Some new research from Greenwich Associates found that institutional use of Fixed Income ETFs is growing. Not surprisingly really, but digging more deeply into why and what it means for the market has a whole creates some interesting debates – debates that I tackle with the folks at Bloomberg TV.
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 a bad chain of events – a crisis. So despite evidence that a liquidity crisis is on the horizon in the bond market, wide spread recognition that this crisis is […]
Talking Equity Market Structure with Benzinga
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. […]
15 for 15: Top Market Structure Trends to Watch in 2015
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. […]
The GOP-led Congress will not repeal Dodd-Frank, nor should they
Early in November I chaired the FTF DerivOps conference in NY. The conversation in 2014 was a lot more about the market than it was at my first DerivOps in October 2008, when all we spoke about was what was wrong with the OTC derivatives market and who would the regulators do. The event this […]
Trying to divine the evolution of the SEF landscape
I’ve been at Greenwich Associates a little over a year now. Since I’ve been here I’ve written a few blog posts about SEFs, but have otherwise not written any formal research pieces on the topic. When I started looking at this back in 2010 via SEF 101, it was a green field. Today there is […]
US Treasuries are trading electronically, but we still need bond traders
I recently spoke with Bloomberg TV about a recent Greenwich Associates research report that examined the growth in electronic trading of US Treasuries by US investors. The US Treasury market is an obvious one for electronification – the products are standard, liquid and the number of market participants is large. But relationships still matter, and […]
Changes in U.S. Corporate Bond Market: Evolution, not Revolution
I spent most of my summer digging through our 2014 North American fixed income data looking to see what’s changed in the past year and what’s the come. While the bulge bracket continues to dominate rates, mid-tier brokers are making some headway in credit helped by increased client adoption of electronic trading platforms. But as […]
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 income products, looking across 18 different product types. I will be presenting an overview of our initial findings on August 7 (Thursday) at 11a ET, and discuss where we will be digging […]
Stock Market Keeps Its Faith in Humanity (WSJ)
The Wall Street Journal has a great featured piece today on the importance of the sales trader, which is something we at Greenwich have been out talking about quite a bit over the last few months. The WSJ story features our latest equity research (although the direct quote was unfortunately cut by the editors – sorry […]