Market Structure Insights
August 24, 2016
In Luckenbach, Texas, ain’t nobody feeling no pain. We were just there and I think the reason is the bar out the back of the post office. A country song by that name about this place released in 1977 by Waylon Jennings begins by asserting...
August 17, 2016
What keeps stocks going is low volatility. By seeking only to earn the spread on each transaction and not bet on the direction of markets, you can make money close to 50 percent of the time. This one sentence from a profile of high-speed firm Virtu...
August 10, 2016
Alert reader Raj Mehan at Steelcase forwarded a piece from the Wall Street Journal about traders now aiming with machines to execute stock-market transactions near light-speed. Why the rush? Companies take flak for “short-termism” that’s a quarter long and yet regulators and traders and academics...
August 3, 2016
I was high-frequency traded by a travel site. Had that happen? You web-search a place and pricing and there’s no availability for the date you want so you check elsewhere and suddenly there’s vacancy – but now it costs more so you better act fast! ...
July 27, 2016
Is index-investing the death knell for investor relations? According to S&P Dow Jones – which, you REITs, will be breaking out your sector from Financials Aug 31, as will MSCI – over the ten years ended Dec 2015 a staggering 98% of all active investment...
July 20, 2016
The market message appears to be: If you want to know the rest, buy the rights. While rival Nintendo is banking on Pokemon Go, Sony bought the rights to Michael Jackson’s music catalog for an eye-popping $750 million. This may explain the sudden evaporation of...