Repo and U.S. Treasury clearing will increase in 2026. The SEC finally put forth, voted on and passed a final rule laying out their long-expected approach to mandatory clearing for this systemically important market after years of industry...

Corporate banks should seize the opportunity to take on a more aggressive leadership role in pushing for a unified and simpler framework for environmental, social and governance (ESG) reporting. That’s the message we’re hearing in conversations with...

So it goes. The SEC's equity market proposals are as bewildering as they come, even for those of us who live and breathe market structure. As the industry digests the proposals and initial reactions morph into responses, the overall tone...

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...

Early in November I chaired the FTF DerivOps conference in NY.  The conversation in 2014 was a lot more about the market than it was at my first DerivOps in October 2008, when all we spoke about was what was wrong with the OTC derivatives...

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...

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...

Greenwich Associates (and I) have for the most part stayed out of the recent high frequency trading debate. Thankfully the discussion has gone (somewhat) beyond whether HFT is good or bad and has moved towards a broader debate around the best market...