Technology Has Changed Wall Street, But Humans Are Still In Charge

Technology Has Changed Wall Street, But Humans Are Still In Charge

Technology has fundamentally changed the financial markets over the past two decades. By and large, these changes have been positive – lower trading costs for…

A Conversation With Virtu’s CEO, Doug Cifu

A Conversation With Virtu’s CEO, Doug Cifu

On February 7th I spoke with Virtu Financial’s CEO Doug Cifu.  The conversation touched on Virtu’s history, recent acquisitions, equity and fixed income market structure…

Market Structure Didn’t Cause Volatility – At Least Not This Time

Market Structure Didn’t Cause Volatility – At Least Not This Time

Treasury Secretary Mnuchin recently blamed high frequency trading and the Volcker Rule for recent volatility in the markets.  While I love to see high ranking…

Selling Caused The Sell Off, Not High Frequency Trading

Selling Caused The Sell Off, Not High Frequency Trading

Oliver Renick and I had a good discussion about what caused (and didn’t cause) the equity market sell off in October 2018.  I’m a market…

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…