Category Archives: Greenwich Associates Research

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 a bad chain of events – a crisis. So despite evidence that a liquidity crisis is on the horizon in the bond market, wide spread recognition that this crisis is… Read More »

15 for 15: Top Market Structure Trends to Watch in 2015

Market structure happenings have been fast and furious since 2009, and 2014 did not disappoint.  Mandatory SEF trading finally began, fixed income electronic trading continued its steady incline, the current shape of the US equity market was once again brought to the forefront and the cost of capital continued its assault on the banking industry.… Read More »

US Treasuries are trading electronically, but we still need bond traders

I recently spoke with Bloomberg TV about a recent Greenwich Associates research report that examined the growth in electronic trading of US Treasuries by US investors. The US Treasury market is an obvious one for electronification – the products are standard, liquid and the number of market participants is large. But relationships still matter, and… Read More »

Changes in U.S. Corporate Bond Market: Evolution, not Revolution

I spent most of my summer digging through our 2014 North American fixed income data looking to see what’s changed in the past year and what’s the come. While the bulge bracket continues to dominate rates, mid-tier brokers are making some headway in credit helped by increased client adoption of electronic trading platforms.  But as… Read More »

North American Fixed Income Update: E-Trading and Too Big To Fail

This week we will begin to release the results of our annually North American Fixed Income study, based on just shy of 1100 investors trading fixed income products, looking across 18 different product types.  I will be presenting an overview of our initial findings on August 7 (Thursday) at 11a ET, and discuss where we will be digging… Read More »

Stock Market Keeps Its Faith in Humanity (WSJ)

The Wall Street Journal has a great featured piece today on the importance of the sales trader, which is something we at Greenwich have been out talking about quite a bit over the last few months.  The WSJ story features our latest equity research (although the direct quote was unfortunately cut by the editors – sorry… Read More »

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 isn’t covered as closely from a market structure perspective as financial end users, I was excited to see what trends we could find within the interview responses.  So with the… Read More »

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, rigging scandals and regulatory environment that can only be described as volatile. How can volatility be so low in a market where complexity and uncertainty are so high? Calm markets… Read More »

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, inject new electronic trading tools and liquidity providers into the existing corporate bond market to better match buyers and sellers (a theme discussed in our 2014 European Fixed Income Study).  Two,… Read More »