{"id":121277,"date":"2025-07-07T13:44:49","date_gmt":"2025-07-07T17:44:49","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/how-is-portfolio-trading-changing-the-fixed-income-landscape\/"},"modified":"2025-07-16T14:25:53","modified_gmt":"2025-07-16T18:25:53","slug":"how-is-portfolio-trading-changing-the-fixed-income-landscape","status":"publish","type":[3765],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/how-is-portfolio-trading-changing-the-fixed-income-landscape\/","title":{"rendered":"How is portfolio trading changing the fixed income landscape?"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--white  text--black row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c37450e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <p>    <h1 class=\"bbg-metadata bbg-metadata--title\">How is portfolio trading changing the fixed income landscape?<\/h1>\n<div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">July 7, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c37ae4a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-4 bbg-column--s-width-2\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"3001\" height=\"3001\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1.jpeg 3001w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1.jpeg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1.jpeg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1.jpeg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1.jpeg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1.jpeg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Square-930534_BBGT_Market_Dialogues_Podcast_Campaign_Thumbnail_Artwork-1.jpeg 108w\" sizes=\"auto, (max-width: 3001px) 100vw, 3001px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<div class=\"flexbox\">\n<div><\/div>\n<div><\/div>\n<\/div>\n<div><\/div>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1 bbg-column--valign-middle\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-middle\"\n    style=\"\"\n    >\n    <div\n  class=\"bb-audio\"\n  data-title=\"Market Dialogues - How is portfolio trading changing the fixed income landscape?\"\n  data-state=\"fresh\"\n  data-audio-url=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/Market-Dialogues-How-is-portfolio-trading-changing-the-fixed-income-landscape.mp3\"\n  data-label-desc=\"for Market Dialogues - How is portfolio trading changing the fixed income landscape?\"\n  data-controls-class=\"no-controls\"\n  data-custom-controls-background=\"fill\"\n  data-theme=\"light-mode\"\n  data-progress=\"0\">\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--white  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69f4e2c381651'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Overview<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\">This episode of the <\/span><\/span><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\">Market Dialogues<\/span><\/span><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\"> podcast features <\/span><\/span><strong><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\">Anna Han<\/span><\/span><\/strong><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\">, Senior Securities Algorithmic Trader at Wells Fargo, and <\/span><\/span><strong><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\">Shahaan Kazi<\/span><\/span><\/strong><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\">, Head of US Credit &#8211; Electronic Trading Solutions at Bloomberg<\/span> <span class=\"NormalTextRun SCXW172236429 BCX0\">in conversation <\/span><span class=\"NormalTextRun SCXW172236429 BCX0\">with<\/span><\/span><strong><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\"> David Krein<\/span><\/span><\/strong><span class=\"TextRun SCXW172236429 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW172236429 BCX0\">, Head of Real-Time Pricing Research at Bloomberg.<\/span><\/span><span class=\"EOP SCXW172236429 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The discussion explores the rise of portfolio trading as a tool for accessing liquidity. It examines how this approach compares to others, such as basket trading and Requests for Quotation (RFQs), and how investors are leveraging it across asset classes.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW73148 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW73148 BCX0\"><strong>Source<\/strong>: <span class=\"NormalTextRun SCXW66350662 BCX0\">Pricing &amp; Valuations Summit,<\/span> <span class=\"NormalTextRun SCXW66350662 BCX0\">May 7<\/span><span class=\"NormalTextRun SCXW66350662 BCX0\">, <\/span><span class=\"NormalTextRun SCXW66350662 BCX0\">2025, <\/span><span class=\"NormalTextRun SCXW66350662 BCX0\">New York<\/span><\/span><\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>About the series<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW4439746 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW4439746 BCX0\">The <strong>Market Dialogues<\/strong> podcast series provides access to curated, thought-provoking discussions from Bloomberg global events. It offers in-depth insights from experts on key trends and themes driving the markets today and beyond.<\/span><\/span><span class=\"EOP SCXW4439746 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW177851424 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW177851424 BCX0\"><span class=\"TextRun SCXW210247497 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW210247497 BCX0\">Discover more conversations in the Market Dialogues series <\/span><\/span><\/span><\/span><a class=\"Hyperlink SCXW177851424 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/series\/market-dialogues\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW177851424 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW177851424 BCX0\" data-ccp-charstyle=\"Hyperlink\">here<\/span><\/span><\/a><span class=\"TextRun SCXW177851424 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW177851424 BCX0\">.<\/span><\/span><span class=\"EOP SCXW177851424 BCX0\" data-ccp-props=\"{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5273846544061636701\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW77705474 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW77705474 BCX0\">In focus<\/span><\/span><span class=\"EOP SCXW77705474 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW232693543 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW232693543 BCX0\">Featured insights from this episode of Market Dialogues:<\/span><\/span><span class=\"EOP SCXW232693543 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><strong><span class=\"TextRun SCXW72170112 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW72170112 BCX0\">On the rising volumes of portfolio trading\u00a0<\/span><\/span><span class=\"EOP SCXW72170112 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span class=\"TextRun SCXW34604788 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"TextRun SCXW36224546 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW36224546 BCX0\">David Krein: <\/span><\/span><\/span><\/strong><span class=\"TextRun SCXW34604788 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"TextRun SCXW259436663 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW259436663 BCX0\">Portfolio trading is <\/span><span class=\"NormalTextRun SCXW259436663 BCX0\">possibly the<\/span><span class=\"NormalTextRun SCXW259436663 BCX0\"> most significant innovation in electronic trading in the last five years or so. <\/span><span class=\"NormalTextRun SCXW259436663 BCX0\">Its growth has been fairly significant.<\/span><span class=\"NormalTextRun SCXW259436663 BCX0\"> In fact, I just published <\/span><\/span><\/span><span class=\"TextRun SCXW34604788 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><a class=\"Hyperlink SCXW259436663 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/pricing-insights-evaluating-portfolio-trading-performance\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW259436663 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW259436663 BCX0\" data-ccp-charstyle=\"Hyperlink\">a blog piece on portfolio trading activity<\/span><\/span><\/a><span class=\"TextRun SCXW259436663 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW259436663 BCX0\"> [looking at] March of this year. In March, we saw about 25% of U.S. investment grade activity, [specifically] institutionally sized risk trades, executed via portfolio trading. <\/span><span class=\"NormalTextRun SCXW259436663 BCX0\">That\u2019s<\/span><span class=\"NormalTextRun SCXW259436663 BCX0\"> up from just over 20% in January. <\/span><span class=\"NormalTextRun SCXW259436663 BCX0\">So<\/span><span class=\"NormalTextRun SCXW259436663 BCX0\">,<\/span> <span class=\"NormalTextRun SCXW259436663 BCX0\">the growth<\/span><span class=\"NormalTextRun SCXW259436663 BCX0\"> continues to move ahead quickly in this space.<\/span><\/span><\/span><span class=\"TextRun SCXW34604788 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW34604788 BCX0\">*<\/span><\/span><span class=\"EOP SCXW34604788 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><strong><span class=\"TextRun SCXW129346062 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW129346062 BCX0\">On<\/span> <span class=\"NormalTextRun SCXW129346062 BCX0\">what\u2019s<\/span><span class=\"NormalTextRun SCXW129346062 BCX0\"> driving portfolio trading\u2019s rise<\/span><\/span><span class=\"EOP SCXW129346062 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/strong><\/p>\n<p><strong><span class=\"TextRun SCXW131000193 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW131000193 BCX0\">Anna Han: <\/span><\/span><\/strong><span class=\"TextRun SCXW131000193 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW131000193 BCX0\">It really comes down to cost and convenience for our clients. When you have a whole slate to <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">[<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">execute<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">]<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">, why not package it together, especially if it <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">is something that<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> needs to get <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">all <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">done at once, rather than spray <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">to the Street an <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">individual RFQ<\/span><\/span><span class=\"TrackChangeTextDeletionMarker TrackedChange SCXW131000193 BCX0\"><span class=\"TextRun SCXW131000193 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun TrackChangeTextDeletion SCXW131000193 BCX0\">s<\/span><\/span><\/span><span class=\"TextRun SCXW131000193 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"> <span class=\"NormalTextRun SCXW131000193 BCX0\">or individual requests <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">without being sure if you are<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> able to trade them all in one go. Oftentimes,<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> you have this need where <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">[order]<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> need<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">s to be<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> all fill or kill<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">.<\/span> <span class=\"NormalTextRun SCXW131000193 BCX0\">This kind of<\/span> <span class=\"NormalTextRun SCXW131000193 BCX0\">portfolio <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">is very well suited for that.<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> On the other hand,<\/span> <span class=\"NormalTextRun SCXW131000193 BCX0\">the cost aspect here is that if you have a <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">package<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">, <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">sometimes <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">it could <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">be biased toward<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">s<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> one part of the market, but other times <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">it<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> can be&#8230; more<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> neutral and, <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">I\u2019d<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> say, <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">\u201c<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">friendly<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">\u201d<\/span><span class=\"NormalTextRun SCXW131000193 BCX0\"> to <\/span><span class=\"NormalTextRun SCXW131000193 BCX0\">price.<\/span><\/span><span class=\"EOP SCXW131000193 BCX0\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><strong><span class=\"TextRun SCXW15631741 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW15631741 BCX0\">Shahaan Kazi: <\/span><\/span><\/strong><span class=\"TextRun SCXW15631741 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW15631741 BCX0\">Portfolio trading allows you to package a list of bonds and get full execution.<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">..<\/span> <span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW15631741 BCX0\">So<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\"> when <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">you&#8217;re<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\"> going <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">to the month-<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">end <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">and looking to <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">rebalanc<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">e your portfolios<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">, or trying to do asset allocation, <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">you&#8217;re<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\"> not scrambling for hundreds of bonds<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\"> to get liquidity for them<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">. <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">You&#8217;re actually getting full liquidity <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW15631741 BCX0\">on<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\"> one <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">single <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">execution of the <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">trade.<\/span><\/span><span class=\"TextRun SCXW15631741 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"> <span class=\"NormalTextRun SCXW15631741 BCX0\">I think a lot of efficiency<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\"> is driving [the growth in portfolio trading <\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">popularity<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">], but&#8230; the rise in passive strategies, especially ETFs&#8230;are really driving the growth<\/span><span class=\"NormalTextRun SCXW15631741 BCX0\">&#8230;[given] the ability to have that all in an execution in one single trade.<\/span><\/span><span class=\"EOP SCXW15631741 BCX0\" 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approaches.<\/p>\n","protected":false},"author":1935,"featured_media":102820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-podcast.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[435,457,453,444],"tags":[603,3698,526,3772,481,445],"series":[3770],"class_list":["post-121277","post","type-post","status-publish","format-standard","hentry","category-data","category-financial-services","category-markets","category-trading","tag-ai-machine-learning","tag-enterprise-tech-and-data","tag-fixed-income","tag-market-dialogues","tag-pricing","tag-sales-and-trading","post_series-market-dialogues","type-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How is portfolio trading changing the fixed income landscape? | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"This Market 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