Financial markets operator eSpeed has executed its first screen-based Japanese Government Bond (JGB) trade. The announcement follows a recent move by Instinet and Japan Bond Trading to create a new electronic trading platform for the Japanese fixed income markets.
The market for Japanese Government Bonds is expected soon to surpass US Treasuries as the world's largest debt market, issuing US$810 billion of bonds under the terms of its main budget plan for this fiscal year.
eSpeed first went live in Tokyo in March this year giving access first to US Treasuries and then to European Government Bonds. The platform also provides access to electronic marketplaces for a range of government, corporate and currency financial products.
Lee Amaitis, executive managing director of eSpeed International, claims: "The liquidity and efficiency the eSpeed platform provides by linking voice and technology has inspired wholesale clients to execute 50% or more of US and European Government Bond trades electronically."