Articles by Robert Mackenzie Smith
The fast and the furious: HFT in US Treasury markets
Dealers claim they are victims of predatory behaviour in US Treasury markets dominated by high-frequency traders
Client list reveals HFT dominance on BrokerTec
Barclays and JP Morgan are the only banks on a list of top interdealer firms for US Treasuries
Citadel shut out of Tradeweb as it makes US Treasury move
The firm is the first non-bank on Bloomberg, but primary dealer catch means it cannot join Tradeweb
Interdealer brokers need to change, say critics
Interdealer brokers face a dilemma. With revenues from dealers falling, the sector needs to find new customers, but it must avoid alienating its traditional client base. The result: buy-side critics say brokers are not changing quickly enough
CME guaranty fund cut could lure new clearing members
Regional banks and prop shops are eyeing direct membership, but the lower minimum guaranty fund contribution does little for existing FCMs
Brokers defy BlackRock over average pricing on Sefs
"We're lions, not zebras," says Icap's Paulhac, but BlackRock is offering a strong incentive for brokers to deliver average pricing
CCP basis driving CME clients to LCH, traders say
LCH sees doubling in client notional, while CME notional halves
Bank swaps headlock slips as Chicago prop firms join Sefs
Recent months have seen three more Chicago proprietary trading firms follow Citadel Securities onto broker-run swap platforms – challenging the traditional bank oligopoly. The firms have started small, but at least one aims to compete for institutional…