has since been building out a
global market making unit in fixed
income and credit products under
the leadership of Paul Hamill, who
was hired from UBS in 2014.
It now ranks among the top
10 Treasury market makers on
Bloomberg’s trading platform,
according to reports. It makes
markets for several products in the
US, and has recently expanded into
Europe for interest rate swaps and
credit default swaps.
A new area for the giant market
maker is in off-the-run Treasuries,
one of the harder to trade areas
within the fixed income market.
White says new role has been
focused on expanding in the off-
the-run Treasury business, and
has harnessed her technological
expertise in building it out.
“The key to the build has been
technology to streamline the front-
to-back process, allowing us to
provide firm, tight and consistent
pricing to clients,” White explains.
“We have been able to use the
work we did in the swaps space
as our foundation for this build as
we think there are many synergies
between off-the-run Treasuries
The off-the-run Treasury market
has predominantly been domi-
nated by banks as it is a relation-
ship-driven business. But with
growing distortions in market
pricing, combined with banks hav-
ing less capacity to house securities
on their balance sheets, it has made
off-the-run Treasuries even more
difficult to trade.
New ventures such as the launch
of OpenDoor Trading, a new
all-to-all marketplace for traders
struggling to source liquidity in
“Being able to bridge the gap between technology
and trading is invaluable. It is difficult to get
involved in electronic trading without this