There is one “clear sign” competition for talent is stiff among corporate bond trading desks, Greenwich Associates observed in a report titled “Hiring Spree in U.S. Fixed Income Market.”
Richard Johnson explains how Coinbase — an exchange for cryptocurrencies — can justify its valuation in this Fortune article.
“It’s the Wild West, it’s very much early days still,” said Richard Johnson, a market-structure analyst at Greenwich Associates who specializes in blockchain.
In a new report, market consultancy Greenwich Associates focuses on the impact of regulation, relationships and electronic trading in the blossoming sector.
Institutional investors have been slower to embrace them, with only about one in five U.S. institutions currently investing in them, but that number is quickly increasing, according to Greenwich Associates, a financial-services research firm.
HDFC Bank was ranked number one among banks in India by Greenwich Associates from an annual study with CFOs and treasurers of 500 middle market and large companies.
What drives the trading desk decisions? According to 75% of fixed-income traders and sales professionals interviewed who work in US and European banks and regional brokers, the relationship is king.
“People on the sell-side will need to educate people on the buy-side in how to route trades and how to make the best use of all the venues available,” says Johnson. “Are you going to use a dark pool? Which systematic internalizer is best for this...
According to Greenwich Associates real-money investors and corp treasuries value best execution and price when it comes to choosing a dealer.
“In some ways electronic trading is the next best option to how they did things in the old days,” McPartland said. “They still might not love it, but they’re accepting it as it is and taking it at face value.”
