Market Structure Insights
March 22, 2011
Would you shrink your share base by 90%? What if it cleared noise out of your trading? NOTE: See the update on the Issuer Data Initiative at bottom. Citigroup, market cap $129 billion, plans to trim its 29 billion shares with a 1-for-10 reverse split....
March 15, 2011
The Ides of March today carries an air of foreboding that dates to Julius Caesar’s demise in 44 BC. Before Brutus colored the day red, Romans did on the Ides what any other urbane culture might: They feted Mars, god of war. It feels lately...
March 8, 2011
Don’t pass Go. I will give $200 to the first person who correctly answers two questions. Only corporate IROs may answer. Apologies to the rest, but you’ll see why. Corporate IR pros, look up and write down your trading volume on March 4. First question:...
March 1, 2011
“We determined that it was appropriate to re-examine the appropriateness of short sale price test restrictions.” We copied that sentence from the SEC’s 334-page charter instituting Rule 201 amendments for short sales. While it’s amusing that the authors modified the word appropriate with the word...
February 22, 2011
Among the eight panelists pondering how to forestall another Flash Crash, my favorite quote comes from Columbia professor and Nobel winner in Economic Sciences Joseph Stiglitz, who said in a 2008 paper: “Dollars are a depreciating asset.” Potent statement. I invite you to consider its...
February 15, 2011
You might think “OTC” stands for “off the charts,” which is how we’d rate both the skiing in Winter Park last week and the 70-degree temperatures in Denver Sunday that allowed me to get a post-skiing tan on the back deck. Actually, OTC stands for...