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 »

Yellen, 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 changed but a crisis isn’t likely, and last but not least how relationships still matter even in this era of electronic… 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).

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 »

Talking 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 give air-time to market structure issues as they are as important to retail/professional traders as they are to the big institutions.… Read More »

15 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 current shape of the US equity market was once again brought to the forefront and the cost of capital continued its assault on the banking industry.… Read More »