Tag: bonds

Emerging Markets Fixed Income 101

Fixed income markets are big, diverse and can be extremely difficult to understand.  Even the largest and most closely watched fixed income markets in the world, US Treasuries and US Corporate bonds, for instance, are impacted by countless factors including investor needs, macro-economics, and regulatory oversight.  But the complexity in those markets pales in comparison to that […]

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 […]

Understanding The US Bond Market

The $41 trillion U.S. bond market allows corporations to grow, governments to finance themselves efficiently, investors to gain fixed returns with lower risk, communities to build infrastructure, young families to buy houses, and you to buy your cup of coffee in the morning.  Understanding exactly what the bond market is, where it came from and where it […]

Yellen, Bond Liquidity and Why Sales Traders Matter with Bloomberg TV

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 […]

Talking US Treasury Market Structure with FIA

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 […]

Is a crisis a crisis if everyone knows its coming?

(also published on the Greenwich Associates blog) A crisis is a crisis because most people didn’t see it coming. Unexpected events freaks people out causing a bad chain of events – a crisis. So despite evidence that a liquidity crisis is on the horizon in the bond market, wide spread recognition that this crisis is […]

15 for 15: Top Market Structure Trends to Watch in 2015

Market structure happenings have been fast and furious since 2009, and 2014 did not disappoint.  Mandatory SEF trading finally began, fixed income electronic trading continued its steady incline, the current shape of the US equity market was once again brought to the forefront and the cost of capital continued its assault on the banking industry. […]