Market Overview

March of the Bond Bots: An Invasion or Reinforcements? -


The "March of the Bond Bots: An Invasion or Reinforcements?" report has been added to's offering.

Almost 300 years after a man put ink to paper and issued the first Bank of England banknote, Alliance Bernstein's autonomous trading bot, Abbie, executed a corporate bond trade with another (likely less adorably named) artificial intelligence assistant at a dealer counterparty on its own authority. Entirely removed, if you will, from human intervention or instruction. The first trade of its kind.

This report examines publicly available trade data to break down recent developments with U.S. corporate bond trading and assess the current state of the electronic transformation occurring within the market.

Key Points

  • Artificial intelligence-driven trading bots such as Alliance Bernstein's Abbie are now autonomously executing corporate bond trades between themselves.
  • Major areas of development in US institutional corporate bond trading include:
    • The rise of electronic trading platforms
    • Algorithmic trading (automation solutions)
    • Portfolio trading
  • The US corporate bond market continues to increase in size and trading volume - primarily driven by investment grade market activity.
  • Portfolio trading within US credit has exploded over the past year as major trading platforms and dealers have fully embraced the concept.
  • Automation solutions that reinforce the traditional request for quote (RFQ) process have become a larger percentage of institutional US credit volume traded.

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