After years of mediocre growth, FX execution algorithm adoption is looking up. Most buy-side segments have witnessed a healthy rise in the use of algos since 2020, especially on the real money side. Both fund managers and hedge funds have seen an...

So it goes. The SEC's equity market proposals are as bewildering as they come, even for those of us who live and breathe market structure. As the industry digests the proposals and initial reactions morph into responses, the overall tone...

A recently published Coalition Greenwich research study found that trading in credit-focused ETFs has grown notably relative to the underlying corporate bond market (what we’re calling the ETF-to-cash ratio). In notional terms, the volume traded in...

Most buy-side and sell-side firms are seeking to implement modern technology (e.g., cloud computing, AI, APIs) across the trade lifecycle for many reasons, from cost reduction to increasing their competitive position. As with much of today’s tech,...

For the past few years, a large percentage of the digital asset community has gravitated to vertically integrated platforms to trade, settle, custody, and lend/borrow digital assets. Vertically integrated business models have been a convenient way...

Fixed-income ETFs have proven to be the savior the bond market never knew it needed. Not everyone agrees, of course, (active managers among them), but from my perspective, it was ETFs that brought automated market makers into corporate bonds, which...

With summer firmly in the rearview mirror, we’re only weeks away from autumn and the beginning of year-end planning. 2023 resource allocation, budgeting tech spends, headcount hires, and broker lists are just around the corner. For the average buy-...

If you’re anything like we are here on the Market Structure & Technology team, looking for good market structure content to read on vacation is par for the course. So as we head into prime vacation/holiday-taking time, I’d like to offer up some...

I was touring Ireland before the internet was widely available and chose to stay at a place called the Creek View Inn, or something to that effect. I was, therefore, expecting to see a creek (you can probably see where this is headed). When I got...

Risk abounds for financial institutions! Ongoing investment trends along with market dynamics have been pushing market participants to deal with numerous frictions. Against a backdrop of dizzying macroeconomic forces, portfolio diversification has...