For most people, cryptocurrency is synonymous with Bitcoin. Bitcoin was the original and is the largest and most successful. Today however there are almost 1,000 other cryptocurrencies and tokens in circulation, according to CoinMarketCap. For the...

While market sizes are often measured in the trillions of dollars, the number of firms that are responsible for the majority of transactions is measured in the hundreds if not the teens.  Examples of this are numerous.  According to...

There is a tremendous amount of irony in the path high-frequency trading - excuse me, principal trading firms have taken from their heyday in the late 2000's.  We alluded to this a few months ago in our Top Market Structure Trends to Watch...

You can't really blame Deutsche Bank for getting out of the swaps clearing business .  It has been 7 years since Dodd-Frank was passed, and four years since clearing mandates took effect in the US, and clearing swaps for customers still falls...

The years since the financial crisis have brought with them amazing amounts of change, innovation, disruption and more recently optimism. At Greenwich Associates we're lucky enough to have a client list that includes some of the smartest and...

Over the last decade we've seen the talent pool for trading and space exploration become increasingly overlapped.  Science-based PhDs can now either send a man to Mars or help make markets in US Government Bonds.  But that's not actually...

The majority of startups fail.  A little googling told me that over 90% fail within three years.  Despite the fact that the cost of starting a company has decreased considerably via cloud computing and open source technology, taking into...

Market structure principles, not prescriptions, are needed for the U.S. Treasury market The U.S. Treasury market needs more oversight. Our research and my personal observations over the past several years have made that clear.  Oversight,...

From a fund type perspective, it should come as no surprise that hedge funds - nearly 90% of those in our study - use derivatives, above the roughly 60% of asset managers that do the same.  Their leveraged approach to investing coupled with...

Last week I attended the sold-out Empire Startups FinTech conference in NYC. From the moment I walked in I realized this was not your typical stop on the conference circuit. The venue was Webster Hall – a downtown nightclub venue repurposed for...