North American Fixed Income Update: E-Trading and Too Big To Fail

North American Fixed Income Update: E-Trading and Too Big To Fail

This week we will begin to release the results of our annually North American Fixed Income study, based on just shy of 1100 investors trading fixed…

MF Global, Innovation and Swaps Reform in the Financial Times

The FT published a great special section this past Monday on the state of OTC derivatives reform. Coverage ranged from the impact of MF Global…

Regulators Approve a New Window Into 'Swaps' (Wall Street Journal)

It seemed like the CFTC’s meeting yesterday (Dec 12th) would be a big one; we’d find out the size of a block trade and in…

Presenting to the CFTC on Swaps Liquidity Fragmentation (and Aggregation)

On Tuesday, December 13th I presented to the CFTC Technology Advisory Committee. Chairman Gensler and Commissioners O’Malia and Wetjan were all there. Each panelist, myself…

My conversation with the FT: big banks lose in derivatives reform (Video)

My conversation with Telis Demos at the Financial Times in NY; we discuss dealer profitability following derivatives reform and how electronic trading could ultimately lead…

TABB Says 90% of Top-Tier Swap Dealers See Their Profits Down or Flat after Dodd-Frank Implementation

PR on my recent study: New Annual Fixed Income Industry Benchmark Study Shows 60% of Current Dealers Expect Increased Barriers-to-Entry; Basel III to have Greater…

Liquidity expected to return in swaps market (Financial Times)

My summer’s work was speaking to every major swaps dealer to try and understand what they’re thinking, how they’ll take their business forward and what…

Derivatives reform a bright spot? Who would've guessed?

A bank collapse was the catalyst for the reforms currently underway in the OTC swaps market. Debates over liquidity killing regulations and overly burdensome implementation…

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…

My conversation with Rick McVey, CEO of MarketAxess

Rick and I discuss the electronification of the corporate bond market, how that will impact swaps trading and SEF creation as well as the steps…