Earlier this month, we reached out to buy-side fixed-income investors in the Americas to learn more about the impact of COVID-19 and dealers’ response. One question we asked was, “Which dealers do you feel have stood by you the best during the...

As COVID-19 cases continue to rise, our first thoughts are for the victims, their families and the healthcare professionals fighting the disease. This pandemic is likely to lead to significant changes in the way we live our daily lives and to many...

While the word “unprecedented” gets thrown around quite freely, it is fair to say that the logistics and conditions around U.S. fixed-income trading over the past six weeks have been new to everyone regardless of experience. Greenwich Associates...

In our role as market analysts, we are lucky enough to attend some of the most interesting industry events in capital markets and fintech. In that vein, Symphony asked us if we could attend their Innovate conference in New York this past fall and...

Over the years trading desks at the largest banks and broker-dealers profited not just from executing client trades, but because they had the pulse of the market. It was their job to know who was trading what, who held what, who had an interest...

Over 60% of trading in the U.S. Treasury market is done via electronic trading venues. Many market observers believe this means that the relationships between dealers and bond investors are eroding and that the marketplace has become devoid of human...

Following recommendations from the SEC's Fixed Income Market Structure Committee (FIMSAC), FINRA is proposing a pilot program to test the impact of changing the reporting requirements for large corporate bond trades. Pilot programs can be good...

On any given day in the U.S. corporate bond market, roughly 70% of the trades executed are for 100 bonds or fewer (equivalent to $100,000 or less). Greenwich Associates data shows that the vast majority of these trades—over 90%—are now done on...

Volumes in the U.S. Treasury market are up in the first few months of 2019, and as Greenwich Associates data shows, so too is competition among the electronic trading venues. Kevin McPartland had the opportunity to speak with Jill Malandrino of...

After months—arguably years—of little change in the competitive landscape for trading U.S. Treasurys (UST) electronically, the CME’s acquisition of NEX effectively dropped the yellow flag on the market. Now, like it or not, everyone will need...