High Frequency Needs High Touch

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…

FX Market Structure, Flash Crashes and Market Making (Bloomberg TV)

FX Market Structure, Flash Crashes and Market Making (Bloomberg TV)

My conversation with Bloomberg TV following the overnight volatility spike of the Pound.  And no, I really don’t want to call it a “flash crash”.

Global FX Investors Increasingly Seek Non-bank Liquidity

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…

Bloomberg TV: What’s Best for High Frequency Trade Regulation?

Bloomberg TV: What’s Best for High Frequency Trade Regulation?

On the heels of the Senate hearing into high speed trading, I joined Sal Arnuk from Themis Trading on Bloomberg TV to discuss the best…

Chatting with Bloomberg TV about Cheaters on Wall Street

Chatting with Bloomberg TV about Cheaters on Wall Street

Bloomberg TV’s Market Maker’s program had a great segment on why people cheat on everything. I was lucky enough to discuss with them the role…

Making Proprietary Trading Public: My Interview with Bloomberg TV

Making Proprietary Trading Public: My Interview with Bloomberg TV

First KCG and now Virtu.  In 2008 no one would have guessed that in 2014 automated trading firms would be publicly traded companies – but…

A Path Forward for Prop Traders in the Swaps Market

A Path Forward for Prop Traders in the Swaps Market

The CFTC is great at sending emails out at inopportune times.  In this case it was the 13 no-action letters sent between December 20th and…

It Takes Energy – HFT in the Energy Market

The presence of principal trading groups (PTGs) in the exchange-traded derivatives market, and their absence in thecredit and rate swaps markets, are both the cause…

Higher Frequency Swaps Trading (Video)

Here I talk with TABB Group Senior Analyst Paul Rowady about our new study looking into prop trading firms entering the swaps business. The report…

Principal Trading Groups (PTGs) Set to Act as Market Makers for Interest Rate and Credit Default Swaps

Principal Trading Groups (PTGs) Set to Act as Market Makers for Interest Rate and Credit Default Swaps, Says TABB Clearing Access and ‘Click-to-Trade’ Will Make…