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… Read More »
Alternative data is becoming a coveted tool for institutional investors seeking alpha. But as many on the buy side can attest, turning a seemingly endless array of data into something useful can be a complex and costly endeavor. Here I discuss the the findings of our research throughout 2017 and opine on where alternative data… Read More »
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 »
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 »
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 »
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 »
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).