Market Structure Insights
August 24, 2010
Why do many stock prices move intraday by 3-5% or more when price spreads are in pennies? Before we answer, we enjoyed New Orleans last week, despite humidity that had us struggling to distinguish the surrounding atmosphere from Lake Pontchartrain. The NIRI Southwest Regional Conference...
August 17, 2010
Thursday and Friday this week we’re in New Orleans sweating it out and moderating a Rapid Fire panel on hot topics at the NIRI Southwest Regional Conference. Karen and I plan to eat beignets and drink Sazeracs too. Probably after. Recently Kate Welling at Weeden...
August 10, 2010
What does the word “actionable” mean to you? It’s a decent name for a rock band, yes. But it means “what stuff can you do with this?” Traders want actionable data – something to drive opportunity for profit. Investor-relations professionals want actionable tools – something...
August 3, 2010
You’ve heard the saying “six of one, half-dozen of the other?” The DXY, the spot market for the US dollar, declined 7% in July. Stocks were up 7%. May was a good month for the DXY, which rose from 81 to 87, roughly. May crucified...
July 27, 2010
The saying goes that you’re better off keeping your mouth closed and looking like a fool than opening it and removing all doubt. Trading reminded us again about the wisdom in those words. We’d warned that markets showed excessive arbitrage. Arbs capture net spreads between...
July 20, 2010
We were in Lake Jackson, TX, last week for Karen’s HS reunion. South Texas is a sweat lodge this time of year, but the Saint Augustine grass lies lush and luminescent under the sycamores and live oaks. And we saw not one tar ball on...