Call them what you will – non-bank liquidity providers, principal trading firms, high frequency traders, electronic market makers – but this not-so-new-anymore breed of market participants is increasingly important to market liquidity,...

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...

Bloomberg TV ran a segment on cheaters - who cheats, why people cheat and how to get them to stop cheating.  I was lucky enough to be part of that discussion, which included Dan Ariely, a behavioral economist from Duke who's been reaching this...

The CFTC is great at sending emails out at inopportune times. In this case it was the 13 no-action letters sent between December 20th chicagoand December 31th while most of the financial world was trying to take a deep breath and enjoy some time off...