E-Trading / Global Credit Trading Benchmark

Global Credit Trading Benchmark

BCG Expand delivers the only dealer-submitted Global Credit Trading Benchmark that captures both voice and electronic corporate bond trading across USD and EUR markets—providing unmatched visibility into the parts of the market where true franchise differentiation occurs.

Our Global Credit Trading Benchmark Solutions

The Challenge

  • ✔Voice trading remains opaque and unbenchmarked — internal MIS and TRACE do not provide competitive insight.
  • ✔Fragmented workflows between voice, RFQ-in-Comp, RFQ-to-1, and click-to-trade complicate franchise planning.
  • ✔Limited visibility into peer activity in long-tenor IG and HY credit where voice dominates.
  • ✔True voice-led client relationships are obscured by growth of electronic trading.

How we can help

Voice & Electronic Data Capture

We capture monthly dealer-submitted voice and electronic trades across USD and EUR, ensuring accuracy across trade types and credit categories.

Multi-Dimensional Benchmarking

We benchmark performance across issuer, sector, client type, tenor, platform and trade type to uncover actionable growth opportunities.

Insight Delivery & Deep Dives

We deliver heatmaps, ranking tables, issuer and sector deep dives, and strategic insight packs to guide franchise decision-making.

Client success stories

We help dealers rebalance voice coverage teams using issuer- and sector-level market share insights.
Identified voice-dominant industries (e.g., Financials, Energy) where peers’ ADV exceeded expectations.
Insights have reshaped hybrid workflows, improving RFQ conversion and reducing leakage.

Case Studies

Tier-1 Global Dealer

Voice heatmaps revealed underperformance in USD 10–30Y IG vs peers. Adjusting trader involvement on block trades increased voice ADV by 14% QoQ.

The Challenge

  • ✔Sales teams lack objective evidence of where competitors outperform in USD vs EUR.
  • ✔Fragmented data makes cross-currency comparison unreliable.
  • ✔Liquidity dynamics differ sharply by tenor, sector, and trade type — but internal systems struggle to capture it.

How we can help

Normalisation & Peer Grouping

We normalise data across IG, HY and Financials, and construct rolling-ADV peer groups to support precise comparison.

Multi-Dimensional Benchmarking

We benchmark performance across issuer, sector, client type, tenor, platform and trade type to uncover actionable growth opportunities.

Insight Delivery & Deep Dives

We deliver heatmaps, ranking tables, issuer and sector deep dives, and strategic insight packs to guide franchise decision-making.

Client success stories

Currency-split benchmarking uncovered underperformance in EUR 5–10Y IG voice, leading to an 18% increase in quarterly ADV after coverage adjustments.
Dealers identified neglected tenor buckets and rebalanced liquidity deployment to improve execution.

Case Studies

European Dealer

Used USD/EUR split and tenor insights to redesign sales coverage, improving EUR voice penetration by 12% in priority clients.

The Challenge

  • ✔ Peers’ penetration across client types (e.g., Real Money, Hedge Funds, Corporates) is not visible through internal MIS.
  • ✔ Rapid client and product behaviour shifts require accurate peer-aligned intelligence.
  • ✔ Under-representation in certain product areas (e.g., HY Energy, EM credit) can limit growth.

How we can help

Multi-Dimensional Benchmarking

We benchmark performance across issuer, sector, client type, tenor, platform and trade type to uncover actionable growth opportunities.

Insight Delivery & Deep Dives

We deliver heatmaps, ranking tables, issuer and sector deep dives, and strategic insight packs to guide franchise decision-making.

Client success stories

Clients have reallocated sales coverage based on segment-level market share gaps.
Insights guided new pricing streams in NDFs, delivering 25% QoQ growth.

Case Studies

North American Dealer

HY voice benchmarking revealed strong performance in Industrials but gaps in Energy. After adjusting risk appetite and product focus, HY share improved across Real Money clients.

Insights

Voice benchmarking is a game-changer — finally we can quantify our real liquidity relationships.

Global Head of Credit Trading

Understanding our USD vs EUR voice share has reshaped how we deploy our sales coverage.

European Head of Credit Sales

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