U.S. Treasury markets hit volume records in the spring of 2020, but after the Fed stepped in markets got downright sleepy. OK, well maybe not sleepy, but volume figures became less than extraordinary. I enjoyed speaking with Dan Barnes from Trader TV, live from my basement office, about all of these dynamics, and what to […]
Category: Greenwich Associates Research
Treasury Market Conversation with Nasdaq TradeTalks
Volumes in the U.S. Treasury market are up in the first few months of 2019, and as Greenwich Associates data shows, so too is competition among the electronic trading venues. I had the opportunity to speak with Jill Malandrino of Nasdaq’s TradeTalks about what’s going on in the U.S. Treasury market today, the Libor transition […]
US Treasury Market Structure Is Definitely Changing
Greenwich Associates just published my recent work examining changes to how US Treasurys are traded. After years of little change, some real disruption now seems in the cards; direct streams are growing as a method for trading while the dealer-to-dealer and dealer-to-client markets overlap now more than ever. Bloomberg News did a great job covering the […]
Electronic Trading In Emerging Markets
I spent the latter part of the summer digging into the state of emerging markets fixed income. The result was research that acts as both a primer on what exactly emerging markets encompass, what fixed income in emerging markets means (did you know government bonds issued in emerging market currencies are considered credit instruments?) and […]
Electronic Trading Rises With Market Volatility
U.S. Treasury volumes in October hit their highest level since May 2018, with an average daily volume of $554 billion. The equity market’s precipitous decline drove a drop in Treasury yields that brought with it the market volatility traders have long been waiting for. And while the future of the bull market remains top of […]
A good user experience still matters to bond investors
Below is the press release from my most recent Greenwich Report on the corporate bond market. As the title implies, the buy side is starting to get used to the way things are – they like all-to-all, but they also want a good user experience from the platform providers. Liquidity isn’t Improving but Credit Investors […]
High Frequency Needs High Touch
Originally posted on the Greenwich Blog There is a tremendous amount of irony in the path high-frequency trading – excuse me, principal trading firms have taken from their heyday in the late 2000’s. We alluded to this a few months ago in our Top Market Structure Trends to Watch in 2017: When I first started meeting […]
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 […]
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 […]