The fragmentation of the FX market structure is legendary, so consolidation within it is always of interest. Indeed, earlier this year we wrote a summary of all the mergers that have happened in the FX platform industry in the course of...

I've been working on Wall Street for almost 20 years now, the last 10 as an industry analyst. In hindsight, it’s amazing to think how much has changed in the last decade, and conversely, how much has stayed the same. Putting aside the...

The biggest FinTech story of last week was the announcement that not only had Digital Asset Holdings (DAH)  raised $52mm in funding, but had also secured a strategic contract to develop distributed ledger (blockchain) settlement solutions for...

Equity trading trails the technological progress made in other industries. Although today’s US equity market structure is more complex, nuanced, and competitive than any other asset class, one could argue that the electronic tools offered traders...

A few weeks back I had a great conversation with Liquidnet’s head of Fixed Income trading and the head of InteractiveData’s evaluated pricing service. Both firms provide tools to the market that hope to improve transparency and ultimately lubricate...

Central bank policy shouldn't really be part of the market structure story.  Market structure is about regulatory change, technology innovation and market reactions to the evolving competitive landscape.  But in 2015, central bank policy...

Market structure happenings have been fast and furious since 2009, and 2014 did not disappoint.  Mandatory SEF trading finally began, fixed income electronic trading continued its steady incline, the current shape of the US equity market was...

Another year down. We're a year further from the Lehman bankruptcy, a year further from the signing of Dodd-Frank and a year closer to the full implementation of Basel III. But before we start looking ahead, let's look back at the year in market...

Market structure changes in the bond market appear to be happening organically.  Shocking I know. Rewind back seven years to 2007.  Market structure research was primarily focused on technology innovation, evolving business models and a...

If you work in institutional finance you’ve heard talk of market structure. Not only are there entire conferences dedicated to the topic, but most of the participants at those conferences— banks, asset managers, researchers—send their heads of...