Research and Analysis
We examine how broker chat becomes structured fixed-income data, drawing on desk experience to discuss parsing, instrument fields, audit trails, and the practical questions early-access buy-side pilots expose.
After two years parsing broker communications across rates, credit, and repo desks, patterns emerge in how brokers write, what they abbreviate, and where ambiguity most often enters the record.
Read articleAsset managers that rely solely on Bloomberg for pre-trade fixed-income data carry a single-vendor concentration risk most do not measure. A structured approach to broker-sourced data can fill the gap.
Read articleRepo markets are liquid, high-volume, and heavily reliant on bilateral broker communication. Automation has arrived at the equity and FX desk. Repo still runs on chat. Here is why that is changing.
Read articleBrokers rarely cite a full ISIN in a chat message. They use tickers, aliases, short ISIN prefixes, and issuer abbreviations that resolve differently across asset classes. A field guide for data engineers.
Read articleFixed-income price data arrives from multiple sources using different conventions: yield, spread, discount margin, clean price, dirty price. Normalising across these is not a trivial ETL task.
Read articleGDPR applies to broker communications in ways most compliance teams have not fully mapped. Chat messages containing counterparty names are personal data. Processing them without a lawful basis is a regulatory risk.
Read articleBetween the broker message and the OMS entry lies a manual data transcription step that introduces errors, delays, and omissions that most operations teams have learned to work around rather than eliminate.
Read articleA buy-side data engineer reading dealer chat faces a choice of price conventions with no declared standard. This guide maps the main conventions, their scope, and how to detect them in free-form messages.
Read articleBuy-side desks receive broker communications across three or more messaging platforms simultaneously. Each has different data export capabilities, message structure, and API maturity. The gap between them is where data is lost.
Read articleISDA and FpML define how derivatives transactions should be represented. Broker chat does not follow any standard. Understanding that gap explains why parsing broker messages is a domain problem, not a general NLP problem.
Read articleManual re-keying of broker quotes is treated as a cost of doing business on most fixed-income desks. A structured analysis of where the time goes and what the downstream error rate looks like.
Read articleMiFID II Article 16 imposes communication recording and retention requirements that extend to broker chat messages. Most buy-side compliance teams know this. Fewer have mapped which messages qualify and how to retain them.
Read articleTwoWay is available for pilots on rates, credit, and repo desks. Contact us to discuss your workflow.
