Non-Bank Liquidity in Fixed Income: The New Market-Making Order
Non-bank liquidity providers (NBLPs) are a growing force in fixed income (FI) markets, as they’ve become core liquidity engines in on-the-run Treasury bonds and are pushing hard into electronic credit markets.
But what exactly are NBLPs, and are they good or bad for the FI markets?
Join our special guest Kevin McPartland of Crisil Coalition Greenwich on January 8, 2026 at 10am EST for an interview with Numerix’s Chief Marketing Officer, James Jockle, where they will discuss how NBLPs have moved into fixed income and the impact they’ve had so far.
Hear Kevin’s perspectives on:
- What NBLPs are and how they participate in FI markets
- How their role has changed over time, and how it compares to other asset classes
- How they compete against banks and other market-makers
- Their impact on FI markets
- Future opportunities for NBLPs in FI
Featured Speakers
Kevin McPartland
Kevin McPartland is the head of market structure and technology research. He has nearly 20 years of capital markets industry experience with deep expertise in market structure, regulation and technology impacting the fixed-income, FX and equity markets.
Prior to joining the Firm, Kevin was with BlackRock, where he was a Director in the Electronic Trading and Market Structure group. Prior to Blackrock, he was a Principal at TABB Group, where he founded and led the firm's fixed-income research practice. Kevin also spent time at J.P.Morgan, UBS and Deutsche Bank in varying capacities.
Kevin has presented at a wide range of industry conferences, is quoted regularly in the financial media and has provided live and taped commentary on various TV and radio outlets. In addition, he provided testimony discussing the Dodd-Frank Act in 2011 to the U.S. Senate’s Banking Committee and three times to the U.S. Commodities and Futures Trading Commission (CFTC), mostly recently in 2015.
Kevin earned a BS in Computer Science from Rensselaer Polytechnic Institute and is currently a member of the advisory board for the M.S. in Quantitative Finance and Risk Analytics program.
As Chief Marketing Officer and Executive Vice President of Global Marketing & Corporate Communications, James leads the company’s global marketing and corporate communications efforts, spanning a diverse set of solutions and audiences. He oversees integrated marketing communications to clients in the largest global financial markets and to the Numerix partner network through the company's branding, electronic marketing, research, events, public relations, advertising and relationship marketing.
Since joining Numerix in 2008, James has launched the organization’s award-winning thought leadership program, bringing to light challenges and insights from Numerix market experts. He also hosts the Numerix Video Blog, tackling the challenges pressing the derivatives markets—from regulatory issues to trading strategies.
Prior to joining Numerix, James served as Managing Director of Global Marketing and Communications for Fitch Ratings. During his tenure at Fitch, he built the firm’s public relations program, oversaw investor relations and led marketing and communications plans for several acquisitions. Prior to Fitch, James was a member of the communications team at Moody's Investors Service.
