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 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...

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...

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,...

For the past few years, a large percentage of the digital asset community has gravitated to vertically integrated platforms to trade, settle, custody, and lend/borrow digital assets. Vertically integrated business models have been a convenient way...

Risk abounds for financial institutions! Ongoing investment trends along with market dynamics have been pushing market participants to deal with numerous frictions. Against a backdrop of dizzying macroeconomic forces, portfolio diversification has...