Firm sources on-the-run $UST data at the Equinix Secaucus-NY2 data center.
For the buy-side trader, protecting intent is more important than ever.
Rather than buy or build, Vela says buy and build is the way to look at it.
As the agency brokerage expands globally, it also moves its NY office.
It's critical for traders to know the context of trades in off-the-run securities.
Less liquidity makes TCA a critical tool.
Data is harder to come by in the less liquid, off-the-run Treasury securities.
Market shifts away from submission-based pricing, toward independently validated reference prices.
Off-the-run securities are less liquid despite comprising the bulk of the market.