This week we will begin to release the results of our annually North American Fixed Income study, based on just shy of 1100 investors trading fixed income products, looking across 18 different product types. I will be presenting an overview of our initial findings on August 7 (Thursday) at 11a ET, and discuss where we will be digging […]
Tag: Swaps
MF Global, Innovation and Swaps Reform in the Financial Times
The FT published a great special section this past Monday on the state of OTC derivatives reform. Coverage ranged from the impact of MF Global on margin and segregation rules to technology innovation driven by the new rules. What these stories all reaffirm is how much the details of the final rules will impact liquidity, […]
Regulators Approve a New Window Into 'Swaps' (Wall Street Journal)
It seemed like the CFTC’s meeting yesterday (Dec 12th) would be a big one; we’d find out the size of a block trade and in doing so get some insight into how truly electronic the swaps market would become. Â Unfortunately, the can has been kicked down the road again. Â Instead we have a […]
Presenting to the CFTC on Swaps Liquidity Fragmentation (and Aggregation)
On Tuesday, December 13th I presented to the CFTC Technology Advisory Committee. Chairman Gensler and Commissioners O’Malia and Wetjan were all there. Each panelist, myself included, gave a 15 minute opening and then we participated in an open Q&A with the Chairman, Commissioners and the members of the TAC. Maybe I’m just optimistic, but it […]
My conversation with the FT: big banks lose in derivatives reform (Video)
My conversation with Telis Demos at the Financial Times in NY; we discuss dealer profitability following derivatives reform and how electronic trading could ultimately lead to higher profits. (Click the image below to watch.)
TABB Says 90% of Top-Tier Swap Dealers See Their Profits Down or Flat after Dodd-Frank Implementation
PR on my recent study: New Annual Fixed Income Industry Benchmark Study Shows 60% of Current Dealers Expect Increased Barriers-to-Entry; Basel III to have Greater Business Impact than Dodd-Frank NEW YORK & LONDON, Oct 19, 2011 (BUSINESS WIRE) — Despite the risks to liquidity posed by CFTC-proposed regulation, over the long term nearly 75% of […]
Liquidity expected to return in swaps market (Financial Times)
My summer’s work was speaking to every major swaps dealer to try and understand what they’re thinking, how they’ll take their business forward and what pending regulation will do to the swaps market. The executive summary of the report that resulted from these conversations can be found here. Today the FT wrote a story to […]
Derivatives reform a bright spot? Who would've guessed?
A bank collapse was the catalyst for the reforms currently underway in the OTC swaps market. Debates over liquidity killing regulations and overly burdensome implementation costs are now the norm. But guess what? The swaps market looks like a shining beacon of hope compared to the rest of the finical markets and the global economy. […]
It Takes Energy – HFT in the Energy Market
The presence of principal trading groups (PTGs) in the exchange-traded derivatives market, and their absence in thecredit and rate swaps markets, are both the cause and effect of turnover frequencies. TABB Group estimates that proprietary trading (including bank proprietary trading) accounts for 55 percent of futures trading by contract volume and 41 percent of U.S. […]
My conversation with Rick McVey, CEO of MarketAxess
Rick and I discuss the electronification of the corporate bond market, how that will impact swaps trading and SEF creation as well as the steps MarketAxess is taking SEF-if-fy its platform.