What Technology is Doing to Banks
Another fun conversation between Jim Jockle from Numerix and I about what new technology means for banking, how it helps, how it hurts and why relationships still matter.
Author Archives: kevinonthestreet
A good user experience still matters to bond investors
Below is the press release from my most recent Greenwich Report on the corporate bond market. As the title implies, the buy side is starting to get used to the way things are – they like all-to-all, but they also want a good user experience from the platform providers. Liquidity isn’t Improving but Credit Investors… Read More »
High Frequency Needs High Touch
Originally posted on the Greenwich Blog There is a tremendous amount of irony in the path high-frequency trading – excuse me, principal trading firms have taken from their heyday in the late 2000’s. We alluded to this a few months ago in our Top Market Structure Trends to Watch in 2017: When I first started meeting… Read More »
Electronification, Budgets and Innovation
I always have a lot of fun talking to Jim Jockle at Numerix, whether it be about quant models, financial markets or triathlons. Unfortunately they edited out our discussion of the latter, but what’s left hopefully is pretty interesting too.
Bonds, AI, alternative data and the radio
The more things are changing, the more interesting it is to do research. And thankfully change doesn’t seem to stop coming. The last decade has seen the market structure geeks move their focus from swaps, to high frequency trading, to corporate bonds, to US Treasury bonds, to blockchain, to machine learning and, most recently, back… Read More »
Not quite a TED talk but…discussing how investors interact with the Street
On October 3, 2016 I presented at Symphony’s Innovate conference at the Dream Hotel in New York City’s Chelsea neighborhood. The bottom line, relationships are still as important as ever, but the tools used to communicate are changing.
FX Market Structure, Flash Crashes and Market Making (Bloomberg TV)
My conversation with Bloomberg TV following the overnight volatility spike of the Pound. And no, I really don’t want to call it a “flash crash”.
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 »