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 […]
Category: In the News
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).
Are Fixed Income ETFs Derivatives? My conversation with Bloomberg TV.
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.
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. […]
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 […]
Bloomberg TV: What’s Best for High Frequency Trade Regulation?
On the heels of the Senate hearing into high speed trading, I joined Sal Arnuk from Themis Trading on Bloomberg TV to discuss the best way forward for equity market structure.
US equity brokers made more money than last year – finally
We’ve just released the results of our benchmark US equities study, based on almost 600 interviews with US equity investors. While Greenwich has been conducting this study for literally decades, this is my first market structure analysis of the data since joining the firm last summer. The report includes the expected critical data points – total […]
Chatting with Bloomberg TV about Cheaters on Wall Street
Bloomberg TV’s Market Maker’s program had a great segment on why people cheat on everything. I was lucky enough to discuss with them the role cheating has on Wall Street – and why high frequency trading is not cheating.
Electronic trading of bonds is growing – sort of…
We all know that the massive reduction in dealer inventories and the cost of capital has had a huge negative impact on liquidity in the corporate bond market. While the primary market has helped soften the blow, that crutch isn’t going to be here for long as rates start to rise over the next few […]