We might be getting a little bit closer to understanding whether or not the changes in the capital markets are cyclical or structural.  We view volatility - or the lack thereof - as a major factor impacting profitability across financial...

The corporate bond market is starting to feel a lot like the swaps market did in 2010.  There is no electronic trading mandate for corporate bonds of course, but a proliferation of new bond trading platforms and initiatives is upon us akin to...

Last fall we published research that showed how trading in the interest rate swaps market has become even more concentrated with the top five dealers since Dodd-Frank, rather than more competitive as regulators had hoped.  It should come as no...

Market structure happenings have been fast and furious since 2009, and 2014 did not disappoint.  Mandatory SEF trading finally began, fixed income electronic trading continued its steady incline, the current shape of the US equity market was...

The penetration of electronic trading across the financial markets is remarkably inconsistent.  While equities and foreign exchange are largely traded over platforms, the same cannot be said for much of the fixed income market.  Over-the-...

Another year down. We're a year further from the Lehman bankruptcy, a year further from the signing of Dodd-Frank and a year closer to the full implementation of Basel III. But before we start looking ahead, let's look back at the year in market...

High costs can be a barrier to success for any swap execution facility (SEF), but there’s more to it than that. Based on our conversations with the buy side, simple fee models are preferable. Thankfully most major SEFs have taken a transpar­ent...

A reduction in systemic risk is one great benefit of global financial reform; another is the increasing volume of data made available to market participants and observers.  Even still, finding and deciphering that public data is often easier...

Market structure changes in the bond market appear to be happening organically.  Shocking I know. Rewind back seven years to 2007.  Market structure research was primarily focused on technology innovation, evolving business models and a...

I'm of the belief that the regulatory changes with the biggest long term impact are those related to the cost of capital.  Basel III, CRD IV and whatever the US regulators ultimately decide will prove to be both the carrot and the stick...