Executive Summary
Given the head-spinning amount of market structure changes made in 2013, one might think the pace of change will slow in 2014: Greenwich Associates does not see this to be the case. In no particular order, we present the top 10 trends our market structure research team will be watching in the New Year. Among them: the coming of age of SEFs, the continuing adaptations to clearing mandates, a likely rise in rates volatility and volumes, and a rebound in structured product volumes.