Emerging Markets Fixed Income 101

Emerging Markets Fixed Income 101

Fixed income markets are big, diverse and can be extremely difficult to understand.  Even the largest and most closely watched fixed income markets in the…

Treasury Market Conversation with Nasdaq TradeTalks

Treasury Market Conversation with Nasdaq TradeTalks

Volumes in the U.S. Treasury market are up in the first few months of 2019, and as Greenwich Associates data shows, so too is competition…

Technology Has Changed Wall Street, But Humans Are Still In Charge

Technology Has Changed Wall Street, But Humans Are Still In Charge

Technology has fundamentally changed the financial markets over the past two decades. By and large, these changes have been positive – lower trading costs for…

A Conversation With Virtu’s CEO, Doug Cifu

A Conversation With Virtu’s CEO, Doug Cifu

On February 7th I spoke with Virtu Financial’s CEO Doug Cifu.  The conversation touched on Virtu’s history, recent acquisitions, equity and fixed income market structure…

Market Structure Didn’t Cause Volatility – At Least Not This Time

Market Structure Didn’t Cause Volatility – At Least Not This Time

Treasury Secretary Mnuchin recently blamed high frequency trading and the Volcker Rule for recent volatility in the markets.  While I love to see high ranking…

US Treasury Market Structure Is Definitely Changing

US Treasury Market Structure Is Definitely Changing

Greenwich Associates just published my recent work examining changes to how US Treasurys are traded.  After years of little change, some real disruption now seems…

Electronic Trading In Emerging Markets

Electronic Trading In Emerging Markets

I spent the latter part of the summer digging into the state of emerging markets fixed income.  The result was research that acts as both…

Electronic Trading Rises With Market Volatility

Electronic Trading Rises With Market Volatility

U.S. Treasury volumes in October hit their highest level since May 2018, with an average daily volume of $554 billion. The equity market’s precipitous decline…

Selling Caused The Sell Off, Not High Frequency Trading

Selling Caused The Sell Off, Not High Frequency Trading

Oliver Renick and I had a good discussion about what caused (and didn’t cause) the equity market sell off in October 2018.  I’m a market…

Money Losing Startups Are Cool Again

Money Losing Startups Are Cool Again

Fall is budget season. This is the time when most of corporate America spends countless hours making educated guesses as to how much money they…