Market Structure Insights

March 16, 2016

Karen and I are in the Windy City visiting the NIRI chapter and escaping gales on the Front Range that were delaying flights to Denver and blowing in spring snow due Friday while we’re in Palo Alto for the Silicon Valley NIRI Spring Seminar (we...

March 9, 2016

Outcomes are culminations, not events. Denver bid farewell this week to retiring Broncos quarterback Peyton Manning who for eighteen years accumulated the byproducts of focus, discipline and work, twice culminating in Super Bowl victories. The idea that outcomes are culminations translates to the stock market....

March 2, 2016

Follow the money. Or the currency. Yesterday markets soared on queue with a Chinese currency devaluation in the form of lower bank reserve requirements (which increases money and reduces its value). For those who at the words “currency devaluation” feel like collapsing into catatonia, resist...

February 24, 2016

Yesterday on what we call Counterparty Tuesday, stocks plunged. Every month options, futures and swaps expire and these instruments represent trillions of notional-value dollars. Using an analogy, suppose you had to renew your homeowners insurance each month because the value of your house fluctuated continually. ...

February 17, 2016

Volumes are big but trades are small as markets pitch and buck.  On this restless sea, is there a message in a bottle? That would seem poetic, were literature a help to your CFO in a stock market seeming the same hot mess as Justin...

February 10, 2016

“Other than that, everything’s okay.” My friend Gary, a smart guy with an MBA from the University of Chicago, uses that line to herald dire situations. It’s from the old UK sitcom starring John Cleese, Fawlty Towers. In one episode, Cleese the restaurateur receives a...

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