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Quantitative Finance · Glossário

O que é All-to-all trading, portfolio trade?

Também chamado de: all-to-all trading · portfolio trade

Definition 22.5 Markets II: Rates, FX and Credit · Capítulo 22 — How Bonds Trade

All-to-all trading lets any participant on a platform, investor or dealer, answer any other’s request or order, instead of investors asking only dealers. A portfolio trade is the purchase or sale of a basket of bonds at a single agreed price for the whole basket; TRACE flags a trade as such when it is between two parties, for at least ten different bonds at one price.

A portfolio trade. The client asks one price for a whole list; the dealer takes the basket, hedges its overall risk with bond ETFs and index swaps, and sells or redeems the individual bonds over the following days. Schematic.
Figure 22.3. A portfolio trade. The client asks one price for a whole list; the dealer takes the basket, hedges its overall risk with bond ETFs and index swaps, and sells or redeems the individual bonds over the following days. Schematic.
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