平台驱动还是做市商驱动?国外信用债电子交易平台辨析

Platform-Driven or Market Maker-Driven?An Analysis of Foreign Electronic Trading Platforms for Credit Bonds

电子交易已在境外债券二级市场占据重要位置。海外信用债领域形成了以MarketAxess为代表的平台主导型电子交易模式和Tradeweb为代表的做市商主导型电子交易模式。MarketAxess模式更成功地激活了信用债交易,更适合扁平化的市场结构。从发展能力看,MarketAxess平台处于该生态的核心,其发展对经纪商、做市商的依赖度均较低,打造了很高的独立发展能力。以Tradeweb为代表的做市商主导型电子交易模式主要在利率债领域表现优越,适合分层化市场结构,相对不利于信用债市场活跃。在该生态中,做市商处于核心位置,平台发展相对依赖于做市商的友好关系和功能发挥,注重做市商的培育和激励。在交易方式方面,RFQ与all-to-all并重发展是提升中低流动性品种交易的关键。All-to-all交易机制的成功需要交易平台提供共同的交易对手方。智能化交易辅助工具是提高RFQ、all-to-all交易能力的重要支撑性手段。

Electronic trading has played an important role in the secondary bond markets in many countries.Two different trading modes have emerged:a platform-dominated electronic trading mode formed by MarketAxess and a market-maker-dominated electronic trading mode formed by Tradeweb.The MarketAxess mode is more successful in activating credit bond trading and is more suitable for markets that are flat,or less hierarchical,in structure.From the perspective of development capabilities,the MarketAxess platform is at the core of the ecosystem,and its development is less dependent on brokers and market makers,thus creating very high independent development capability.The market-maker-dominated electronic trading model formed by Tradeweb performs well mainly in the field of interest rate bonds,which is better suited to a more hierarchical market,and relatively unfavorable to active credit bond trading.Market makers are at the core of this ecosystem,and the development of the platform is relatively dependent on market makers.RFQ(request for quote)and"all-to-all"trading are critical to stimulating trading in medium-and low-liquidity bonds.The success of all-to-all trading requires the trading platform to provide a common counterparty.Intelligent trading tools are also essential for improving RFQ and all-to-all trading capabilities.