The Market Structure Map
May 22, 2013
If you won the lottery, what would you do? What about the IR lottery? If you could have anything you wanted, know any detail, command any price, possess every tool, what would you most wish for in the IR chair? It’s a darned good corporate...
May 15, 2013
Whole swaths of stocks moved 3% yesterday. You might thank Dodd-Frank for it, even if David Tepper gets credit (if you heard the Appaloosa Management founder’s interview you know what I mean). To understand how, ever heard of a Rube Goldberg Machine? It’s an unnecessarily...
May 8, 2013
If you appeal a parking ticket to the Parking Department, what’s your expectation of objectivity? The Parking Department collects revenues. Which brings us to word circulating last week from CEO Duncan Niederauer that NYSE Euronext and other exchanges are confronting the growing problem of off-exchange...
May 1, 2013
What if we forecasted the weather on temperature moving-averages? It would seem silly. After all, ENIAC ran the first mathematical computations for a weather model in 1950. ENIAC is not an Icelandic singer. It’s the first true computer and was built by University of Pennsylvania...
April 24, 2013
We assume investors know how markets work. What if they don’t? Patrick Armstrong, new president of the Securities Traders Association of New York (STANY), told Traders Magazine yesterday that the buyside has been absent from the market-structure debate. What debate? If you joined the IR...
April 17, 2013
You’ve heard that bit of cowboy wisdom on how to double your money? Fold it over and put it back in your pocket. I hear folks wanting cowboy wisdom on market structure. What do I need to grasp? In that sense, this could be the...