Stock Market Keeps Its Faith in Humanity (WSJ)
The Wall Street Journal has a great featured piece today on the importance of the sales trader, which is something we at Greenwich have been out talking about quite a bit over the last few months. The...
View ArticleNorth American Fixed Income Update: E-Trading and Too Big To Fail
This week we will begin to release the results of our annually North American Fixed Income study, based on just shy of 1100 investors trading fixed income products, looking across 18 different product...
View ArticleChanges in U.S. Corporate Bond Market: Evolution, not Revolution
I spent most of my summer digging through our 2014 North American fixed income data looking to see what’s changed in the past year and what’s the come. While the bulge bracket continues to dominate...
View ArticleUS Treasuries are trading electronically, but we still need bond traders
I recently spoke with Bloomberg TV about a recent Greenwich Associates research report that examined the growth in electronic trading of US Treasuries by US investors. The US Treasury market is an...
View ArticleTrying to divine the evolution of the SEF landscape
I’ve been at Greenwich Associates a little over a year now. Since I’ve been here I’ve written a few blog posts about SEFs, but have otherwise not written any formal research pieces on the topic. When...
View ArticleThe GOP-led Congress will not repeal Dodd-Frank, nor should they
Early in November I chaired the FTF DerivOps conference in NY. The conversation in 2014 was a lot more about the market than it was at my first DerivOps in October 2008, when all we spoke about was...
View Article15 for 15: Top Market Structure Trends to Watch in 2015
Market structure happenings have been fast and furious since 2009, and 2014 did not disappoint. Mandatory SEF trading finally began, fixed income electronic trading continued its steady incline, the...
View ArticleTalking Equity Market Structure with Benzinga
Every month or so I have the pleasure of talking with the folks at the Benzinga #Premarket morning show. The listener base is predominantly retail which isn’t really my focus, however I love that they...
View ArticleIs a crisis a crisis if everyone knows its coming?
(also published on the Greenwich Associates blog) A crisis is a crisis because most people didn’t see it coming. Unexpected events freaks people out causing a bad chain of events – a crisis. So despite...
View ArticleAre Fixed Income ETFs Derivatives? My conversation with Bloomberg TV.
Some new research from Greenwich Associates found that institutional use of Fixed Income ETFs is growing. Not surprisingly really, but digging more deeply into why and what it means for the market has...
View ArticleTalking US Treasury Market Structure with FIA
Its been way too long since I’ve posted. Funny how writing for a living makes it hard to write your own blog. Something like “the cobbler’s kids have no shoes”. Anyway, we had a great trip to Chicago...
View ArticleThe non-Liquidity Crisis and Rigged Markets
This week as my first appearance on Bloomberg’s new morning show aptly called <GO>. Great new set and a fun format. In these two separate videos, we talk about our recently published Market...
View ArticleYellen, Bond Liquidity and Why Sales Traders Matter with Bloomberg TV
This was my first time chatting with Betty Liu at Bloomberg TV, which I really enjoyed. We discussed why the Fed shouldn’t hyper focus on short term market volatility, how bond market liquidity has...
View ArticleSEF Order Book Pricing Can Rival RFQ for Interest Rate Swap Trades
New Greenwich Associates Report Urges Institutional Investors To Use Order Books in Tandem with RFQs Stamford, CT USA — A new quantitative research report from Greenwich Associates, Quantifying the...
View ArticlePrice Makers and Market Makers are Not the Same
My latest Greenwich Research found that investors have seen a decline in dealer sourced liquidity, and that they’re concerned about it. It also found that more than expected are making prices in the...
View ArticleGlobal FX Investors Increasingly Seek Non-bank Liquidity
Below is the press release for my most recent paper examining changes in the global FX market. The bottom line: big banks will continue to play a huge role, but non-bank liquidity providers will up...
View ArticleFX Market Structure, Flash Crashes and Market Making (Bloomberg TV)
My conversation with Bloomberg TV following the overnight volatility spike of the Pound. And no, I really don’t want to call it a “flash crash”.
View ArticleNot quite a TED talk but…discussing how investors interact with the Street
On October 3, 2016 I presented at Symphony’s Innovate conference at the Dream Hotel in New York City’s Chelsea neighborhood. The bottom line, relationships are still as important as ever, but the...
View ArticleBonds, AI, alternative data and the radio
The more things are changing, the more interesting it is to do research. And thankfully change doesn’t seem to stop coming. The last decade has seen the market structure geeks move their focus from...
View ArticleElectronification, Budgets and Innovation
I always have a lot of fun talking to Jim Jockle at Numerix, whether it be about quant models, financial markets or triathlons. Unfortunately they edited out our discussion of the latter, but what’s...
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