The Market Structure Map
August 29, 2012
Define irony. Alanis Morrissette called things ironic in song and was criticized for the apparent absence of irony in her verse. So is it ironic, or instead coincidental or paradoxical, that the SEC may consider speeding up information by removing the quiet period around IPOs...
August 22, 2012
The equity market is like Bourbon Street. No, we don’t mean the stock market is home to “Big Daddy’s World Famous Love Acts.” We mean it’s a bit off, a party, somewhat wanton, full of folks in disguise doing things they wouldn’t do anywhere else....
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...