Central bank policy shouldn't really be part of the market structure story. Market structure is about regulatory change, technology innovation and market reactions to the evolving competitive landscape. But in 2015, central bank policy...
Central bank policy shouldn't really be part of the market structure story. Market structure is about regulatory change, technology innovation and market reactions to the evolving competitive landscape. But in 2015, central bank policy...
Our conversations with dealers over the past few months have left us wondering if volume weighted market share is the right metric for gauging success in fixed income dealing. In past years market share always brought with it bragging rights,...
The market has been talking about this since at least 2009: swaps clearing will reduce systemic risk and take most of the counterparty risk out of the swaps market. Yet despite this risk reduction, regulators still seem determined...
The European Commission, ESMA and the FCA appear to be including fixed income in new payment for research requirements in MiFID II and EMiR by not explicitly excluding fixed income research. The question is whether a service can be viewed as an...
We might be getting a little bit closer to understanding whether or not the changes in the capital markets are cyclical or structural. We view volatility - or the lack thereof - as a major factor impacting profitability across financial...
The corporate bond market is starting to feel a lot like the swaps market did in 2010. There is no electronic trading mandate for corporate bonds of course, but a proliferation of new bond trading platforms and initiatives is upon us akin to...
Last fall we published research that showed how trading in the interest rate swaps market has become even more concentrated with the top five dealers since Dodd-Frank, rather than more competitive as regulators had hoped. It should come as no...
Market structure happenings have been fast and furious since 2009, and 2014 did not disappoint. Mandatory SEF trading finally began, fixed income electronic trading continued its steady incline, the current shape of the US equity market was...
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...
We are always here to help you