Mar 20, 2023
China Bond Price Feeds Return with Wider Access for Data Vendors
(Bloomberg) -- Several Chinese data vendors are showing or will soon start to show bond quotes from all six of the country’s fixed-income brokers, wider distribution than before a sudden suspension of data feeds last week rocked the nation’s $21 trillion debt market.
China Foreign Exchange Trade System told Bloomberg News that its iDeal platform has started showing data from every broker while Choice and Wind Information Co. said they will do so. Only one platform, Qeubee, previously provided quotes from all six firms.
Dealing Matrix will gradually add information from the three brokers whose data it didn’t previously disseminate starting this week, said people familiar with the matter who asked not to be identified as they’re not authorized to speak publicly. According to screenshots seen by Bloomberg, Dealing Matrix’s terminal showed the six brokers’ names on Monday, all but one having live data. The firm declined to comment.
Last week’s two-day halt of the feeds shown on private-sector platforms sent trading volumes slumping and made price discovery more difficult for investors. There’s been no official explanation for why the the feeds were suspended.
Data are already visible from three of the brokers on East Money Information Co.-operated Choice, it told Bloomberg, and will be available from the others in an unspecified period. Wind said in a statement that data from Tullett Prebon SITICO (China) Ltd. and Ueda Yagi Money Broking (China) Co. will be newly available on its platform.
According to another person familiar with the situation, one of the solutions discussed at a meeting last Thursday between regulators and the six brokers was the firms proactively providing bond-quote data for free to at least some vendors.
The only platform which previously had full access to every broker’s data feed was Qeubee. It hasn’t received approval to resume offering bond quotes, said a spokesperson last week at Ningbo Sumscope Information Technology Co., which operates the service.
Chinese media outlet Yicai reported that Tullett Prebon SITICO would start offering free bond-pricing feeds to some financial-data platforms on Monday. The firm, one of China’s largest fixed-income brokers, confirmed the information when contacted by Bloomberg. People familiar with the matter told Bloomberg on Friday that Tullett Prebon SITICO approached some platforms offering to provide quotes as soon as possible.
Bloomberg LP, the parent company of Bloomberg News, also offers fixed-income trading, data and information to the financial services industry.
--With assistance from Yuling Yang, Qingqi She and Jing Zhao.
(Adds comments in the second, fifth and eighth paragraphs.)
©2023 Bloomberg L.P.