although ICE Data Pricing & Reference Data may elect to update the data it uses from time to time, it has no obligation to do so.

Fixed income evaluations, continuous evaluated pricing, end-of-day evaluations, evaluated curves, model-based curves, market sentiment scores, and Fair Value Information Services related to securities are provided in the US through ICE Data Pricing & Reference Data, LLC and internationally through ICE Data Services entities in Europe and Asia Pacific. ICE Data Pricing & Reference Data, LLC is a registered investment adviser with the US Securities and Exchange Commission. Additional information about ICE Data Pricing & Reference Data, LLC is available on the SEC’s website at https://www.adviserinfo.sec.gov. A copy of ICE Data Pricing & Reference Data, LLC’s Form ADV is available upon request.

Index products and services are provided by ICE Data Indices, LLC.