The Market Structure Map
August 15, 2012
If our stock reverts to the mean, I don’t see that high-frequency trading matters. I’m paraphrasing what many CEOs and CFOs believe. The market is complicated. There’s volatility. Trading is global. ETFs and derivatives probably affect volume. But I’m trading at a reasonable multiple of...
August 8, 2012
Some were forced to do it themselves. In the wake of Knight Capital’s technology glitch – if you missed it, a linchpin in trading markets was nearly undone Aug 1 by faulty trading software – some brokers who normally route order flow to Knight for...
August 1, 2012
Do you hate day traders? Reading the 30-page Waiver and Consent letter from Peter Beck, who once ran now-defunct day-trading firm Swift Trade, it seems FINRA must. Maybe you do too. But there’s a lesson in the story here, IR folks. If you missed it,...
July 25, 2012
“What happened to our stock?” It remains the question that haunts the dreams of IR professionals. Well, that and whether it’s better to use “via” or “through” in the call script. Looking back through July Sentiment Indicators for clients, which reflect how passive and active...
July 18, 2012
For what struck me as a giant one-day life metaphor, I joined 2,500 other clinically insane individuals Sunday on Colorado’s hallowed cycling Triple Bypass (motto: “For Those Who Dare”). Coursing from Avon to Evergreen over 123 miles and a triune set of towering climbs totaling...
July 11, 2012
The recent SEC approval of plans by the NYSE to attract retail dark liquidity generated a nationwide acronym alert. Just kidding. Mostly. But acronyms in hordes do assault readers of the NYSE rule. It was not readily apparent that the filing had been composed in...