{"id":144754,"date":"2026-10-29T15:35:42","date_gmt":"2026-10-29T19:35:42","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/portfolio-trading-is-reshaping-fixed-income-is-your-desk-ready\/"},"modified":"2026-11-11T15:57:30","modified_gmt":"2026-11-11T20:57:30","slug":"portfolio-trading-is-reshaping-fixed-income-is-your-desk-ready","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/portfolio-trading-is-reshaping-fixed-income-is-your-desk-ready\/","title":{"rendered":"Portfolio trading is reshaping fixed income. Is your desk ready?"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6af8d6fbccbb9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Portfolio trading is reshaping fixed income. Is your desk ready?<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/artificial-intelligence\/\" rel=\"category tag\">\n                    Artificial Intelligence\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/fixed-income\/\" rel=\"category tag\">\n                    Fixed Income\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\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<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\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=\"1130\" height=\"1132\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"The core capabilities of an effective EMS Bloomberg\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo.png 1130w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo-552x553.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo-800x801.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo-768x769.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo-108x108.png 108w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\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-6af8d6fbd7391'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">October 29, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\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-compact bbg-row--full-bg-bleed\" data-anchor='row-6af8d6fbd9d9a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">As credit markets become more electronic and portfolio trading grows, firms need an integrated end-to-end workflow that can enable fast, efficient and reliable portfolio trading.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Solutions need to offer connectivity, reliable pricing, smart automation, the capacity to handle increasingly complex baskets, and post-trade integration and reporting. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">As portfolio trading scales, competitive advantage will come from combining automation with trader judgement, supported by tools that help desks orchestrate a more complex workflow.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\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-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6af8d6fbdcea0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW109315107 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW109315107 BCX0\"><em><span class=\"TextRun SCXW82581887 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW82581887 BCX0\">This article is by Angela Cai, <\/span><\/span><span class=\"TextRun SCXW82581887 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW82581887 BCX0\">Head of D2C Trading, TEMS at Bloomberg <\/span><\/span><span class=\"TextRun SCXW82581887 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW82581887 BCX0\">and Dan Tsou, Global Head of Sell-Side EMS at Bloomberg.<\/span><\/span><span class=\"EOP Selected SCXW82581887 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/em><\/span><\/span><\/p>\n<p>Portfolio trading is changing the shape of fixed income execution.<span class=\"TextRun SCXW109315107 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW109315107 BCX0\"> Increasingly, clients want to transfer risk at the portfolio trading level, which <\/span><\/span><span class=\"TextRun SCXW109315107 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW109315107 BCX0\">raises the bar for workflow control, data <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW109315107 BCX0\">quality<\/span><span class=\"NormalTextRun SCXW109315107 BCX0\"> and execution oversight.<\/span><\/span><\/p>\n\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  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6af8d6fbde920'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_3795611151896948780\"\n  class=\"wpb_content_element bbg-cta no-icon\">\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 left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/trading\/execution-management-system\/trade-ems\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Trade Execution Management System (TEMS)\"\n        >\n                      Bloomberg Trade Execution Management System (TEMS)\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_1003219429565110822\"\n  class=\"wpb_content_element bbg-cta no-icon\">\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 left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/professional.bloomberg.com\/products\/trading\/order-management-system\/toms\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Trade Order Management Solutions (TOMS)\"\n        >\n                      Bloomberg Trade Order Management Solutions (TOMS)\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW182466018 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW182466018 BCX0\">Sell-side dealers are looking for speed, <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW182466018 BCX0\">transparency<\/span><span class=\"NormalTextRun SCXW182466018 BCX0\"> and efficiency<\/span><span class=\"NormalTextRun SCXW182466018 BCX0\">.<\/span> <\/span><span class=\"TextRun SCXW182466018 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW182466018 BCX0\">Clients are increasingly using portfolio-level strategies for allocation, <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW182466018 BCX0\">rebalancing<\/span><span class=\"NormalTextRun SCXW182466018 BCX0\"> and risk management. Portfolio trading gives<\/span><span class=\"NormalTextRun SCXW182466018 BCX0\"> a way to implement those decisions without having to <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW182466018 BCX0\">work<\/span><span class=\"NormalTextRun SCXW182466018 BCX0\"> every bond independently.<\/span><\/span><span class=\"TextRun SCXW182466018 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW182466018 BCX0\"> What now matters to firms is whether the entire workflow can support portfolio trading as the market evolves.<\/span><\/span><span class=\"EOP Selected SCXW182466018 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><a class=\"Hyperlink SCXW121833684 BCX0\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/data\/pricing-insights-evaluating-portfolio-trading-performance\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW121833684 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW121833684 BCX0\" data-ccp-charstyle=\"Hyperlink\">Bloomberg analysis<\/span><\/span><\/a><span class=\"TextRun SCXW121833684 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW121833684 BCX0\"> found that in March 2025, 26.4% of <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW121833684 BCX0\">institutionally-sized<\/span><span class=\"NormalTextRun SCXW121833684 BCX0\"> US investment-grade (IG) dealer risk trades were executed via portfolio trading, up from 21.1% in January. The figures reflect the fact that portfolio trading is now a significant aspect of dealer workflow rather than an emerging trend.<\/span><\/span><span class=\"EOP Selected SCXW121833684 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\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--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6af8d6fbe2652'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.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_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.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_2.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_2.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_2\" 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\">Want more flexibility in your execution workflow?<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Discover how Bloomberg Trade EMS integrates proprietary models, data and third-party technology.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2997398552261956918\"\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:\/\/professional.bloomberg.com\/products\/trading\/execution-management-system\/trade-ems\/#automated-workflows\"\n        target=\"_blank\"\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\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-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6af8d6fbe5ed4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 aria-level=\"3\">Portfolio trading as a workflow challenge<\/h2>\n<p><span data-contrast=\"none\">The complexity of portfolio trading places greater demands on the fixed income desk.<\/span><span data-contrast=\"none\"> For example, a 250-line-item IG portfolio trade may contain bonds that offset existing exposures, bonds that can be hedged electronically and bonds that require input from a specialist line trader.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The challenge is therefore not simply producing hundreds of prices quickly, it is understanding the economics of the basket as a whole and determining how individual risks should be warehoused, hedged, automated or routed to specialist traders.<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">To ensure this works smoothly, liquidity discovery, pricing judgement, automation, trader oversight and post-trade control need to operate as part of the same process. What\u2019s needed is a single execution solution that can support the complexity, without forcing traders to stitch the process together manually. <\/span><span 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;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p>Dealers are trading across multiple venues, so need to be able to inject portfolios quickly from different venues and protocols. The need is for an end-to-end system that can connect all these venues and support multiple different trading protocols. The information also needs to enter downstream workflows to enable the necessary reporting.<\/p>\n<p><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2>What portfolio trading demands from the modern trading desk<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"none\">As heads of trading and technology assess whether their current environments can support portfolio trading at scale, they should consider several core capabilities:\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Connectivity to multiple venues and protocols<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">The ability to connect to fragmented pools of liquidity and support different execution workflows across venues.\u00a0<\/span><b><span data-contrast=\"none\">\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Reliable pricing data and benchmarks<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">Access to reliable pricing and analytics to help traders assess the basket, understand how the risk fits with inventory and market conditions, and evaluate both liquid and illiquid bonds.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Smart automation\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">The ability to automate pricing and execution where appropriate, while allowing traders to retain control over more complex or less liquid securities.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><b><span data-contrast=\"none\">UI that coordinates traders, algorithms and workflows<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">A user interface that supports portfolio traders, line traders and algo workflows operating together.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Capacity to process large portfolios efficiently<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">Systems that can handle increasingly complex baskets without introducing operational friction.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559685&quot;:720,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Post-trade integration and reporting<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:278}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">The ability for information to flow seamlessly into order management and reporting systems, while supporting the requirements of portfolio trades.<\/span><\/p>\n\n<\/div>\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=\"1130\" height=\"1132\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"The core capabilities of an effective EMS Bloomberg\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo.png 1130w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo-552x553.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo-800x801.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo-768x769.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/TEMS-Angela-1-No-logo-108x108.png 108w\" sizes=\"auto, (max-width: 1130px) 100vw, 1130px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"none\">Effective portfolio trading depends on having these capabilities and ensuring that the components can work together. Weakness in any part of the workflow can slow execution, reduce transparency or introduce risk. For traders, that means being able to automate where it makes sense and focus attention where judgement matters most.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 aria-level=\"3\">A unified workflow<\/h2>\n<p><span data-contrast=\"none\">As portfolio trading grows, execution environments are expected to do more than connect traders to venues. Increasingly, firms are looking for connectivity, pricing data, analytics, communication tools and downstream integration to operate as part of a connected trading solution. <\/span><span 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;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">This idea of a unified workflow underpins Bloomberg Trade EMS (TEMS).\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Bloomberg offers a suite of solutions. It brings trading workflows, market data, evaluated pricing, analytics, TOMS integration and communication tools together in a connected solution that is designed to support portfolio trading at scale.<\/span><span 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;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Bloomberg connects to multiple venues and protocols, helping firms ingest portfolio trades efficiently. <\/span><span data-contrast=\"none\">Intraday BVAL (IBVAL) provides near-real-time intraday pricing designed for front-office trading workflows, while BVAL provides evaluated prices at designated market snapshots across a broad range of instruments and liquidity profiles. Together<\/span><span data-contrast=\"none\">,<\/span><span data-contrast=\"none\"> they support pricing needs across front, middle and back-office workflows. \u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The goal isn\u2019t just to make portfolio trading faster. It\u2019s also to make it more efficient and transparent by reducing friction across the entire workflow.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<h2 aria-level=\"3\">The next phase of portfolio trading<span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:120,&quot;335559740&quot;:276}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"none\">The increase in portfolio trading is likely to<\/span>\u00a0<span data-contrast=\"none\">continue, especially in regions where uptake has so far been behind the US. Portfolio trading is now being used by a significant proportion of US investment-grade dealers, and it\u2019s been increasing year-on-year. Adoption has been slower in Europe, but this year there has been an uptick as more venues introduce portfolio-trading protocols and workflows.<\/span><\/p>\n<p><span data-contrast=\"none\">As portfolio trading continues to expand and evolve, the next stage is likely to be less about workflow efficiency alone and more about decision support. Portfolio trades generate large volumes of information, including pricing, historical execution data, client activity and analytics. Traditionally, traders have had to gather this information from multiple systems to help them make decisions.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">AI has the potential to <\/span><span data-contrast=\"none\">help reduce the information gathering burden around integrated pricing, trader judgement and orchestration<\/span><span data-contrast=\"none\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">ASKB, Bloomberg\u2019s agentic AI interface for the Bloomberg Terminal, <\/span><span data-contrast=\"none\">lets users retrieve, analyze and contextualize Bloomberg information using natural language.<\/span><span data-contrast=\"none\"> For information intensive workflows such as portfolio trading, this can help traders access and synthesize relevant information more efficiently.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2>Keeping pace with the market<\/h2>\n<p><span data-contrast=\"none\">Portfolio trading is ultimately a test of whether fixed income execution workflows can keep pace with the market. As it grows, it is changing more than the speed and efficiency of trading. It is changing how risk is transferred, and therefore how dealer desks need to price, coordinate and manage that risk across the full workflow.\u00a0<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Firms that can bring those capabilities together, supported by infrastructure such as TEMS, will be well positioned to handle greater complexity and compete as portfolio trading continues to scale.<\/span><span data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/professional.bloomberg.com\/products\/trading\/execution-management-system\/trade-ems\/\"><span data-contrast=\"none\">Learn more about Bloomberg Trade EMS.<\/span><\/a><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6af8d6fbe96b6]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row 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Bloomberg&#8217;s Angela Cai explores how connected workflows, smart automation and reliable pricing can help firms manage growing complexity.<\/p>\n","protected":false},"author":2062,"featured_media":145256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"444","footnotes":""},"categories":[3715,3938,3661,444],"tags":[747,3839],"series":[],"class_list":["post-144754","post","type-post","status-publish","format-standard","hentry","category-artificial-intelligence","category-fixed-income","category-technology","category-trading","tag-sell-side","tag-sellside_2026","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Portfolio trading is reshaping fixed income. 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