Over the years trading desks at the largest banks and broker-dealers profited not just from executing client trades, but because they had the pulse of the market. It was their job to know who was trading what, who held what, who had an interest...

Over 60% of trading in the U.S. Treasury market is done via electronic trading venues. Many market observers believe this means that the relationships between dealers and bond investors are eroding and that the marketplace has become devoid of human...

Following recommendations from the SEC's Fixed Income Market Structure Committee (FIMSAC), FINRA is proposing a pilot program to test the impact of changing the reporting requirements for large corporate bond trades. Pilot programs can be good...

On any given day in the U.S. corporate bond market, roughly 70% of the trades executed are for 100 bonds or fewer (equivalent to $100,000 or less). Greenwich Associates data shows that the vast majority of these trades—over 90%—are now done on...

Volumes in the U.S. Treasury market are up in the first few months of 2019, and as Greenwich Associates data shows, so too is competition among the electronic trading venues. Kevin McPartland had the opportunity to speak with Jill Malandrino of...

After months—arguably years—of little change in the competitive landscape for trading U.S. Treasurys (UST) electronically, the CME’s acquisition of NEX effectively dropped the yellow flag on the market. Now, like it or not, everyone will need...

Last month retail investors jumped at the opportunity to own a piece of the hottest new tech stock, sending shares of Dropbox 35% higher from its IPO price. This kind of one-day price move is rarely seen in the stock market these days but has...

Trust means different things to different people. For instance, our nearly 4,000 recently conducted interviews for the CFA Institute’s “State of Investor Trust” research taught us that saying “I don’t know” improves trust between institutional...

There still seems to be a misconception that markets primarily driven by central limit orders books (CLOBs) are the most liquid, and that all other markets should strive to move in that direction.   Despite numerous attempts to move the...

I've been working on Wall Street for almost 20 years now, the last 10 as an industry analyst. In hindsight, it’s amazing to think how much has changed in the last decade, and conversely, how much has stayed the same. Putting aside the...