Market Structure Insights

dreamstime m 25917969
February 8, 2023

Jay Powell reads fiction and plays guitar.  Interviewer David Rubenstein, a founder of The Carlyle Group, was downright funny talking to the Federal Reserve chair yesterday.  He said, “Your hair is pretty short for a guitar player.” He also asked Mr. Powell if he ever...

Steamboat Jan 31 2023
February 1, 2023

There’s what the money expects, and what it doesn’t.  It’s like the weather.  We expected winter in Steamboat. We did not expect 50 inches of snow in the last storm, 120 inches in January alone, and 311 inches for the season already (our 30-year seasonal...

January 25, 2023

The NYSE opening auction failed yesterday. Prices gyrated and trading halted in swaths of large caps including XOM, WMT, UL, T, VZ, RTX, MCD, PRU, UNP, MO and many more – trillions in market cap. It was, to quote comedian Jeff Foxworthy, pandelirium. Especially among...

dreamstime s 126390367
January 18, 2023

There was a country hit 30 years ago called Nobody Wins. Why drag out a 1993 song by Radney Foster?  Well, it popped into my head reading the SEC’s proposed new regulations for the US stock market. Oh, but somebody wins here. If you missed...

dreamstime s 108381110
January 11, 2023

I counted the times “issuer” appears in the SEC’s four new market-structure proposals.    Investors and traders (and issuers), should you care? Without issuers, there’s nothing to trade. These rules could push issuers onto the endangered species list.  You can read and comment on the...

Sunshine Peak Dec 2022
January 4, 2023

Cheers! They got it right, and they got it wrong.  I’ll explain in a moment. Karen and I took two weeks off from the Market Structure Map and disappeared into the white wilderness.  Steamboat Springs, CO logged the biggest pre-January snow season in nearly 40...

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