Articles and white papers on trade execution and stock exchanges. Amongst our most popular research in this section are white papers on high-frequency trading (HFT), covering for instance, "high-frequency trading and dark pools" and HFT from an asset manager's perspective. Reports on dark pools of liquidity is well featured, highlighting a need to understand dark pools in equity trading..., but also reflecting concerns over the impact of dark trading on market quality. Bond liquidity risk has been another recent investor concern, and research on bond market liquidity has been well received. Other popular research includes white papers on broker trade execution services, transition management, extreme price movements, the impact of a global withholding tax, and analysis of trading costs for pension funds. This category contains surveys and papers of interest to traders, dealers, market-makers, trading venues, stock exchanges and operators of dark pools and dealing platforms.
Bond Compass is a global, quarterly report containing data and analysis on bond flows and holdings indicators from Q1 2019. The report leverages State Street’s position as a top global custodian of institutional assets to derive insights on behavioural trends in fixed income markets from a data set representing tens of…
Global capital markets reached new post–financial crisis highs in 2018. This expansion was largely driven by the US economy. Companies now have to consider a growing range of issues that may affect the shape of future capital market activity, such as an increasing focus by regulators and investors on sustainability and…
This paper analyzes recent trends in the size and composition of over-the-counter (OTC) derivatives markets, using the latest data from the Bank for International Settlements (BIS) and ISDA.
This blog post is the first in a three-part series, authored by Tom Casteleyn, Global Head of Custody Product Management BNY Mellon Asset Servicing, exploring the market structure. Parts 2 and 3 will explore emerging trends, the evolution of digital assets and technological play.
We study the impact that two trading rule changes in the interdealer spot foreign exchange market, a reduction in the "tick size'' and a subsequent increase, had on the trading behavior of various types of market participants. We find that the most notable impact of the tick size reduction was a substantial…
