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 25, 2025
There’s an air of inevitability in the stock market. We have wars and rumors of wars and stocks rise, and then a ceasefire and stocks skyrocket. It’s nice in the sense that a relentlessly yeasty market creates wealth. Moviemaker Stanley Kubrick recrafted Peter George’s 1958...
June 18, 2025
I wanted to call the blog “Frenzied Pursuit” because I thought it was not only a great name for a rock band but an excellent title. Alas, Greg Zuckerman at the Wall Street Journal had already used it. I’ve long recommended Greg’s book “The Man...
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...
June 4, 2025
“You are going to see a crack in the bond market, OK?” Jamie Dimon is good at saying things that get your attention. I tried to follow that example at the NIRI Annual Conference this week as a panelist on Data-Driven IR for moderator Fatma...
May 21, 2025
I’ll tell you what fascinates me about stocks. Before that, Barry Diller’s memoir is out. I’ve long thought him an interesting guy. It’s no doubt worth reading. He says he spends months on his 300-foot schooner, Eos. We saw his big boat (see photo) sailing...