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).
Its been way too long since I’ve posted. Funny how writing for a living makes it hard to write your own blog. Something like “the cobbler’s kids have no shoes”. Anyway, we had a great trip to Chicago earlier this month for the annual FIA Expo. We were told that over 6000 people attended, which… Read More »
Early in November I chaired the FTF DerivOps conference in NY. The conversation in 2014 was a lot more about the market than it was at my first DerivOps in October 2008, when all we spoke about was what was wrong with the OTC derivatives market and who would the regulators do. The event this… Read More »
I recently spoke with Bloomberg TV about a recent Greenwich Associates research report that examined the growth in electronic trading of US Treasuries by US investors. The US Treasury market is an obvious one for electronification – the products are standard, liquid and the number of market participants is large. But relationships still matter, and… Read More »
For a market that is so electronic, using observable data to set benchmark rates shouldn’t be much of a stretch. About two weeks ago I did a taped interview for Central China TV (CCTV) America to discuss this an the electronification of FX more generally. The interview includes my attempt at explaining electronic trading in… Read More »