Corporate End Users Unfazed by Derivatives Reform

Earlier this year we spoke with just shy of 400 corporate treasurers about their use of interest rate derivatives.  Given this group of IRD users isn’t covered as closely from a market structure perspective as financial end users, I was excited to see what trends we could find within the interview responses.  So with the […]

US equity brokers made more money than last year – finally

We’ve just released the results of our benchmark US equities study, based on almost 600 interviews with US equity investors.  While Greenwich has been conducting this study for literally decades, this is my first market structure analysis of the data since joining the firm last summer.  The report includes the expected critical data points – total […]

Where in the world is volatility?

I’m a little obsessed with volatility lately – well, the lack of it actually.  The VIX has been hovering around 12 for months despite emerging markets turmoil, rigging scandals and regulatory environment that can only be described as volatile. How can volatility be so low in a market where complexity and uncertainty are so high? Calm markets […]

ETFs as part of the credit liquidity story

Liquidity in the corporate bond market is tough.  We’ve written about it time and time again.  At a high level we see two solutions.  One, inject new electronic trading tools and liquidity providers into the existing corporate bond market to better match buyers and sellers (a theme discussed in our 2014 European Fixed Income Study).  Two, […]

Increased Cloud Adoption Should be a No-Brainer for Hedge Funds

Its been a while since I’ve written a real techy piece, so had a fun time with this one.  While it might seem a bit out of left field given a recent focus on fixed income market structure, it is in fact the growth of structured derivatives trading that is making the use case for […]