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...

The latest shock to the markets isn’t what is happening in the S&P or the Dow Industrials, but what is happening slightly behind the scenes. In a somewhat unusual presentation on Monday, June 22, 2020, the SEC and the Anti-Trust Division of...

Cloud computing has reshaped the consumption, analysis, management, and distribution of market data. As the digital transformation of capital markets continues - increased use of mobile devices, more automated trading, seemingly endless sources of...

When the entire SEC is ordered to work from home, it’s time to talk about market surveillance infrastructure and remote access. Global Impact Event Response During these early weeks in March of 2020, uncertainty levels are escalating...

On October 17, 2019, the SEC published its Statement on Market Structure Innovation for Thinly Traded Securities (the “Statement”). The SEC’s Statement recognizes that markets in liquid securities function well, but believes that the “one-size-fits-...

Forget trading. Market and trade surveillance technology has proven itself as one of the best appropriators of cutting-edge technology—artificial intelligence (AI), machine learning and big data have all made meaningful impacts in the trade-...

In our role as market analysts, we are lucky enough to attend some of the most interesting industry events in capital markets and fintech. In that vein, Symphony asked us if we could attend their Innovate conference in New York this past fall and...

When Regulation NMS (Reg NMS) came into effect in the mid-2000s, many benefits sprung to life immediately. For example, retail orders were provided protection, markets were made more interconnected, and decimalization was further codified under Rule...

Over the years trading desks at the largest banks and broker-dealers profited not just from executing client trades, but because they had the pulse of the market. It was their job to know who was trading what, who held what, who had an interest...

Over 60% of trading in the U.S. Treasury market is done via electronic trading venues. Many market observers believe this means that the relationships between dealers and bond investors are eroding and that the marketplace has become devoid of human...