“Investors recognize the need to compensate their brokers for services like research and liquidity,” said Richard Johnson. “As a result, they continue to direct trading volume to higher-priced ‘high-touch’ trades executed through broker sales...
James Borger, at Greenwich Associates, said the advisory company hasn’t “seen this level of bank-to-bank personnel movement since pre-crisis years.”
To be sure, Citadel has made inroads, according to analysts who follow the market. Citadel is "one of the only notable new entrants," and they're having an outsize impact on the market, says Kevin McPartland, an analyst at Greenwich Associate
More than 80 per cent of US corporate bond investors now use some form of electronic trading, according to a 2016 survey by Greenwich Associates, having more than doubled over the past decade.
A report from Connecticut-based research firm Greenwich Associates earlier this year, found that pressures to cut costs and boost returns would see investment banks turn to machine learning in their giant trading divisions.
Citigroup Inc. and Goldman Sachs Group Inc. have the highest share of client business in U.S. fixed-income markets, according to Greenwich Associates.
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.
