Coalition Greenwich (a division of CRISIL)

?? Happy Thanksgiving to all our members and clients. Wishing you a restful holiday! ??

“2024 has been a year of sitting and waiting on the sidelines,” said Angad Chhatwal, head of global macro markets at Coalition Greenwich (a division of CRISIL). “Hedge funds have come into the market sporadically around data points and events but they’ve not been as active on a continuous basis compared to previous years.” Macro trading revenues have also been hit by tighter margins this year, Chhatwal said, as increasing industry competition and advancements in electronic trading weigh on prices.? Coalition Greenwich forecasts rates trading revenues will drop further to around $30.9 billion in 2025 and $28.1 billion in 2026 as non-bank market makers expand their presence and as bonds catch up on the electronification of other markets. Bloomberg Alice Atkins William Shaw https://lnkd.in/eEeVEv57

“The industry is eager for new leadership and will look to confirm an appropriate SEC chair nominee as soon as possible, maybe even this spring,” says Jesse Forster, head of equity market structure and technology at Coalition Greenwich (a division of CRISIL). The Banker Michael (Mi?a) Klime? https://lnkd.in/e2bgCYXp

2024 has been a pivotal year for the muni marketplace, and our own Daniel Kelly will join the BOND DEALERS OF AMERICA National Fixed Income Conference in Nashville to discuss recent innovations and what’s in store for #munis in 2025. Tune into Dan’s panel at 5pm CT on December 5 with Kevin McPartland from Coalition Greenwich (a division of CRISIL) and Mark Schmidt from Morgan Stanley to unveil insights into the muni marketplace https://okt.to/AFwpgT

The biggest UK banks made $12 billion from wealth management in 2023, up 11% year-on-year,?data?from Coalition Greenwich (a division of CRISIL) showed. Reuters News Agency Gnaneshwar Rajan Manya Saini https://lnkd.in/e6CbHNKq

? We had a very productive and enjoyable breakfast session at Les Journées de l'AFTE - The French Association Of Corporate Treasurers 2024 ?? Duncan McCredie, Mélanie Casalis, and Alexia Venet, presented “The Evolving Landscape of Corporate Treasury Resilience: From KPIs to Supply Chain Disruptions” Highlights included: - Transforming the role of corporate treasurers in the face of new challenges - The strategic priorities that are changing corporate cash flow - Innovative approaches to managing supply chain disruptions in collaboration with banking partners Thank you to everyone who attended ?? #AFTE https://lnkd.in/eHxdNGpS

IBD revenues are particularly accretive to ROE due to the segment's lower capital requirements compared with sales and trading, according to Gaurav Arora, global head of competitor analytics at Coalition Greenwich (a division of CRISIL). "When the advisory side of IBD in particular starts growing again, naturally we expect the ROE numbers to increase too," he said. S&P Global Market Intelligence Vanya Damyanova https://lnkd.in/ewAfcewB

Primary dealers are short US$3.8 billion in IG corporate bonds, Coalition Greenwich (a division of CRISIL) reported, down 352% YoY. Kevin McPartland, head of research for market structure and technology, commented: “Time will tell if this shift to short positions is sticky. […] It is possible that Q4 is a blip driven by short-term positioning. Regardless, our research continues to point to a corporate bond market that is agency (or at most, riskless principal), which translates into a market where primary dealer bond holdings are less impactful on market liquidity than they once were.” The DESK Lucy Carter https://lnkd.in/eAjC3nBb.

"Investors want exposure to private investment activities of individuals and companies. But they cannot get hold of this in a simple way, so they need some kind of intermediary, for example a private debt fund, who can sell the loans. And people can pay large sums of money to get that access,” says Christopher Dunn, CFA, Head of Investment Management at Coalition Greenwich (a division of CRISIL). https://lnkd.in/eQe8z5Pz

More electronic trading has helped boost U.S trading volume overall. Research firm Coalition Greenwich (a division of CRISIL) said last year that about 40% of corporate bond trades are now online, up from less than a tenth a decade earlier. Bloomberg Olivia Raimonde Tracy Alloway https://lnkd.in/gNiyPPq3