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…

Understanding The US Bond Market

Understanding The US Bond Market

The $41 trillion U.S. bond market allows corporations to grow, governments to finance themselves efficiently, investors to gain fixed returns with lower risk, communities to build infrastructure,…

Six Books To Learn About The Real Wall Street

Six Books To Learn About The Real Wall Street

There is always a story – sometimes interesting, sometimes boring – explaining how we got here and why things are the way they are.  In…

What Is Market Structure, The Video Version

What Is Market Structure, The Video Version

I was asked to present something interesting to a room full of interns and recent college grads.  It was a fun format and I really…

Quantimental Investing and Forbes

Quantimental Investing and Forbes

I’m excited to now be an official contributor for Forbes.com.  My posts on Forbes will be an extension of what I do every day –…