A crisis is a crisis because most people didn't see it coming. Unexpected events freaks people out causing a bad chain of events - a crisis. So despite evidence that a liquidity crisis is on the horizon in the bond market, wide spread recognition...

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...

Over the last few weeks many have speculated that low volatility must mean that investors are complacent. As I was writing this post, in fact, an email came through about a new volatility study from ConvergEx showing that half of their ...

Its a little sad how excited I get about charts.  Maybe its because they do such a good job telling a complex story, or maybe because looking at a chart is easier than reading - but I digress.  Another great view of the fixed income world...

I'm a little obsessed with volatility lately - well, the lack of it actually.  The VIX has been hovering around 12 for months despite emerging markets turmoil, rigging scandals and regulatory environment that can only be described as volatile....

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...