I talked to an Economist reporter based in Paris on Wednesday (October 2) about what the first day of SEF trading means to the market. I think the key point to note on the quote below is that we’re talking about the day 1 impact. The longer term impact on the the market I believe […]
Here at Greenwich we just wrapped up a study looking at how buy side trading desks are spending their technology dollars. On September 26 I presented the findings on a webinar (which I did from a conference room in a hotel in Boston just before moderating a panel on swap futures, in case you care), and […]
Quite a lot of hoop-la on Friday (September 27, 2013) around the October 2 SEF implementation deadline. On that point, the response to my post on the CFTC de-electronifying the market has been mostly positive. And it looks like the CFTC decided to listen to all of us wanting October 2 to go smoothly, providing […]
If you thought the world didn’t need more market structure research, you were wrong. Trader’s Magazine did a great job writing up my new role and Greenwich’s plans in the market structure world. They even got some academic backup: Is there room for another player in this crowded field? Yes, said Prof. Larry Harris, a […]
Each year Greenwich conducts a North American Fixed Income study. This year we conducting 1027 interviews of buy side portfolio managers and traders about everything from corporate bonds to agency pass-throughs to interest rate swaps. As I’m new to Greenwich this is my first time really digging into the results, and (although I’m now a […]
Until I became an analyst I didn’t realize there was a conference “season” – but for those of you keeping track, the spring and fall are when most of the good events unfold. I’ll be speaking at a few this fall, the first few of which will be all about swap futures. On September 19th […]
A study was released today from two very smart guys at Harvard and MIT that shows prices improved and liquidity declined after TRACE was thrust upon the bond market about a decade ago. As you can see from my quote in the Bloomberg News story below, the results aren’t terribly shocking. The extra transparency brought […]
Kevin on the Street is back after a little hiatus, and I’m excited to get things up and running again. Why am I back? Turns out research is what I really enjoying doing. If we’ve met you’ve probably heard me explain why research is a great gig – you basically get paid to talk to […]
I’ve written quite a bit about the fate of single dealer portals (SDP) and SEF aggregation. UBS has finally come forward with what its been working on lately, which involves both its SDP and SEF aggregation. Having seen the demo I can assure you that what they have is real and I believe gives us […]
If Congress really had its way (well, the Democrats anyway) than all swaps would have been forced to look and trade like futures. If you’re reading this blog than you know that would be a classic square peg, round hole. Case in point: Eurex launched iTraxx futures some years back and no liquidity every developed. […]