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...

The goal of the FX Global Code (FXGC) is to “promote the integrity and effective functioning of the wholesale foreign exchange market.” The FXGC covers topics ranging from operations and workflow to trading and algorithms to risk management. While...

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...

In the ever-evolving landscape of capital markets, the relentless march of tokenization is reshaping the industry. Traditional financial institutions, often perceived as slow to adopt innovations, are now making decisive moves into production beyond...

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...

The U.S. Securities and Exchange Commission (SEC) continues to shake up the crypto industry with its recent string of enforcement actions. There are major implications for institutional traders as the regulatory status of digital assets and...

Demand for high-quality market data and cloud computing coupled with the changing dynamics of data budgets has caused providers to rethink the way they work with clients. I recently discussed these and related market data trends with Matt Nurse...

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...

After years of mediocre growth, FX execution algorithm adoption is looking up. Most buy-side segments have witnessed a healthy rise in the use of algos since 2020, especially on the real money side. Both fund managers and hedge funds have seen an...