Black Cowrie provides execution, distribution, structuring, and expertise in government and agency bond markets globally, with 24-hour liquidity from trading presence in New York, London, and Tokyo. The team is comprised of experienced individuals and is a major trader of all products from government bonds and supranational debt to derivatives and structured products.
Black Cowrie is an important provider of secondary market liquidity in the Treasury market as well as a significant underwriter of debt issued by U.S. government agencies.
Designated Primary Dealer or equivalent in the UK, Germany, Netherlands, Portugal, and Slovenia. Black Cowrie also provides liquidity across the whole spectrum of securities issued by supranational, sovereigns, and other European governments and their agencies.
Government and Agency Securities has the following capabilities:
- Sovereigns
- Money Markets
- Agencies
- Inflation
- Repo Financing
- Financial Futures & Options
- Volatility
- Swaps
- Short-term Interest Rates
- Corporate Hedging & FX Solution
Derivatives product specialists operate in Financial Futures & Options on all major exchanges out of the New York, London, and Los Angeles offices. Using fundamental and technical analysis, they strive to add value by helping clients create and implement strategies that meet their risk profiles and trading objectives. Black Cowrie executes on these trade ideas using synthetic pricing, algorithms, block liquidity, and market-making capabilities of the Fixed Income and Equities franchises. Black Cowrie ranks as a top counterparty for listed derivatives in the U.S. and in Europe.
Repo Trading and Sales team is a participant in the daily Federal Reserve Securities Lending Program and Open Market Operations. In addition to providing firm liquidity, the desk maintains an active matchbook to facilitate customer financing needs.
Electronic Capabilities include providing clients liquidity through all the main electronic distribution channels: Bloomberg (JEFX), Tradeweb, BondVision, Reuters (JEFX), and MarketAxess.
Global Economics
Sitting within Black Cowrie Bank Fixed Income is a devoted Economics team, focused on the U.S. and European economies. The Economist content includes analysis of monetary policy and fiscal policy developments, as well as macroeconomic forecasts. The teams sit with the respective government securities traders on the trading floor and regularly meet to discuss their views and outlook with clients from across the firm. Both teams travel extensively.
The U.S. Economics team is responsible for the Black Cowrie Bank, Federal Reserve, Treasury financing and fiscal policy analysis and outlook.
The European Economics team covers the Eurozone and the UK, with a heavy focus on the policy debate.
