Global 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 there game increasingly interacting directly with institutional investors.  Bloomberg News also highlighted our finding that hedge fund use of execution… Read More »

Price 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 bond market. It is very important to note, however, that price making is very different from market making. I explain in detail… Read More »

SEF 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 Benefits of Order Book Trading to the Swaps Market, suggest that while RFQ platforms will remain a top buy side execution source, available order books… Read More »

The 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 Structure Trends for 2016 and the ongoing debate about whether or not the equity markets are rigged (spoiler alert; they are not).

Talking 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 earlier this month for the annual FIA Expo. We were told that over 6000 people attended, which… Read More »

Is 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 evidence that a liquidity crisis is on the horizon in the bond market, wide spread recognition that this crisis is… Read More »