FITS in Focus
FITS in Focus
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A Practical Advisory Focused on

Fixed Income Trading and Sales 

and the Mechanics of Liquidity








A Practical Advisory Focused on

Fixed Income Trading and Sales 

and the Mechanics of Liquidity

Welcome to FITS in Focus

A Practical Advisory for Fixed Income Sales and Trading

Robert C. Baggott

At Capital Group as a trader and partner, at Countrywide Securities in sales, I mastered the task of finding liquidity for OTC Structured Products. Liquidity is misunderstood, is a source of grave enterprise risk, is presumed in stable markets, ephemeral in chaotic markets, and seldom accounted for in investment return modeling. I have traded most assets and can extrapolate trading outcomes given conditions. I began at a start-up MBS dealer in sales and had to earn the right to call accounts... to overprepare for a precious 5-minute call, to always offer something of real value, to cold-call with a purpose. I opened 65 new Institutional accounts as a result. I've passed along what I know, training many salespeople and traders - pro- bono. 

                                                                                     

Our Services

  • Setting up and Evaluating a Fixed Income Trading Desk
  • Best Execution Evaluation
  • Liquidity Discovery and Evaluation
  • Communication Protocols - Internal and External
  • Procedural Evaluation
  • Institutional Sales Training


Areas of Expertise

Buyside Execution Trading

  • Organizational Set-up 
  • Chain of Command 
  • Sector Responsibilities 
  • Scope of Responsibility 
  • Procedural Documentation 
  • Counterparty Evaluation 
  • Market Data Sourcing 
  • Communication  
  • Liquidity Discovery 
  • Negotiation Techniques 
  • Trading Protocols 
  • Training 

Buyside Desk Set-Up, Management and Evaluation

  • Order Management Workflow 
  • Best Execution Evaluation 
  • Desk Support Staffing 
  • Back & Middle Office Linkage 
  • Trader PM Coordination 
  • Compliance  
  • Internal Communication 
  • Trader Evaluation 
  • Counterparty Management

Buyside Resource Evaluation and Selection

  • Liquidity Evaluation
  • Electronic Trading Platforms 
  • Inventory Aggregators 
  • Trade Data Sourcing and Storage 
  • Market Data Analytics 
  • Order Compliance Systems 
  • Straight-Through Booking 
  • Trade Risk Management Systems 

Sellside Sales Management and Training

  • Basic Practical Sales Training 
  • Effective Sales Management 
  • Account Assignment 
  • Coverage Assessment 
  • Intentional Customer Communication 
  • Call Preparation 
  • Call Role Playing 
  • Identifying and Qualifying Trade Opportunities 
  • Managing Trade Inquiry 
  • Managing Internal Counterparties 

Sellside Revenue Strategies

  • Identifying Sector Focus 
  • Building Competitive Competency 
  • Targeting Optimal Accounts 
  • Assessing Account Value 
  • Allocating Risk Capital  
  • Sustainable Profitability 

About FITS in Focus

Who We Are

I'm Bob Baggott... I am FITS in Focus.  

I recently retired after 17 years at Capital Group where I was responsible for execution trading of fixed income assets. including MBS, CMBS, ABS, Treasuries, Agencies, CLOs, Rate Swaps, Rate Futures. Trade sizes ranged from multi-billion $$ individual trades to odd lots.  


Prior, I had been a leading salesperson in the buildout of Countrywide Securities, the trading subsidiary of what was the nation's leading mortgage company.  Was instrumental in the creation of MBS products (e.g., Loan balance pools, Geographic pools, Hybrid ARMs) now common. Opened 65 new Institutional trading accounts from cold calls. Particular experience in Whole Loan trading – Loan Portfolio evaluation


But FITS in Focus is also everyone I know; hundreds of seasoned professionals who took my calls, who called upon me, who made markets for me. Even now, I count on them greatly; their insight and market intelligence is invaluable.


NB. This is me, trading from my home desk set-up in the middle of Covid. Only two screens... lousy ATT line... Horrible latency... absurd liquidity challenges... clamoring PMs... dozens of special pricing evaluations every day. Experience is useful.





Projects in Progress

Handbook of Trading Procedures, by Product

Best Practices Clearing House

Fixed Income Dictionary - Trader's Edition

Lessons Learned by Leading Practitioners

Tales From the Desk

Notes From the Desk

Connect With Us

Contact Us

Bobb@FITSinFocus.com

310-903-8738

Copyright © 2024 FITS in Focus - All Rights Reserved.

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