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.
Are Bank Job’s at Risk from Technology?
Only sort of. I spoke to Bloomberg Radio today about predictions from Vikram Pandit that 30% of bank jobs will be taken by robots. Listen in here.
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”.
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 […]
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.
Changes in U.S. Corporate Bond Market: Evolution, not Revolution
I spent most of my summer digging through our 2014 North American fixed income data looking to see what’s changed in the past year and what’s the come. While the bulge bracket continues to dominate rates, mid-tier brokers are making some headway in credit helped by increased client adoption of electronic trading platforms. But as […]
Greenwich Research: Derivatives Rules to Disrupt Move of FX to Multi-Dealer Platforms
We just published some new research that looks at buy side use of single-dealer platforms and multi-dealer platforms in the FX market. Our historical usage data shows MDPs overtaking SDPs slow but surely – but new regulations (most notably footnote 88) are temporarily reversing that trend. Particular interesting (to me at least) in this report […]
Swap Execution Facility Trading Volumes: Here are the Real Numbers
There are some really good parts of the SEF rule, and this in my view is one of the best: Core Principle 9 requires a SEF to make public timely information on price, trading volume, and other trading data on swaps to the extent prescribed by the Commission. The result? SEFs posting daily volumes on […]
SEF Day: A boring October 2 is official, but in 10 seconds or less
Quite a lot of hoop-la on Friday (September 27, 2013) around the October 2 SEF implementation deadline. On that point, the response to my post on the CFTC de-electronifying the market has been mostly positive. And it looks like the CFTC decided to listen to all of us wanting October 2 to go smoothly, providing […]