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No one will ever claim that 2020 was a dull year. In this report, we look at U.S. equity market structure topics such as expanding equity exchanges and Reg NMS 2.0 proposals.
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The ramifications of new equity exchanges, an increasingly tech-heavy fixed-income market, spending on surveillance technology, clearing and continued cloud adoption are some of the big themes we see shaping 2021.
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U.S. Capital Markets Performance During COVID: Equities

Greenwich Report
November 2020 By: Shane Swanson, Ken Monahan
On February 24, 2020, U.S. equity markets began a precipitous four-week decline, punctuated by a series of dramatic drops and rebounds.

Rule 606(b)(3) and Beyond

Greenwich Report
October 2020 By: Shane Swanson
Institutional traders have long sought data from their brokers to help validate their best execution decisions. As the markets have evolved, the data underpinning the markets have become richer, deeper and even somewhat daunting.
In this Greenwich Report we look back at 2019 and attempt to peer past the coronavirus veil of uncertainty. We also examine how the buy side interacted electronically in 2019 and provide some insight into how that may change in 2020.
Although the prospect of an FTT for the U.S. has been proposed multiple times since the 60s, it has never gained significant traction. The idea is often raised in the context of how to pay for other programs.

Crossed, Locked and Loaded: Trading Convertible Bonds

Greenwich Report
May 2020 By: Ken Monahan
Even if you knew in advance who was the best axe in every name you called for the past five quarters and you called that person on the first try, the RFQ protocol would have cut your trading costs in half every time.
The dust from MiFID II has settled, allowing us to take a measured look at how traders are adapting to this new market structure landscape.
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