Category Archives: In the News

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 – talking about market structure, FinTech and the changing capital markets.  My first post examines quatimental investing.  As always comments welcome: For decades, the universe of institutional investors has been largely… Read More »

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 »

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 »

Yellen, Bond Liquidity and Why Sales Traders Matter with Bloomberg TV

This was my first time chatting with Betty Liu at Bloomberg TV, which I really enjoyed. We discussed why the Fed shouldn’t hyper focus on short term market volatility, how bond market liquidity has changed but a crisis isn’t likely, and last but not least how relationships still matter even in this era of electronic… Read More »

The non-Liquidity Crisis and Rigged Markets

This week as my first appearance on Bloomberg’s new morning show aptly called <GO>.  Great new set and a fun format.  In these two separate videos, we talk about our recently published Market Structure Trends for 2016 and the ongoing debate about whether or not the equity markets are rigged (spoiler alert; they are not).