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…

Price Makers and Market Makers are Not the Same

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…

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

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…

Is a crisis a crisis if everyone knows its coming?

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…

ETFs as part of the credit liquidity story

ETFs as part of the credit liquidity story

Liquidity in the corporate bond market is tough.  We’ve written about it time and time again.  At a high level we see two solutions.  One,…

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…

Greenwich: Fixed Income Investors Grapple with New Regulations and Rising Rates

Greenwich: Fixed Income Investors Grapple with New Regulations and Rising Rates

Each year Greenwich conducts a North American Fixed Income study. This year we conducting 1027 interviews of buy side portfolio managers and traders about everything…

Determining if SEF Aggregation Really Matters

Determining if SEF Aggregation Really Matters

This post also published at TabbFORUM.com Regulations will have a significant impact on how SEF aggregators function and how widely these aggregators will be adopted…