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Tag Archives: Trading

Drive the algos overseas…

The Chicago Fed has published a short paper on high frequency trading… makes you wonder how much economic activity this trading represents for the Chicago area… The fundamental issues around high frequency trading are systemic risk and investor fairness. Unfortunately this paper doesn’t address either one of those issues… From the conclusion of the paper “Controlling risk […]

Desperate kingdom of liquidity

Morgan Stanley has launched a new single dealer, over the counter platform for institutional users… Morgan Stanley Matrix. Matrix is an elegant system and looks like it is designed to compete in certain product classes against Barclay’s Barx… and multi-dealer platforms like Tradeweb for interest rate swaps… or RFQ-hub for more exotic products… Users can […]

It’s all electronic…

Electronic Trading Takes Over, Block Trading Dries Up – From Sandler O’Neill Global Exchange & Electronic Trading Conference in New York, NY: Interview with ITG CEO Robert Gasser (Bloomberg News — running time 5:00 minutes) Mr. Gasser says the, “Buyside has been empowered to trade directly into the markets…”… this is a direct result of […]

Framing the issues

  Professor George Lakoff writes… ~~~~ ““Because the “free market” doesn’t exist. There is no such thing. All markets are constructed. Think of the stock exchange. It has rules. The WTO [World Trade Organization] has 900 pages of regulations. The bond market has all kinds of regulations and commissions to make sure those regulations carried […]

TRACE the numbers

The TRACE Update is a quarterly email that covers TRACE-related developments. In this issue: New: Quarterly TRACE Fact Book Tables Proposed TRACE Expansion — Agency Debt and Primary Transactions Fixed Income Webinar on July 15 For additional information, contact us by phone at (888) 507-3665 or by email at TRACEDataServices@finra.org. New: Quarterly TRACE Fact Book […]

Product endorsement…

For FIX products the best product endorser you can get is Witold Sames. Witold is Client Services Manager at Portware… he connects everybody with everything… You want liquidity? Witold’s got the pipes for flow… So here is his latest product endorsement… ~~~ “Through the FIX message board, I read about the free trial for FIX […]

Creative evolution…

You never know where the next development might come from… from Finextra… ~~~~ “Bank of America, Credit Suisse and Morgan Stanley have come together to develop a new online hub for buy and sell-side institutions participating in the corporate bank loan market.  The Storm Loan Marketplace will use real-time agent bank data and an array […]

Ring fence principal trading…

  Rob Cox writing in the Breakingviews.com section of the NYT… ~~~~ ” …. All of Mr. Bernanke’s ideas make sense. But the most effective way to minimize the chance that institutions are too big to fail would be, well, to make them less big — and more to the point, less interconnected. Regulatory carrots […]

Swapping secrecy…

New York Times Op-Ed Contributor, By Christopher Cox Published: October 18, 2008 Swapping Secrecy for Transparency ~~~~ “The historic volatility in the financial markets has raised important questions about the lack of meaningful regulation of financial instruments known as credit-default swaps. The $85 billion government rescue last month of the insurance conglomerate American International Group, […]

Opacity crisis…

“The wise man bridges the gap by laying out the path by means of which he can get from where he is to where he wants to go.”  + + John Pierpont Morgan + + I’m giving a talk in Washington this week entitled… “U.S. Bond Market Basics & Recent Events“… timely… I’ve been developing […]