The Market Structure Map
October 7, 2026
The Pinta landed in the bay of Baiona alongside the castle of Monterreal on Mar 1, 1493. Those of you who learned that Christopher Columbus sailed the ocean blue in 1492 will make the connection. His Santa Maria foundered on a reef off Haiti around...
September 30, 2026
EDITORIAL NOTE: If you’re reading this edition of the blog and it feels, as Yogi Berra would say, like deja vu all over again, it’s because I wrote this in May and it published the 13th of that month. If you think, “Well how can...
September 23, 2026
EDITORIAL NOTE: Queridos leitores! Portuguese is a hard language (well, not if you’re Portuguese). So dear readers, this is a Best of the ModernIR blog from back in the summer. We’re riding bikes in Portugal’s really steep Douro Valley. We’ll report back in October! As...
September 16, 2026
Trading nearly around the clock will change how you report earnings, public companies. Thursday, I’ll be the last panelist in the final session of the SEC’s roundtable (and yes, it will be webcast at SEC.gov and recorded for replay) on the mechanics and implications of...
September 9, 2026
ChargePoint (CHPT) traded 44 million shares Sep 3, almost twice its ledger of 24 million, and rose from around $5 to over $9. Yes, in Dec 2020, it was trading above $900, with market cap over $15 billion versus today’s $250 million. How did its...
September 2, 2026
Soon we’ll be rocking around the clock. Which raises the question: Does 24-hour trading foster capital formation? By the way, I’ve been invited to sit on panel Sep 17 on 24-hour trading that the SEC has organized at its HQ in Washington DC. Why? Because...