Category: In the News

Market Structure in 2021

I’ve had the privilege of writing and editing a report on market trends to watch in the coming years since I joined Greenwich back in 2013. Over the years it has morphed from mostly my thoughts to a great collaboration of what is just an amazing team of analysts, which has made the process even […]

US Treasury Market Structure Is Definitely Changing

Greenwich Associates just published my recent work examining changes to how US Treasurys are traded.  After years of little change, some real disruption now seems in the cards; direct streams are growing as a method for trading while the dealer-to-dealer and dealer-to-client markets overlap now more than ever.  Bloomberg News did a great job covering the […]

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, the idea that unexpected market moves would trip up the ETF market – pricing, liquidity and more – have proven incorrect.  Here I discuss that resiliency of the market and […]

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 […]

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 […]