No One Wants to Catch a Falling Knife (FT)

No One Wants to Catch a Falling Knife (FT)

The Financial Times’ recent story about the stability of the U.S. Treasury market examines if the most liquid market in the world is in fact…

The Bond Markets are not the Equity Markets (Bloomberg)

The Bond Markets are not the Equity Markets (Bloomberg)

We’re all pretty curious what the SEC is planning for the fixed income market over the next few years. It’s hard not to admit that…

The Syndicated Loan Market is More Interesting Than You Think

The Syndicated Loan Market is More Interesting Than You Think

This past spring I worked on some research for Coalition Greenwich that dug into the syndicated loan market, and more specifically why it hasn’t electronified…

U.S. Treasury Markets, Electronic Trading and What’s Next

U.S. Treasury Markets, Electronic Trading and What’s Next

Dan Barnes at Trader TV and I spoke about trading activity in the US Treasury market in the midst of constant interest rate uncertainty. Electronic trading activity has largely found equilibrium again following some wild swings at the start of the pandemic. While the summer is likely to remain quiet, we do expect volatility to return in the fall. And, of course, change and innovation in e-trading remain constant!

Talking U.S. Treasurys with Trader TV

Talking U.S. Treasurys with Trader TV

U.S. Treasury markets hit volume records in the spring of 2020, but after the Fed stepped in markets got downright sleepy. OK, well maybe not…

The Future of Investing

The Future of Investing

I was invited to be a part of this great conversation about the future of investing, with a focus on the electronification of the bond market and the role ETFs now play there.

US Treasury Market Structure Is Definitely Changing

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…

Does passive investing have room to grow?

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,…