Market Structure Insights
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...
August 9, 2017
Seventy-two years ago today, the United States dropped the second atomic weapon in four days, bringing world war in Asia to dramatic conclusion. Current relations with North Korea demonstrate the intractability of human nature. While human nature is unchanging, markets are the opposite. Yesterday famed...
August 2, 2017
A guy from Cumbria in the UK has built a Twitter Tape Machine. Programmer Adam Vaughan was long intrigued by ticker tape, the stock market technology standard from 1869, when Thomas Edison patented a version better than inventor Edward Calahan’s, until the 1960s when TV...
July 26, 2017
It’s 8am Eastern Time and you’re in a conference room. Earnings season. Executives around the table. The serious ones in suits and ties like usual. Others in shorts or jeans. Everybody reading the call script one more time. “You think we’ll get that question about...