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 for...
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...
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 study...
On October 2 market participants requesting price quotes for an order via a SEF will have to ask a minimum of three dealers to respond rather than the current minimum of two (although in neither case are those dealers required to respond to the...
According to Liquidnet CEO Seth Merrin the corporate bond market is “a disaster waiting to happen”. A disaster? Maybe. But certainly it is a market waiting for better ways to match buyers and sellers.
Sales trader relevance has been debated for more than a decade as buy-side driven execution algorithms and trading tools have made self-service trading ubiquitous. Despite the ability of institutional investors to trade via cheaper self-directed...
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 came...
Greenwich Associates (and I) have for the most part stayed out of the recent high frequency trading debate.
Those of us tracking the broader fixed income market have become quite familiar with the chart showing dealer inventories of corporate bonds falling through the floor, but this chart of bank US Treasury holdings totally blew me away.
We've just released the results of our benchmark US equities study, based on almost 600 interviews with US equity investors. While Greenwich has been conducting this study for literally decades, this is my first market structure analysis of...
