My market insights as see in the press
“The volume growth [in voice trading] is coming in large part from these large package trades that are executed manually,” said Kevin McPartland, Coalition Greenwich’s head of market structure and technology research.
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“March 2020 was a really big test for auto-quoters and automatic execution and not everything worked as planned,” said Kevin McPartland, head of market structure and technology research at Crisil Coalition Greenwich.
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To facilitate bond ETF arbitrage, specialists like Jane Street and Flow Traders have stepped into the underlying bond market, creating a “virtuous cycle”, according to Kevin McPartland, head of research for Coalition Greenwich: "To do that trade, they had to get better and smarter at trading not only the ETFs, but also the underlying corporate bonds. To some extent, the rest is history."
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Kevin McPartland, head of market structure at Coalition Greenwich, says the central clearing proposal was “definitely a monumental change for the Treasury market”, adding that enacting it will be a “big accomplishment” for the SEC.
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“For 15 years, the bond market we have today hasn’t existed,” said Kevin McPartland, head of market-structure research at Coalition Greenwich, a data and analytics firm. “That means this is the first time in a lot of people’s investing lives when bonds are a real alternative to stocks.”
Read Article →A selection of my interviews and discussions with key figures in financial markets
With: Mike Lynch, COO, Symphony
Workflow automation in the capital markets, which began with bots and has moved to GenAI-based copilots today, is set to adopt agentic AI with early use cases already emerging, according to Michael Lynch, COO of communication and market technology firm Symphony.
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With: Mike Sobel, Co-CEO Trumid, Jason Quinn, Chief Product Officer, Trumid
My conversation with Trumid about the electronification of the U.S. corporate bond market.
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With: Steve Cavoli, Head of Execution Services, Virtu
Steve Cavoli, Head of Execution Services at Virtu Financial, is clear about the firm’s place in the evolving capital markets ecosystem. “Our job is not to create a mini-Goldman Sachs or Morgan Stanley… Our heart is of a start-up and a disruptor, and that's what we want to do,” he said to Kevin McPartland, Head of Market Structure & Technology Research at Coalition Greenwich, in an interview at the New York Stock Exchange.
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With: Billy Hult, CEO Tradeweb
“It’s been a great year. This is still a relationship business. That said, the relationship component is part of the overall experience that technology has delivered to our clients,” Tradeweb CEO Billy Hult recently told Coalition Greenwich Head of Market Structure & Technology Research Kevin McPartland in an interview at Tradeweb’s New York headquarters in front of a live audience.
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With: Chris Concannon, CEO, MarketAxess
The fixed-income markets are poised to enter the next phase of electronification which will change both trading behaviors and outcomes, declares Chris Concannon, CEO, MarketAxess.
Watch/Listen →Blog posts, research papers, and industry analysis
As the federal funds rate grew to 5%, holding bonds until maturity was in vogue again. Retail bond buyers loved the high yields (relative to the zero rates they were used to) without the worry of short-term market movements that can impact the value of mutual funds and ETFs. As a result, individual bond holdings grew to 51% of retail fixed-income investments at the end of Q2 2025 (the most recent data), only slightly below the peak of 51.8% reached in Q4 2023.
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The U.S. Treasury central limit order book (CLOB) has been a cornerstone of the U.S. Treasury market for three decades, providing a platform for buyers and sellers to trade with anonymity, firm prices and instant execution.
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Despite this progress, a robust futures market—something taken for granted by interest-rate and equity traders—has, until recently, eluded the credit market.
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In an effort to better understand these trends, including how volatility data is used and measured by market participants, if and how they trade volatility, and what improvements they’d like to see in their volatility metrics, we interviewed 38 interest-rate traders and portfolio managers at asset managers, hedge funds, dealers, and market makers in the U.S. in Q2 2025.
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