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 […]
Category: Greenwich Associates Research
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 […]
Corporate End Users Unfazed by Derivatives Reform
Earlier this year we spoke with just shy of 400 corporate treasurers about their use of interest rate derivatives. Given this group of IRD users isn’t covered as closely from a market structure perspective as financial end users, I was excited to see what trends we could find within the interview responses. So with the […]
Where in the world is volatility?
I’m a little obsessed with volatility lately – well, the lack of it actually. The VIX has been hovering around 12 for months despite emerging markets turmoil, rigging scandals and regulatory environment that can only be described as volatile. How can volatility be so low in a market where complexity and uncertainty are so high? Calm markets […]
ETFs as part of the credit liquidity story
Liquidity in the corporate bond market is tough. We’ve written about it time and time again. At a high level we see two solutions. One, inject new electronic trading tools and liquidity providers into the existing corporate bond market to better match buyers and sellers (a theme discussed in our 2014 European Fixed Income Study). Two, […]
Increased Cloud Adoption Should be a No-Brainer for Hedge Funds
Its been a while since I’ve written a real techy piece, so had a fun time with this one. While it might seem a bit out of left field given a recent focus on fixed income market structure, it is in fact the growth of structured derivatives trading that is making the use case for […]
U.S. Equities Market Structure Update
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 […]
Package trade rules – can they do that?
On Thursday May 1 the CFTC released an eagerly awaited clarifying document outlining when and how package trades would be required on SEF. Packaged transactions will be phased in by type from May 15th through November 15th, and to deal with the pre-trade credit checking issue (checking limits against each leg as opposed to the limit utilization […]
FX volumes are down, but its more than just economics
First some admin notes. We’ve recently created an official Greenwich Associates market structure blog. The goal was to create a seamless method for us to get new research and commentary out to the market. The market structure commentary I’ve been posting here at Kevin on the Street will mostly all end up on the new […]
FX Markets are Ready for a Shake-up
The biggest finding in our latest report on FX electronic trading was nothing. Our 1500+ interviews with global FX users showed continued growth in electronic trading (74% of users trade FX on the screen), growth in execution algorithm usage (expecting 65% growth in 2014) and high hedge fund use of the two. But those data […]