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…

Does passive investing have room to grow?

Does passive investing have room to grow?

Volatility finally returned to the market in the first half of 2018, and by all accounts the market structure held up remarkably well.  To date,…

Regional Bond Dealers are Embracing Electronification

Regional Bond Dealers are Embracing Electronification

A discussion about how commercially available real-time trading technology—the type once only available to the largest institutions–is empowering regional dealers to compete with the global banks…