The Market Structure Map
July 9, 2025
Jane Street, a top 25 holder of US equities in 13Fs and one of the biggest global proprietary traders, has been banned for now from the Indian stock market by the regulatory equivalent there of the SEC. Why should you care, investors and public companies?...
June 11, 2025
In what I believe to be a first, we have a client whose largest shareholder is a proprietary trader. And the position is comprised of put and call options. The firm, Jane Street, is the largest market-maker in Exchange Traded Funds (ETFs). Proprietary traders like...
March 26, 2025
Long ago, I saw a band called Mars Volta, which opened for Incubus in Sacramento. Boy, I’ve dated myself now. Incubus was awesome, Brandon Boyd writhing on the stage and telling us to take the wheel and drive. Mars Volta couldn’t finish a song. So...
February 26, 2025
It’s been a long time since the Flash Crash. So long in fact that heads of investor relations and chief investment officers of funds have come and gone in between. It was 15 years ago. The Flash Crash – an excellent name for a rock...
October 2, 2024
On Buffalo Pass, autumn blazes. In fact, there are a lot of things ablaze, with another earnings season looming. Will you report results the same old way, public companies? One thing blazing are Chinese stocks, which posted the best week and day since 2008. I’m...
July 17, 2024
The Dow Industrials gained 742 points yesterday. Randomly. The rest of the market was pedestrian. The trouble for issuers and investors alike is the comparisons. Why is this thing up and that thing down? There’s a luminous scene in the book Thirteen Moons by Charles...