I always have a lot of fun talking to Jim Jockle at Numerix, whether it be about quant models, financial markets or triathlons. Unfortunately they edited out our discussion of the latter, but what’s left hopefully is pretty interesting too.
Bonds, AI, alternative data and the radio
The more things are changing, the more interesting it is to do research. And thankfully change doesn’t seem to stop coming. The last decade has seen the market structure geeks move their focus from swaps, to high frequency trading, to corporate bonds, to US Treasury bonds, to blockchain, to machine learning and, most recently, back […]
Not quite a TED talk but…discussing how investors interact with the Street
On October 3, 2016 I presented at Symphony’s Innovate conference at the Dream Hotel in New York City’s Chelsea neighborhood. The bottom line, relationships are still as important as ever, but the tools used to communicate are changing.
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
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 play a huge role, but non-bank liquidity providers will up there game increasingly interacting directly with institutional investors. Bloomberg News also highlighted our finding that hedge fund use of execution […]
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 more than expected are making prices in the bond market. It is very important to note, however, that price making is very different from market making. I explain in detail […]
SEF Order Book Pricing Can Rival RFQ for Interest Rate Swap Trades
New Greenwich Associates Report Urges Institutional Investors To Use Order Books in Tandem with RFQs Stamford, CT USA — A new quantitative research report from Greenwich Associates, Quantifying the Benefits of Order Book Trading to the Swaps Market, suggest that while RFQ platforms will remain a top buy side execution source, available order books […]
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 short term market volatility, how bond market liquidity has changed but a crisis isn’t likely, and last but not least how relationships still matter even in this era of electronic […]
The non-Liquidity Crisis and Rigged Markets
This week as my first appearance on Bloomberg’s new morning show aptly called <GO>. Great new set and a fun format. In these two separate videos, we talk about our recently published Market Structure Trends for 2016 and the ongoing debate about whether or not the equity markets are rigged (spoiler alert; they are not).
Talking US Treasury Market Structure with FIA
Its been way too long since I’ve posted. Funny how writing for a living makes it hard to write your own blog. Something like “the cobbler’s kids have no shoes”. Anyway, we had a great trip to Chicago earlier this month for the annual FIA Expo. We were told that over 6000 people attended, which […]