Dealer revenues from rate spreads in US Treasury repo
Josh Galper uses new OFR repo rate data by market segment to estimate dealer revenues in US Treasury repo. Finadium, September 2026.
Appearances and press mentions
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OFR research finds half of all US non-cleared bilateral repo transactions are with cross-border counterparties
Finadium covers the OFR research by Melanie Friedrichs, Robert Mann and me, “Sizing the U.S. Cross-Border Repo Market.” Finadium, April 2026.
Repo clearing rule could raise SOFR volatility
Helen Bartholomew covers OFR research on how mandatory Treasury clearing could affect SOFR volatility. Risk.net, April 2025.
OFR blog post: How the Treasury Clearing Rule for Repo Might Affect SOFR
Finadium republishes the OFR blog post by Ashlyn Cenicola and me on how the SEC’s Treasury repo clearing rule could affect SOFR. Finadium, April 2025.
Panel: Market Conditions in US Repo
Moderated a panel on market conditions in US repo at Finadium Rates & Repo North America 2024, with Sue Hill (Federated Hermes), James Furlong (Hudson River Trading), Jim Palmer (BNY Markets), and Amanda Deckelman (Bank of America).
Crossing Intents: A TMX solution for adverse selection
Crossing Intents with Doug Clark — a discussion of TMX Markets’ new solution for adverse selection. October 2023.
Fireside chat at the Canadian Annual Derivatives Conference
Fireside chat with Ian Pollick (CIBC Capital Markets) at the Canadian Annual Derivatives Conference, Montréal Exchange, 2023.
Crossing Intents: Is market structure broken?
Crossing Intents with Doug Clark — a discussion of whether equity market structure is working as intended. May 2023.
Crossing Intents: The SEC market structure proposals
Crossing Intents with Doug Clark — a discussion of the SEC’s 2023 market structure proposals. February 2023.
TMX POV: The future of short-term interest rates in Canada
A TMX POV podcast episode on the future of short-term interest rates in Canada, with David Duggan (National Bank Financial) and Robert Catani (Montréal Exchange). July 2022.
Liquidity provision is fundamental to the market
PrefBlog covers research on customer liquidity provision in Canadian bond markets. PrefBlog, July 2020.
Basel III changed securities dealing
Central Banking newsdesk covers Bank of Canada research on how Basel III affected securities dealing and bond market structure. Central Banking, February 2020.
Book launch host: Strangers in a Strange Church
Hosted the book launch for Strangers in a Strange Church: New Faces of Ukrainian Catholicism in Canada, available on YouTube.
I am fond of this idea purely as an aesthetic matter
Matt Levine’s Money Stuff covers research on restructuring Canadian government debt. Bloomberg, December 2018.
A thoughtful proposal for restructuring Canadian government debt
John Cochrane reviews research on Canadian government debt restructuring options. The Grumpy Economist, December 2018.
Les courtiers davantage mandataires
Yan Barcelo covers Bank of Canada research on broker-dealer behaviour in Canadian bond markets. Finance et Investissement, February 2018.
It confirms my prejudices
PrefBlog covers Bank of Canada research on broker-dealer behaviour in bond markets. PrefBlog, February 2018.
People are worried about bond market liquidity
Matt Levine’s Money Stuff covers Bank of Canada research on bond market liquidity. Bloomberg, February 2017.
HFT is good. And bad.
Boyd Erman covers Bank of Canada research showing that HFT has both an upside and a downside for markets. The Globe and Mail, May 2014.