The market is more electronic than ever, but relationships still drive the vast majority of trading.  It is important to remember that “electronic trading” and “relationships” are not mutually exclusive.

Most banks have so far stayed well clear of cryptocurrencies, due to concerns around their public anonymous nature and their potential misuse in illegal activities. However, if compliance concerns can be satisfied, then they are open to exploring...

I wish we could get away from calling every bout of extreme price volatility a flash crash. Markets crash and rebound - they always have. Today it can happen in a few minutes, back in the 80's it would take a few days. But the causes are often the...

NASA's bread and butter is sending rockets into space.  Bank trading desks similarly are the epicenter of bond trading.  Greenwich Associates research shows that in 2016 58% of US Treasury trading by institutional investors was...

Today, October 3rd, US equity markets will flip the switch on a pilot program that will change the way some 1,200 small cap stocks are traded. Unfortunately, the Tick Size Pilot Program as it is known will likely end up as a costly failure,...

Fintech is disrupting credit trading in ways bond dealers likely never envisioned a decade ago. Greenwich Associates and Asset.TV recently discussed how the barriers to entry to starting new trading venues have come down thanks to cloud...

The recent theft of $70 million dollars worth of Bitcoin from one of the leading exchanges and the attempted theft of $50 million of the digital currency Ether, highlight security risks. that apply to permissioned blockchains being developed for...

The past few years have introduced us to several people and new companies with this passion for changing how bonds are traded.  In every single meeting that I've been lucky enough to have with these innovators, I'm continuously impressed with...

The implications of a state sponsored crypto-currency.

The U.S. Treasury market needs more oversight. Our research and my personal observations over the past several years have made that clear.  Oversight, however, does not mean highly prescriptive rules that dictate everything from when you're...