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 […]
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 […]
Market Structure Didn’t Cause Volatility – At Least Not This Time
Treasury Secretary Mnuchin recently blamed high frequency trading and the Volcker Rule for recent volatility in the markets. While I love to see high ranking government officials talking about market structure, his statements felt surprisingly uninformed coming from someone who has spent their entire life on Wall Street. Today I discussed this on Bloomberg TV, […]
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 […]
Selling Caused The Sell Off, Not High Frequency Trading
Oliver Renick and I had a good discussion about what caused (and didn’t cause) the equity market sell off in October 2018. I’m a market structure guy, not an equity strategist. But market structure certainly should be examined when thinking about why markets do what they do; in this case, the growth of passive investing […]
What Is Market Structure, The Video Version
I was asked to present something interesting to a room full of interns and recent college grads. It was a fun format and I really enjoyed giving this presentation. My ultimately goal: convince them that market structure is in fact fascinating, and being an analyst is a great way to make a living.
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 […]
Regional Bond Dealers are Embracing Electronification
A discussion about how commercially available real-time trading technology—the type once only available to the largest institutions–is empowering regional dealers to compete with the global banks in electronic bond trading with investor clients.
Market Structure Areas to Watch in 2018
Product agnostic investing (you know you want to know), data trumping trading and trying to figure out what digital means in 2018 (didn’t we figure that out in 2002?).
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 […]