The equity market, it seems, is again obsessed with dark pools.  Alternative Trading Systems (ATSs) have recently seen investment and purchases at an astounding level.  In just the last few months we have seen the purchase of...

The buy side sees the U.S. Treasury market as largely transparent. That’s a good thing. However, less than half of that same group told us they regularly perform transaction cost analysis (TCA). That suggests one of two things: Either the buy side...

On February 18, 2021, the U.S. Congress held the first hearing related to the GameStop trading abnormalities. During this hearing, U.S. Representative David Scott (D-GA) raised the issue of social media’s effect on capital markets trading, calling...

“This is a big year for uncleared margin,” a poignant statement from ISDA CEO Scott O’Malia in his recent conversation with Coalition Greenwich. The next phases—5 and 6—to be implemented on September 1, 2021 and September 1, 2022 respectively, will...

One of the most interesting questions we ask our participants in the annual Market Structure and Trading Technology study is which technologies have the most potential to be truly impactful on the trading desk. In other words, where does the hype (...

Please join Shane Swanson and David Easthope from the Market Structure & Technology team as they discuss the current state of the SEC's Governance Order, the Market Data Infrastructure Order, the ongoing legal challenges to these changes to...

2020 has been an incredible year for financial markets and for those that analyze them. The year has been littered with spectacular events, many of which were completely unprecedented. Some events reversed long-standing trends, while others...

In the world of security tokens, regulatory clarity is gaining more steam and, as a result, we expect that security tokens will gain even more acceptance in the market in 2021. The lines between digital securities, security tokens and...

Two factors—integrating workflows and an expanding product base—hold the key to growth of innovative trading protocols such as streaming and broader use of electronic trading in the U.S. Treasury market. That was the refrain among leading market...

Trading volumes in U.S. Treasury (UST) markets hit records in March. For the week ending March 6, the average daily volume (including coupons and bills, but not TIPS) was $1.025 trillion per day ($997 per day for only coupons) — a record. On March 9...