Corporate bond investors are well taken care of. Markets are more transparent, electronic and generally more accessible than they’ve ever been. The path to this point certainly wasn’t smooth. In the early 2000s, TRACE reporting, MarketAxess and...

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...

The role of environmental, social, and governance (ESG) factors in investment decision-making has generated both positive and negative publicity. Fixed-income portfolio managers have indicated that ESG is a factor in their investment decision-making...

On May 28, 2024, U.S. equity trades will settle next day. While this might evoke a sense of déjà vu, it is different this time. Really. In 1995, U.S. securities settlement shortened from T+5 to T+3. Soon after, advocacy groups and management...

What started as panic selling from the Fed’s extreme tightening in Q1 2022 turned into excited buying by retail investors in Q4, with tax-loss harvesting and tax-free (and low-risk) yields nearing 5% offering what many saw as the chance of a...

A recently published Coalition Greenwich research study found that trading in credit-focused ETFs has grown notably relative to the underlying corporate bond market (what we’re calling the ETF-to-cash ratio). In notional terms, the volume traded in...

Most buy-side and sell-side firms are seeking to implement modern technology (e.g., cloud computing, AI, APIs) across the trade lifecycle for many reasons, from cost reduction to increasing their competitive position. As with much of today’s tech,...

Fixed-income ETFs have proven to be the savior the bond market never knew it needed. Not everyone agrees, of course, (active managers among them), but from my perspective, it was ETFs that brought automated market makers into corporate bonds, which...

If you’re anything like we are here on the Market Structure & Technology team, looking for good market structure content to read on vacation is par for the course. So as we head into prime vacation/holiday-taking time, I’d like to offer up some...

With our connectivity to the buy-side, Coalition Greenwich conducted a “flash study” on investor sentiment in the context of the Russia-Ukraine war. We asked equities, fixed-income and foreign exchange (FX) institutional investors about the...