— Research
Published work on how markets are changing and the implications
Original research on market structure, trading technology evolution and sustainable finance, commissioned by industry bodies and published independently since 2020, and for TABB Group and Liquidnet from 2011.
Markets Unstructured →
A three-part series examining the structural fragmentation of UK and European equity markets, and the policy actions required to support market growth.
Connectivity in the Age of AI →
How AI reshapes the connectivity layer of capital markets, and what the shift means for firms that built their infrastructure for a pre-AI market.
AI: Beyond the Hyperbole →***
Separating what AI is already doing in trading from what it is merely promised to do, and where the governance gap sits between the two.
T+1 Settlement: Looking at the Bigger Picture →
The operational and structural consequences of settlement compression beyond the settlement cycle itself.
Redefining Value in ESG: The Myriad of Paths to the Summit →***
Why exclusions-based investing and incomplete ESG data hold back sustainable investment, and the broader definition of value the buy side needs instead. Third in a three-part series, drawing on 35 ESG specialists.
The Future Office: From Fixed to Fluid →
What hybrid working did to capital markets, how firms rebuilt collaboration, training and office space around a workforce that no longer sat in one place. Based on 45 participants, including asset managers running more than $16 trillion.
Turning the Tables on Liquidity Provision →
How asset managers moved from liquidity takers to liquidity makers across equities and fixed income, and what that realignment did to the rulebook.
Liquidity in the Time of Covid →
The pandemic's effect on liquidity formation in European markets, from 20 global heads of trading at asset managers holding $25.5 trillion.
ESGC Data Takes Centre Stage →
What the SFDR disclosure regime asks of asset managers, and why ESG data, static integration, and manual oversight, has to be standardized before the industry can meet it.
The Future of Asset Management: Data and Analytics, Part 1-Beyond Acronyms →
How asset managers are rebuilding investment workflows around data and analytics, and the distance between what is called AI and what machine learning, NLP and advanced automation are actually doing. Based on 42 industry participants responsible for $11.6 trillion.
Alpha in Execution: Fixed Income Trading →
How the retreat of bank balance sheet turned execution into a source of alpha in fixed income, and why the data still cannot prove it. Based on 37 firms managing $13.7 trillion.
A three-part series examining the structural fragmentation of UK and European equity markets, and the policy actions required to support market growth.
Market Structure Partners
Mar to Apr 2026
How AI reshapes the connectivity layer of capital markets, and what the shift means for firms that built their infrastructure for a pre-AI market.
Plato Partnership
Jul 2025
Separating what AI is already doing in trading from what it is merely promised to do, and where the governance gap sits between the two.
Plato Partnership
Oct 2024
The operational and structural consequences of settlement compression beyond the settlement cycle itself.
Plato Partnership
Mar 2023
Why exclusions-based investing and incomplete ESG data hold back sustainable investment, and the broader definition of value the buy side needs instead. Third in a three-part series, drawing on 35 ESG specialists.
FIA EPTA
Jun 2022
What hybrid working did to capital markets: how firms rebuilt collaboration, training and office space around a workforce that no longer sat in one place. Based on 61 participants, including asset managers running more than $18 trillion.
Plato Partnership
Jan 2022
How asset managers moved from liquidity takers to liquidity makers across equities and fixed income, and what that realignment asks of the rulebook.
FIA EPTA
Nov 2021
The pandemic’s effect on liquidity formation in European markets, from 30 global heads of trading at asset managers holding $35.6 trillion.
FIA EPTA. September 2021
What the SFDR disclosure regime asks of asset managers, and why ESG data, scarce, inconsistent and manually sourced, has to be standardised before the industry can meet it.
Liquidnet. October 2020
How asset managers are rebuilding investment workflows around data and analytics, and the distance between what is called AI and what machine learning, NLP and process automation are actually doing. Based on 42 industry participants responsible for $11.4 trillion.
Liquidnet. June 2019
How the retreat of bank balance sheet turned execution into a source of alpha in fixed income, and why the data still cannot prove it. Based on 37 firms managing $13.9 trillion.
Liquidnet. March 2019
TABB Group. June 2016
For a specific paper, a commissioned brief, or an academic collaboration, write to rhealey@redlapconsulting.com