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2015 will go down in history as a milestone year for global financial markets. Consider the list of monumental, one-of-a-kind market events, which reads like the résumé of an outrageous political candidate known for their liberal use of superlatives:
- Record low yields in German 10-year Bunds
- Largest one-day increase in Greek government bond yields on Tradeweb
- Widest 10-year U.S. Treasury swap spreads in history
- Highest yields in over 5 years for short-term U.S. Treasury notes
Over the last twelve months, Tradeweb Markets has kept a watchful eye on all these moves in fixed income markets as a means of benchmarking the magnitude of different monetary and geopolitical events. At the center of the global government bond marketplace, here are the most significant events influencing trading over the course of 2015. As well as a look ahead to 2016, in the attached you'll find summaries and Tradeweb's perspective of the following events:
- Negative government bond yields throughout Europe.
- Negative swap spreads in the US.
- The Federal Reserve rate rise.
- Central bank policy divergence.
- Political uncertainty in southern Europe.
- Derivative regulation in Europe and Asia.
- Transaction Cost Analysis-related innovation.
- The increase in popularity of fixed income ETFs.
- Derivatives trading outlook for 2016.
- Record corporate bond issuance.
- The progression of algo trading in fixed income.
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