Market Structure Insights
September 20, 2017
You need examples. I was wishing a longtime friend who turns 50 Sep 20 a happy what they call on Game of Thrones “Name Day,” and it called to mind those words. We were college freshmen 31 years ago – how time flies – and...
September 13, 2017
Tim, I’m listening,” said this conference attendee, “and I’m wondering if I made the wrong career choice.” He said, “Am I going to be a compliance officer?” We were in Boston, Karen and I, marking our wedding anniversary where the romance began: at a NIRI...
September 6, 2017
The stock market is full of acronyms. Last month, Chicago-based DRW bought Austin’s RGM. It’s a merger of fast giants – or ones who thought they might be giants (opaque musical reference) and once were, and might be again. You see a lot of acronyms...
August 30, 2017
We’ve said many prayers for friends, family and colleagues in Texas and Louisiana and will continue in the wake of Harvey. There’s a lesson from it about stocks today too. Is paying attention to the weather forecast important? The weather guessers were eerily accurate and...
August 23, 2017
Volatility plunged yesterday after spiking last week to a 2017 zenith thus far. But what does it mean? “Everybody was buying vol into expirations, Tim,” you say. “Now they’re not.” Buying vol? “Volatility. You know.” It’s been a long time since we talked about volatility...
August 16, 2017
What’s the closing auction worth? A member of the investor-relations profession last week posted a story for community discussion on a CBOE BATS proposal to open day-end auctions to exchanges that don’t have listings. Right now rules say only the listing venue, largely the Nasdaq...