Tag Archives: Greenwich Associates

A good user experience still matters to bond investors

Below is the press release from my most recent Greenwich Report on the corporate bond market.  As the title implies, the buy side is starting to get used to the way things are – they like all-to-all, but they also want a good user experience from the platform providers. Liquidity isn’t Improving but Credit Investors… Read More »

High Frequency Needs High Touch

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 »

Global FX Investors Increasingly Seek Non-bank Liquidity

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 »

Price Makers and Market Makers are Not the Same

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 »

Changes in U.S. Corporate Bond Market: Evolution, not Revolution

I spent most of my summer digging through our 2014 North American fixed income data looking to see what’s changed in the past year and what’s the come. While the bulge bracket continues to dominate rates, mid-tier brokers are making some headway in credit helped by increased client adoption of electronic trading platforms.  But as… Read More »

What is Market Structure, And Why You Should Care

If you work in institutional finance you’ve heard talk of market structure. Not only are there entire conferences dedicated to the topic, but most of the participants at those conferences— banks, asset managers, researchers—send their heads of market structure to speak. Commonly used in economics to describe the interconnectedness of and interaction between the buyers… Read More »

Electronic trading of bonds is growing – sort of…

We all know that the massive reduction in dealer inventories and the cost of capital has had a huge negative impact on liquidity in the corporate bond market.  While the primary market has helped soften the blow, that crutch isn’t going to be here for long as rates start to rise over the next few… Read More »

Fixed Income Desks Spending More on Technology. Surprised? Me neither.

We spoke to just under 500 portfolio managers and traders globally to see what they’re doing with and what they think about OMSs, EMSs and TCA platforms for Equities, FX and Fixed Income.  This is not a space of dramatic year on year change given the maturity of the providers and their products.  However the… Read More »

Why Regulatory Changes Will Drive FX Trading Volume to Futures

Its been my experience that many in the market are ignoring FX in the global derivatives reform debate, thinking of them as broadly exempt from new rules.  This view is a bit of a red herring.  Our latest research report digs into the regulations set to hit the FX derivatives market and the impact they… Read More »