Originally posted on the Greenwich Blog There is a tremendous amount of irony in the path high-frequency trading – excuse me, principal trading firms have taken from their heyday in the late 2000’s. We alluded to this a few months ago in our Top Market Structure Trends to Watch in 2017: When I first started meeting… 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 »
New Greenwich Associates Report Urges Institutional Investors To Use Order Books in Tandem with RFQs Stamford, CT USA — A new quantitative research report from Greenwich Associates, Quantifying the Benefits of Order Book Trading to the Swaps Market, suggest that while RFQ platforms will remain a top buy side execution source, available order books… 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).