Rockford & EllingtonEst. 1998 · London

Insights

Research with a position, not a hedge.

We publish what the desk actually thinks. No house view laundered into neutrality, no forecast we would not trade ourselves.

The rate path nobody is positioned for

Macro Strategy · Latest

The rate path nobody is positioned for

Forward curves still price two cuts into the back half of the year. We think the market is anchored to a narrative the data has quietly abandoned.

Charles Ellington · 12 June 2026 · 8 min read

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Where the edge actually lives in fragmented venues

Market Structure

Where the edge actually lives in fragmented venues

Liquidity has not disappeared. It has scattered. A look at how cross-venue dislocation creates the windows our execution desk is built to capture.

Priya Anand · 29 May 2026 · 11 min

Sterling's asymmetry into the autumn statement

Foreign Exchange

Sterling's asymmetry into the autumn statement

Positioning, carry, and the fiscal calendar are pointing the same direction for the first time in eighteen months. The risk is in the convexity.

Daniel Whitmore · 16 May 2026 · 6 min