The Final Nail in the Coffin

The Waning Influence of Dealers in the U.S. Treasury Market

Move Over Crypto-enthusiasts, Wall Street Will Take It From Here

The Killer App is Trading

The Rise of Bilateral Markets and Trading Places First Survey of U.S. Treasury Venues

When I started trading rates there was only two interdealer venues for benchmark Treasuries: BrokerTec and eSpeed. With the exception of a few voice trades arranged by brokers, all…

The Great Fixed Income Acquisition Spree

ICE Buys TMC Bonds

Changing Market Structure is Hard

The trueEX Lawsuit and Interest Rate Swaps Market Structure

Corporate Bond Market Structure Evolution

Market structure is continuously evolving. Twenty years ago, the U.S. equities market…

The History of U.S. Equity Rebates

IEX has fired up the rhetoric in recent months about the practice of paying rebates to liquidity providers in the U.S. equity markets. Before Trading Places jumps into the current controversy, I thought it would be useful to retell the history of rebates, the…

Reactions to the CME NEX Acquisition at the Fixed Income Leaders Summit

Hope and fear