Market Structure Insights
October 30, 2019
CNBC’s Brian Sullivan invited me to discuss shrinking market liquidity last Friday. Riveting, huh! Well, it is to me! Unraveling the mystery of the market has turned out to be a breathtaking quest. I had another aha! moment this weekend. Jane Street, a big Exchange...
October 23, 2019
If you go to the store for a shirt and they don’t have your size, you wait for the supply chain to find it. There isn’t one to buy. Ever thought about that for stocks? I just looked up a client’s trade data. It says...
October 16, 2019
I’ve never bet on sports, but the bulk of wagers is on the spread – whether the outcome will be above or below a range. In the stock market spreads rule too, and data suggest market-makers are gambling on which things will move. The most...
October 9, 2019
What do you do in Steamboat Springs when autumn arrives at the Botanic Park? Why, have a Food & Wine Festival of course! Meanwhile the derivatives festival in equities continues, thanks to the SEC, which through Rule 6c-11 is now blanket-exempting the greatest financial mania...
October 2, 2019
Markets swoon and again comes a hunt for why, because news offered no warning. The news has bad data, which makes for bad news. ModernIR warned. More shortly. Meanwhile in Steamboat Springs the slopes are painted the palette of Thanksgiving, and a road leads to...
September 25, 2019
Curtains are window-dressing. Curtains loom. But not the way you think. I’ll explain. Before that, here in New York it’s Indian Summer, and Karen snapped this midtown shot after we stopped in at The Smith before two busy days of client visits. Next up, Washington...