Category: Current Events

Rethinking Institutional Bitcoin Investments

I might have been hasty in my last post regarding being bearish on institutional investments in bitcoins. After interviewing Pantera Capital CEO Dan Morehead for Trader Magazine’s current cover story, I refined my views a bit. Buy-and-hold asset managers will still find investing in the digital currency directly difficult. The bitcoin market remains relatively small, highly fragmented,…

Fed Calls for Further Non-bank Transparency

Speaking before German Finance Ministry and Bundesbank officials earlier today, Federal Reserve Vice Chairman Stanley Fischer warned his audience that non-bank are less vulnerable than they were during the global financial crisis, but now is not the time to relax. “Regulation is a ‘cat and mouse’ game,” said Fischer. “Regulators need to respond to existing…

The Sound and Fury of Fixed-Income Trading

This may be a poorly timed post since the Tabb Forum’s annual fixed-income conference is tomorrow, I’m pretty bearish on meaningful changes in corporate-bond market these days. There’s been a lot of activity in the electronic-trading space for fixed income over the past year as agency brokerage ITG and Tradeweb launch their respective trading platforms…

BATS Market Structure Reform: The Devil Take the Hindmost

The industry might have rung out 2014 discussing the “grand compromise” on the US equity market structure led by the Intercontinental Exchange that would lower access fees in exchange for a trade-at rule, but BATS Global Trading wasted no time in the new to offers its market-structure alternative. In an open letter to the industry, exchange CEO…

Gloves Come Off at SEFCON V

The era of good feelings definitely is over for the over-the-counter (OTC) derivatives market judging by the tone of the conversations at yesterday’s SEFCON V. “It’s to be expected,” said  a beaming Chris Ferreri, chairman of the Wholesale Brokers’ Association Americas (WBAA) and who hosted the event. “Last year, we all were trying to accomplish the same thing.…