The U.S. Securities and Exchange Commission (SEC) continues to shake up the crypto industry with its recent string of enforcement actions. There are major implications for institutional traders as the regulatory status of digital assets and...

The fragmentation of the FX market structure is legendary, so consolidation within it is always of interest. Indeed, earlier this year we wrote a summary of all the mergers that have happened in the FX platform industry in the course of...

US equity markets are always touted as the poster child for electronic trading, but our most recent electronic trading study results (see chart below) prove that view is somewhat misguided.  Driven primarily by new rules requiring index CDS...

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...

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...

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...

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...

Spot FX trading volumes in the first quarter of 2014 dropped 25-30% from the same period last year.  From a macro-economic perspective, the reasons are relatively clear. In 2013, FX trading volumes were inflated by a surge of activity in the...

The biggest finding in our latest report (available to market structure and technology customers) on FX electronic trading was nothing. Our 1500+ interviews with global FX users showed continued growth in electronic trading (74% of users...

Its been my experience that many in the market are ignoring FX in the global derivatives reform debate, thinking of them as broadly exempt from new rules. This view is a bit of a red herring. Our latest research report digs into the regulations set...