The COVID crisis turned the trading world on its head. Amid unprecedented volume and volatility, the financial industry also undertook a revolutionary move to adapt to COVID by moving nearly the entire workforce to work from home. One area that...

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...

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...

US equity markets are always touted as the poster child for electronic trading, but our most recent electronic trading study results (see chart below) prove that view is somewhat misguided.  Driven primarily by new rules requiring index CDS...

Some quick thoughts on market structure as we head into today's sell off: 1) Volumes sure to be 12-15 billion if not higher. Can our venues truly handle this volatility/flow? 2) For years, we have been told about venue stress testing. Let's...

We might be getting a little bit closer to understanding whether or not the changes in the capital markets are cyclical or structural.  We view volatility - or the lack thereof - as a major factor impacting profitability across financial...

Over the last few weeks many have speculated that low volatility must mean that investors are complacent. As I was writing this post, in fact, an email came through about a new volatility study from ConvergEx showing that half of their ...

Sales trader relevance has been debated for more than a decade as buy-side driven execution algorithms and trading tools have made self-service trading ubiquitous. Despite the ability of institutional investors to trade via cheaper self-directed...

Greenwich Associates (and I) have for the most part stayed out of the recent high frequency trading debate. Thankfully the discussion has gone (somewhat) beyond whether HFT is good or bad and has moved towards a broader debate around the best market...

We've just released the results of our benchmark US equities study, based on almost 600 interviews with US equity investors.  While Greenwich has been conducting this study for literally decades, this is my first market structure analysis...