Steps Ahead

Delivering game changing fixed income market colour with real-time analytics and AI







  • A tier 2 bank with global and regional offices had a strong fixed income market share but, as the market became more electronic, was struggling to retain clients and grow profitability.
  • The bank realised that data-driven insights could help it achieve this goal – but after unsuccessfully trying to build a data analytics solution in-house, it soon realised a FICC technology specialist could help deliver quicker time-to-market and ROI.
  • Mosaic provided a holistic solution for fragmented data by providing access to historical and predictive insights on clients, products, venues and channels.
  • By automating reporting, Mosaic helped the bank remove its reliance on spreadsheets and improve efficiency, time and cost savings.
  • Bank now has a deeper understanding of performance across clients, products, channels and participants. It is able to quickly identify the root cause of issues with the use of AI, and act immediately to enhance client service and prevent defection to competitors.
  • Thanks to Mosaic, the bank is now able to successfully compete with larger global players and protect its market share in fixed income.

“I’m able to have all volumes and hit ratios divided by products, clients and regions.”

Data analytics was time consuming and suffered from latency

Data has always been a pain point for our fixed income business – but as the market continued to become more electronic, we knew this was a hurdle we had to overcome. After surveying the different options available to us, we decided to engage Mosaic to help us improve client experience by putting data at the core of all decision-making and at the foundation of our fixed income client offering. No other platform out there seemed to have been purpose-built for capital markets in the same way Mosaic clearly was.

Previously, we had really struggled to monitor our large volume of transactions and gain meaningful insight of activity across our global fixed income-trading client base. We tried to develop an in-house solution to give our sales and trading teams data in such a way they could very quickly and efficiently gain insights, and then use those insights however they needed with a specific client or client set. But because our fixed income data came from isolated and fragmented data sources, we found it hard to develop a standardised approach and get a global view of client or product performance.

By partnering with Mosaic, we were able to leverage its experience working with other banks to understand exactly what we needed to prepare. Whenever an issue arose, Mosaic proactively collaborated with us to resolve it, and we went live with the platform across the global fixed income business in just a few months.

“Mosaic is a one stop shop from vanilla to exotics trades”


Fragmented data led to limited market insight

  • We were looking to improve the limited market insight of fragmented data across our current stack
  • Our sales and trading teams didn’t have access to a single platform where they could see flow across all venues, as well as product and client activity
  • These teams had to create lengthy manual reports across all data sources to get a complete picture of data
  • In addition, they didn’t have readily accessible insight into patterns that could improve future trades

A single view of all data

  • Mosaic gives our sales and trading teams a single view of all data across the organisation
  • Deployment of MSX 360 enables analysis of all historical data sources, allowing us to see where improvements could be made
  • Mosaic has saved us significant time and resources by automating previously manual daily, weekly and monthly data aggregation tasks

Pricing quality insights

  • As the fixed income world rapidly transitions from manual pricing and execution to auto negotiation based on sophisticated automated pricing systems, Mosaic gives us crucial real-time monitoring tools around the quality of pricing
  • By segmenting the pricing performance across product types, segments and tenors, we can identify areas of pricing under-performance
  • Systematic detection of pricing strategy being too aggressive on specific sectors and/or client tiers allows us to assess performance on any changes in our pricing strategy in real-time, and adapt and tune it on a continuous basis
  • Holistic approach to pricing strategy and client tiering gives us full visibility of the client value across all FICC products, allowing us to tune our pricing strategy to the true value of each customer across our FICC franchise

“Without Mosaic I’d have to check three different systems to get a holistic view of what we’ve traded”

Rates Salesperson

Proactive anticipation of client needs has established our reputation as trusted advisor

Access to fixed income market colour across the entire global business

  • Thanks to Mosaic, we can now identify notable positions across both cash and swaps across the curve, broken down by currency (USD, GBP, Euro including core and semi core) and client type
  • Our salespeople and traders are notified when a certain type of client has an expectation that yield curve is going to flatten or steepen
  • MSX gives us a reason to call:
    • New ideas
    • Proactive instead of reactive
    • Builds trust and value simultaneously
  • Client defection alert has allowed us to spot antisocial client behaviour before it’s too late
  • Seasonality alert gives us insight into seasonal client volumes and the perfect time to call the client
  • Rates briefing is the perfect one-stop-shop for morning meetings as it gives market colour, valuable positioning highlights, and helps give ideas to our salespeople that they can bring up to their clients