{"id":114002,"date":"2025-05-05T11:41:00","date_gmt":"2025-05-05T15:41:00","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/pricing-insights-evaluating-portfolio-trading-performance\/"},"modified":"2026-02-12T17:21:36","modified_gmt":"2026-02-12T22:21:36","slug":"pricing-insights-evaluating-portfolio-trading-performance","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/pricing-insights-evaluating-portfolio-trading-performance\/","title":{"rendered":"Pricing Insights: Evaluating portfolio trading performance"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a022b928a944'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Pricing Insights: Evaluating portfolio trading performance<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/429775525resiz1.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"yield curve\" title=\"yield curve\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a022b929684d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">May 5, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a022b9299671'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400;\">This article was written by David Krein, Head of Real-Time Pricing Research at Bloomberg.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">In the US Investment Grade market, portfolio trading (PT) has seen substantially increased adoption over the last five years. In March 2025, 26.4% of institutionally-sized client-dealer risk trades were executed via PT, up from 23.4% in February and 21.1% in January, our analysis shows.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PT streamlines the trading of large baskets of corporate bonds through a single price negotiation. This &#8220;one-touch&#8221; approach makes it a particularly powerful solution for liquidity events, exposure adjustments, and portfolio rebalancing. Its efficiency is further enhanced by a suite of pre-trade insights that help traders optimize for speed, anonymity, security selection, and market impact.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a022b929b42b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_7634199889666483878\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/data\/enterprise-catalog\/pricing\/ibval-front-office\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"IBVAL Front Office\"\n        >\n                      IBVAL Front Office\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">The controls and operational benefits of PT are well-known, but to evaluate the efficacy of this approach, traders need to go a layer deeper and consider questions like:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How do PT\u2019s pricing outcomes compare to line-by-line negotiation and execution?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How do certain groups or types of bonds affect PT results?\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bond liquidity, market volatility, security concentration, and other considerations are also likely to be impactful. Balancing these potential tradeoffs is essential to maximizing success.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Pricing Insights<\/strong> series provides analysis on the fixed income market sector. For more analysis in this series, click <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/data\/pricing-insights-navigating-quote-data\/\">here<\/a>.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a022b929ef36'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Empower your work with Enterprise Data & Technology monthly insights<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter <\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3931517595352327930\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a022b92a3c9c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How to assess portfolio trading outcomes<\/h2>\n<p><span style=\"font-weight: 400;\">To assess PT performance, we utilize the &#8220;PT flag&#8221; introduced by TRACE on May 15, 2023. This flag allows us to compare PT trades against non-PT trades for various bond cohorts. This analysis provides insights into where PTs may offer the most value or incur higher costs, ultimately informing trading strategies to optimize outcomes.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a022b92a5c05'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Our analysis focuses on the US Investment Grade markets, which have the highest PT share. We benchmark Q1 2025 TRACE trades against Bloomberg\u2019s intraday pricing solution, IBVAL, for institutionally-sized, client-dealer risk trades during normal market hours. Performance is measured as the side-aligned, per-bond difference between the trade price and the IBVAL price. The result, expressed in dollars (where 0.01 equals 1 cent), is the median of these differences.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card_hasCta bbg-card_hasLinkWrap bbg-card-text-white\" id=\"card_2\" data-card_type=\"image\">\n      <style>#card_2 .bbg-card__innerwrapper {background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/promo-card-bg.png);background-repeat: no-repeat;background-size: cover;background-position-x: center; background-position-y: center;}#card_2 .bbg-card__innerwrapper {\n\tborder: 1px solid rgba(0,0,0,0.01) !important;\n\t}#card_2:hover .bbg-card__innerwrapper {\n\tborder: 1px solid rgba(0,0,0,0.01) !important;\n\t}#card_2 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_2 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #ffffff !important;\n\t}#card_2 .bbg-card__innerwrapper .bbg-card__content,#card_2 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #ffffff !important;\n\t}#card_2.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}#card_2 .bbg-cta .bbg-cta-link.link-holder a {\n\tcolor: #ffffff !important;\n\t}#card_2 .bbg-cta .bbg-cta-link.link-holder a::after {\n\tbackground: #ffffff !important;\n\t}#card_2 .bbg-cta .bbg-cta-link.link-holder .bbg-cta-button {\ncolor: #ffffff !important;\n\n\n\n\n  }\n\n<\/style>\n  \n      <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/webinar\/revolutionizing-fixed-income-trading-with-ibval-front-office\/\" target=\"\" rel=\"\" class=\"bbg-card-link_wrap\">\n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #ffffff\">WEBINAR<\/div>\n      \n                      <h3 class=\"bbg-card__title\">Revolutionizing Fixed Income Trading with IBVAL Front Office<\/h3>\n      \n          <\/div>\n\n          \n<div\n  id=\"cta_7613084456857735503\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    #cta_7613084456857735503.bbg-cta .bbg-cta-link.link-holder .bbg-cta-link {\n\tcolor: #ffffff !important;\n}\n\n#cta_7613084456857735503.bbg-cta .bbg-cta-button__icon-right::after {\n\tcolor: #ffffff !important;\n}\n\n#cta_7613084456857735503.bbg-cta .bbg-cta-button__icon-left::before {\n\tcolor: #ffffff !important;\n}\n\n#cta_7613084456857735503.bbg-cta .bbg-cta-link.link-holder .bbg-cta-link:after {\n\tbackground-color: #ffffff !important;\n}\n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <span         class=\"bbg-cta-link link\"\n        \n        >\n                      Fixed Income\n                <\/span>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n      <\/a>\n  <\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a022b92a9c69'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Using IBVAL as a baseline ensures an unbiased comparison, since IBVAL is designed to reliably reflect the overall market. Therefore, when we analyze PT trades vs. IBVAL, we can effectively gauge their performance relative to the market.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Positive results:<\/b><span style=\"font-weight: 400;\"> Indicate PT outperformance (PT trades were better than or inside IBVAL and the overall market).<\/span><\/li>\n<li><b>Negative results:<\/b><span style=\"font-weight: 400;\"> Indicate PT underperformance (PT trades were worse than or outside IBVAL and the overall market).<\/span><\/li>\n<\/ul>\n<h2>Key findings of portfolio trading performance analysis<\/h2>\n<p><span style=\"font-weight: 400;\">The following charts illustrate key dynamics in PT performance.<\/span><\/p>\n<p><b>Monthly Performance:<\/b><span style=\"font-weight: 400;\"> Chart 1 shows PT&#8217;s strong outperformance in January and February, with a more muted performance in March.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"953\" height=\"697\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch1-pricing.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Portfolio Trading (PT) Performance by Month, Q1 2025\" title=\"Portfolio Trading (PT) Performance by Month, Q1 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch1-pricing.jpg 953w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch1-pricing.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch1-pricing.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch1-pricing.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch1-pricing.jpg 148w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><b>Weekly Performance:<\/b><span style=\"font-weight: 400;\"> Chart 2 examines weekly performance over the same three months. Most notably, March performance is inconsistent, likely due to market volatility, with underperformance concentrated in the weeks ending March 8th and 22nd. The first and last weeks shown are partial weeks, and should be interpreted cautiously. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1297\" height=\"732\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch2-pricing1.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Portfolio Trading (PT) Performance by Week Ending, Q1 2025\" title=\"Portfolio Trading (PT) Performance by Week Ending, Q1 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch2-pricing1.jpg 1297w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch2-pricing1.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch2-pricing1.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch2-pricing1.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Ch2-pricing1.jpg 192w\" sizes=\"auto, (max-width: 1297px) 100vw, 1297px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><b>Dealer Buys vs. Dealer Sells:<\/b><span style=\"font-weight: 400;\"> Chart 3 segments PTs by dealer buys (client sells) and dealer sells (client buys). Outperformance is observed on both sides, with dealers providing stronger bids for PTs compared to offers. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"887\" height=\"679\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH3-pricing.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Portfolio Trading (PT) Performance by Dealer Side, Q1 2025\" title=\"Portfolio Trading (PT) Performance by Dealer Side, Q1 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH3-pricing.jpg 887w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH3-pricing.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH3-pricing.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH3-pricing.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH3-pricing.jpg 141w\" sizes=\"auto, (max-width: 887px) 100vw, 887px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><b>Bond Liquidity:<\/b><span style=\"font-weight: 400;\"> Chart 4 analyzes PTs by bond liquidity, comparing bonds in the Bloomberg US Corporate Bond Index (liquid) to those outside (less liquid). Both segments show similar outperformance.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"916\" height=\"712\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH4-pricing.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Portfolio Trading (PT) Performance by Index Membership, Q1 2025\" title=\"Portfolio Trading (PT) Performance by Index Membership,  Q1 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH4-pricing.jpg 916w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH4-pricing.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH4-pricing.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH4-pricing.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH4-pricing.jpg 139w\" sizes=\"auto, (max-width: 916px) 100vw, 916px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><b>Trade Size Buckets:<\/b><span style=\"font-weight: 400;\"> Chart 5 examines PTs by trade size. Smaller sizes outperform, but this advantage decreases with size and inverts around $3 million. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"948\" height=\"735\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH5-pricing.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Portfolio Trading (PT) Performance by Trade Size, Q1 2025\" title=\"Portfolio Trading (PT) Performance by Trade Size, Q1 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH5-pricing.jpg 948w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH5-pricing.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH5-pricing.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH5-pricing.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CH5-pricing.jpg 139w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><b>Detailed Trade Size Buckets:<\/b><span style=\"font-weight: 400;\"> Chart 6 provides a more detailed view of trade sizes, highlighting the inflection point between $3 million and $3.5 million. It also includes smaller-sized buckets for reference (highlighted in purple), though they are excluded from the &#8220;institutionally-sized&#8221; dataset used elsewhere. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1246\" height=\"877\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/ch6.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Portfolio Trading (PT) Performance by Detailed Trade Size, Q1 2025\" title=\"Portfolio Trading (PT) Performance by Detailed Trade Size, Q1 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/ch6.jpg 1246w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/ch6.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/ch6.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/ch6.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/ch6.jpg 153w\" sizes=\"auto, (max-width: 1246px) 100vw, 1246px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">PT continues to draw interest for a range of use cases, and even expand into other markets, such as US High Yield bonds, Euro-denominated corporate bonds, and Emerging Market bonds. The results shown here are all starting points for a deeper analysis on benchmarking PTs, which can then be compared to results on other trading protocols and approaches. <\/span><span style=\"font-weight: 400;\">This process allows traders to use the tool to achieve optimal outcomes for specific market objectives.<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Interested to learn more about using IBVAL for your pricing needs? Click <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/data\/enterprise-catalog\/pricing\/ibval-front-office\/#overview\">here<\/a>.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a022b92bb1c9]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a022b92bb1c9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    \n<div\n  id=\"cta_5111006013094038752\"\n  class=\"wpb_content_element bbg-cta icon 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This analysis explores its effectiveness, pricing outcomes versus traditional trading, and how bond characteristics impact results.<\/p>\n","protected":false},"author":1935,"featured_media":114011,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"435","footnotes":""},"categories":[435,453,444],"tags":[526,481],"series":[3798],"class_list":["post-114002","post","type-post","status-publish","format-standard","hentry","category-data","category-markets","category-trading","tag-fixed-income","tag-pricing","post_series-pricing-insights","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pricing Insights: Evaluating portfolio trading performance | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Portfolio trading has surged in the US Investment Grade markets over the past five years. 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