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…

What Technology is Doing to Banks

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…

High Frequency Needs High Touch

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…

Is a crisis a crisis if everyone knows its coming?

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…

The SEF RFQ Minimum is Moving to 3.  Does it matter?  Nope.

The SEF RFQ Minimum is Moving to 3. Does it matter? Nope.

On October 2 market participants requesting price quotes for an order via a SEF will have to ask a minimum of three dealers to respond rather than…

Corporate End Users Unfazed by Derivatives Reform

Corporate End Users Unfazed by Derivatives Reform

Earlier this year we spoke with just shy of 400 corporate treasurers about their use of interest rate derivatives.  Given this group of IRD users…

Where in the world is volatility?

Where in the world is volatility?

I’m a little obsessed with volatility lately – well, the lack of it actually.  The VIX has been hovering around 12 for months despite emerging markets turmoil,…

ETFs as part of the credit liquidity story

ETFs as part of the credit liquidity story

Liquidity in the corporate bond market is tough.  We’ve written about it time and time again.  At a high level we see two solutions.  One,…

Package trade rules – can they do that?

Package trade rules – can they do that?

On Thursday May 1 the CFTC released an eagerly awaited clarifying document outlining when and how package trades would be required on SEF.  Packaged transactions will be…

FX volumes are down, but its more than just economics

FX volumes are down, but its more than just economics

First some admin notes.  We’ve recently created an official Greenwich Associates market structure blog.  The goal was to create a seamless method for us to…