The Market Structure Map
June 24, 2026
Did you know AMD came within a hair of $900 billion of market cap Monday? It was back down to $850 billion yesterday after what Bloomberg cleverly called the “Chip Wreck.” The Wall Street Journal wasn’t quite so original, calling it the Tech Wreck. And...
June 17, 2026
If I had a rock band, I would be tempted to name it “Tracking Error.” There are so many good names for rock bands. The sheer magnitude of data casts uncertainty on what I’d call it. I used to keep a list. “Parking Lot Campers”...
June 10, 2026
I probably liked Jay Woods best. We’re back in the mountains after a junket to Chicago for the NIRI Annual Conference, where the joy is seeing our clients, colleagues and friends. Have been there some 25 times and it never gets old. And I thought...
June 3, 2026
The stock market has gone to the dogs. Well, one of them anyway. Before I get to that (and I’ll correct my deliberate syntactical gaffe – one market, or one dog?), ModernIR has launched a new product designed to track the flows behind price and...
May 27, 2026
Tokens are coming for your stock, public companies. But not yet. According to a Bloomberg article (subscription required) from Scott Patterson, veteran market-structure reporter (long at the WSJ) and author, regulators have delayed a plan to grant exemptions for tokenized stocks. Because there are big...
May 20, 2026
If 90% of your volume is between 930a-4p ET, why would you report outside market hours, public companies? For NIRI members, I’ll address this question and much more in 20 minutes between 305-325p CT in Chicago Monday June 8, at the NIRI Annual Conference. Join...