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: In the News
Market Structure in 2021
I’ve had the privilege of writing and editing a report on market trends to watch in the coming years since I joined Greenwich back in 2013. Over the years it has morphed from mostly my thoughts to a great collaboration of what is just an amazing team of analysts, which has made the process even […]
The SEC On Bond Trade Reporting (WSJ)
OK I know that sounds boring. But it actually matters a lot, and to a lot of people. This is something I’ve spent a lot of time researching over the past year or so, and commented in this WSJ story about a new proposal from the SEC and why it matters. Read the full story […]
The Future of Investing
I was invited to be a part of this great conversation about the future of investing, with a focus on the electronification of the bond market and the role ETFs now play there.
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 […]
Does passive investing have room to grow?
Volatility finally returned to the market in the first half of 2018, and by all accounts the market structure held up remarkably well. To date, the idea that unexpected market moves would trip up the ETF market – pricing, liquidity and more – have proven incorrect. Here I discuss that resiliency of the market and […]
Putting Alternative Data to Work
Alternative data is becoming a coveted tool for institutional investors seeking alpha. But as many on the buy side can attest, turning a seemingly endless array of data into something useful can be a complex and costly endeavor. Here I discuss the the findings of our research throughout 2017 and opine on where alternative data […]
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 […]