Every month or so I have the pleasure of talking with the folks at the Benzinga #Premarket morning show. The listener base is predominantly retail which isn’t really my focus, however I love that they give air-time to market structure issues as they are as important to retail/professional traders as they are to the big institutions.… Read More »
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.… Read More »
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 way forward for equity market structure.
My first nine months at Greenwich have been focused on fixed income and FX markets. With the release of Greenwich’s annual North American equities study for which we spoke with nearly 550 portfolio managers and traders, the time has come to talk equities. To that end, on June 4 we’ll be hosting a webinar to discuss… Read More »
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 »
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 »
The year 2013 will likely go down as the year of mandatory clearing. Once ignored by eager financial market professionals as boring back-office stuff, collateral management, credit limits and all other things clearing stood front and center in 2013 as swaps went from a 10-day clearing cycle to a 10-second clearing cycle. Given the progress… Read More »
If you thought the world didn’t need more market structure research, you were wrong. Trader’s Magazine did a great job writing up my new role and Greenwich’s plans in the market structure world. They even got some academic backup: Is there room for another player in this crowded field? Yes, said Prof. Larry Harris, a… Read More »