Daniel Ezra
@danielezra.bsky.social
Chief Executive Officer @ Entegra | Capital Markets, Trading
Market structure and Trading as a Service (TaaS)
Market structure and Trading as a Service (TaaS)
In 𝘝𝘢𝘯𝘪𝘴𝘩𝘪𝘯𝘨 𝘝𝘰𝘭𝘶𝘮𝘦𝘴, Part 2 of my Creditflux series, I examine the impact of dealer balance sheet retrenchment through the lens of declining trading turnover, and how that dynamic concentrates liquidity while widening the gap between the largest managers and the rest.
January 27, 2026 at 9:41 PM
In 𝘝𝘢𝘯𝘪𝘴𝘩𝘪𝘯𝘨 𝘝𝘰𝘭𝘶𝘮𝘦𝘴, Part 2 of my Creditflux series, I examine the impact of dealer balance sheet retrenchment through the lens of declining trading turnover, and how that dynamic concentrates liquidity while widening the gap between the largest managers and the rest.
Heading to #SFVegas2026
app.ingo.me/q/1fegr
Join me in Las Vegas from February 22–25, 2026, to connect with over 10,000 structured finance leaders, attend engaging sessions, and explore exclusive industry insights.
See you there!
app.ingo.me/q/1fegr
Join me in Las Vegas from February 22–25, 2026, to connect with over 10,000 structured finance leaders, attend engaging sessions, and explore exclusive industry insights.
See you there!
SFVegas 2026
app.ingo.me
January 26, 2026 at 3:23 PM
Heading to #SFVegas2026
app.ingo.me/q/1fegr
Join me in Las Vegas from February 22–25, 2026, to connect with over 10,000 structured finance leaders, attend engaging sessions, and explore exclusive industry insights.
See you there!
app.ingo.me/q/1fegr
Join me in Las Vegas from February 22–25, 2026, to connect with over 10,000 structured finance leaders, attend engaging sessions, and explore exclusive industry insights.
See you there!
Trading was the moat, keeping banks involved with clients before/during/after each deal. As post-GFC capital constraints de-emphasized trading, banking fees became the battleground, with fee compression defining the last decade. The cost was less consistent support and service over time (Chart 2).
January 23, 2026 at 9:55 PM
Trading was the moat, keeping banks involved with clients before/during/after each deal. As post-GFC capital constraints de-emphasized trading, banking fees became the battleground, with fee compression defining the last decade. The cost was less consistent support and service over time (Chart 2).
The goal is an actionable daily exit price. When exits are reliable, capital recycles back into #SP, participation broadens, and allocation grows - supporting healthier issuance, stronger mandates, and durable pricing power.
January 19, 2026 at 10:21 PM
The goal is an actionable daily exit price. When exits are reliable, capital recycles back into #SP, participation broadens, and allocation grows - supporting healthier issuance, stronger mandates, and durable pricing power.
🐾Please meet Irish, Entegra’s Chief Morale Officer (CMO)🐾
For those in #SP, yes, that’s the same acronym as Collateralized Mortgage Obligation. This CMO, however, is more focused on belly rubs than basis points.
With him leading morale, it’s safe to say our culture is officially investment grade!
For those in #SP, yes, that’s the same acronym as Collateralized Mortgage Obligation. This CMO, however, is more focused on belly rubs than basis points.
With him leading morale, it’s safe to say our culture is officially investment grade!
January 13, 2026 at 10:10 PM
🐾Please meet Irish, Entegra’s Chief Morale Officer (CMO)🐾
For those in #SP, yes, that’s the same acronym as Collateralized Mortgage Obligation. This CMO, however, is more focused on belly rubs than basis points.
With him leading morale, it’s safe to say our culture is officially investment grade!
For those in #SP, yes, that’s the same acronym as Collateralized Mortgage Obligation. This CMO, however, is more focused on belly rubs than basis points.
With him leading morale, it’s safe to say our culture is officially investment grade!
In today’s SPs market environment, the ecosystem is at its healthiest when sell-side and buy-side incentives line up. So the most valuable support is the kind that improves both execution and participation. That’s what Entegra's Trading as a Service #TaaS is built to do.
January 10, 2026 at 5:02 PM
In today’s SPs market environment, the ecosystem is at its healthiest when sell-side and buy-side incentives line up. So the most valuable support is the kind that improves both execution and participation. That’s what Entegra's Trading as a Service #TaaS is built to do.
⚡️ If you’re a primary/arranging investment bank in #securitizedproducts (SP), think of Entegra’s Trading as a Service #TaaS as the afterburner for your engine: white-labeled and embedded into your existing SP platform and workflows.
𝗜𝗻𝘃𝗶𝘀𝗶𝗯𝗹𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗼𝘂𝘁𝘀𝗶𝗱𝗲, 𝗽𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗳𝗿𝗼𝗺 𝘄𝗶𝘁𝗵𝗶𝗻.
𝗜𝗻𝘃𝗶𝘀𝗶𝗯𝗹𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗼𝘂𝘁𝘀𝗶𝗱𝗲, 𝗽𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗳𝗿𝗼𝗺 𝘄𝗶𝘁𝗵𝗶𝗻.
January 9, 2026 at 1:19 PM
⚡️ If you’re a primary/arranging investment bank in #securitizedproducts (SP), think of Entegra’s Trading as a Service #TaaS as the afterburner for your engine: white-labeled and embedded into your existing SP platform and workflows.
𝗜𝗻𝘃𝗶𝘀𝗶𝗯𝗹𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗼𝘂𝘁𝘀𝗶𝗱𝗲, 𝗽𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗳𝗿𝗼𝗺 𝘄𝗶𝘁𝗵𝗶𝗻.
𝗜𝗻𝘃𝗶𝘀𝗶𝗯𝗹𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗼𝘂𝘁𝘀𝗶𝗱𝗲, 𝗽𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗳𝗿𝗼𝗺 𝘄𝗶𝘁𝗵𝗶𝗻.
Hi Bluesky 👋 Dan Ezra here, CEO of Entegra.
After more than twenty five years working in securitized products, I founded Entegra to address the structural constraints shaping today’s fixed income credit markets and how they affect participants across the ecosystem.
After more than twenty five years working in securitized products, I founded Entegra to address the structural constraints shaping today’s fixed income credit markets and how they affect participants across the ecosystem.
January 7, 2026 at 9:50 PM
Hi Bluesky 👋 Dan Ezra here, CEO of Entegra.
After more than twenty five years working in securitized products, I founded Entegra to address the structural constraints shaping today’s fixed income credit markets and how they affect participants across the ecosystem.
After more than twenty five years working in securitized products, I founded Entegra to address the structural constraints shaping today’s fixed income credit markets and how they affect participants across the ecosystem.