Derivative Exemptions Fail to Soothe Users (Wall Street Journal)
FX swaps are exempt from new derivatives regulations in the US. Not really a surprise. This language was in an earlier version of Dodd-Frank and the geopolitical issues surrounding FX make it a very...
View ArticleGreenwich Research: Derivatives Rules to Disrupt Move of FX to Multi-Dealer...
We just published some new research that looks at buy side use of single-dealer platforms and multi-dealer platforms in the FX market. Our historical usage data shows MDPs overtaking SDPs slow but...
View ArticleGreenwich Associate’s Market Structure Trends to Watch in 2014
The year 2013 will likely go down as the year of mandatory clearing. Once ignored by eager financial market professionals as boring back-office stuff, collateral management, credit limits and all other...
View ArticleWhy Regulatory Changes Will Drive FX Trading Volume to Futures
Its been my experience that many in the market are ignoring FX in the global derivatives reform debate, thinking of them as broadly exempt from new rules. This view is a bit of a red herring. Our...
View ArticleSetting FX Benchmarks with Observable Data – My Interview with CCTV America
For a market that is so electronic, using observable data to set benchmark rates shouldn’t be much of a stretch. About two weeks ago I did a taped interview for Central China TV (CCTV) America to...
View ArticleFX Markets are Ready for a Shake-up
The biggest finding in our latest report on FX electronic trading was nothing. Our 1500+ interviews with global FX users showed continued growth in electronic trading (74% of users trade FX on the...
View ArticleFX volumes are down, but its more than just economics
First some admin notes. We’ve recently created an official Greenwich Associates market structure blog. The goal was to create a seamless method for us to get new research and commentary out to the...
View Article15 for 15: Top Market Structure Trends to Watch in 2015
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...
View ArticleGlobal FX Investors Increasingly Seek Non-bank Liquidity
Below is the press release for my most recent paper examining changes in the global FX market. The bottom line: big banks will continue to play a huge role, but non-bank liquidity providers will up...
View ArticleFX Market Structure, Flash Crashes and Market Making (Bloomberg TV)
My conversation with Bloomberg TV following the overnight volatility spike of the Pound. And no, I really don’t want to call it a “flash crash”.
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