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Month: July 2014

The slow drip liquidity story – updated

The slow drip liquidity story – updated

Updated: October 17, 2014 given recent market events and sudden interest in all things liquidity-related. To be clear, the lack of liquidity just exacerbates market moves. The underlying problem is that complacent investors have been in the same (long) positions for the past five years, selling volatility and levering up to boost returns.


A by-no-means-extensive list of my work on the changing structure of the bond market.

Goldman eyes electronic bond trading (March, 2012)

Finance: Grinding to a halt (June, 2012)

Dealer and investor talks over liquidity fears (June, 2012)

Goldman launches bond trading platform (June, 2012)

Bond trading model shows signs of stress (October, 2012)

Banks tout idea of sharing bond data (November, 2012)

Slow-drip bond sell-off masks a problem (November, 2012)

Markets on edge as investors seek exit (June, 2013)

ETFs under scrutiny in markets turbulence (June, 2013)

Markets: the debt penalty (September, 2013)

Digging into dealer inventories (September, 2013)

Verizon’s $49bn bond sale whets appetite for larger issues (September, 2013)

ETFs: Tipped as liquidity source (November, 2013)

Global liquidity: Buyers struggle to find a safe landing (November, 2013)

Big US banks back new bond trade venue (November, 2013)

Investors turn to ‘shadow’ bond market (January, 2014)

Banks are a proxy for credit bubble fears (March, 2014)

Taper tremors fail to deter ETF investors (May, 2014)

Checking out of the ETF hotel could be costly (May, 2014)

‘Patient capital’ ready to exploit bond market sell-off (June, 2014)

Fed looks at exit fees on bond funds (June, 2014)

Bonfire of the bond funds (June 2014)

BlackRock’s Aladdin: Genie not included (July 2014)

Investors in junk bonds face a Matrix moment (August 2014)

Finance: The FICC and the dead (August 2014)

Investors dine on fresh menu of credit derivatives (August 2014)

Yield-hungry markets overlook credit risk (September 2014)

US corporate bond traders go electronic (September 2014)

Gross exit from Pimco tests bond market (September 2014)

Wall St sheds light on Bill Gross reign after Pimco departure (September 2014)

At the risk of sounding like a broken record, expect more on this.