Two decades ago, exchanges and electronic trading venues were seen as offering two things—a marketplace for buyers and sellers to interact and market data reflecting the results of those interactions. Today’s global fixed-income trading venues offer...

With all the hoopla surrounding artificial intelligence and machine learning (AI/ML), is it possible that only 10% of buy-side trading desks are incorporating these technologies in their equity trading processes? Is this a case of “don’t believe...

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...