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Podcast: FICC Focus
Episode: Crews & Associates’ Mulholland on Treasury Market: Macro Matters
Description: The biggest change to the Treasury market has been algorithmic trading, and the proliferation of high-frequency trading firms (HFTs) and principal trading firms (PTFs), those two are really the main market makers in the inter-dealer broker screens, says Dan Mulholland, senior managing director and head of sales and trading at Crews and Associates. Mulholland is joined by host, and Bloomberg Intelligence’s chief US rates strategist Ira Jersey to discuss evolutions in Treasury trading and market structure. The pair discuss the shifts in depth of book and liquidity intermediation throughout the market, in addition to the drivers and potential risks o...