Market Structure Insights
October 21, 2015
Earnings season. Late nights for IR professionals crafting corporate messages for press releases and call scripts. Early mornings on CNBC’s Squawk Box, the company CEO explaining what the beat or miss means. One thing still goes lacking in the equation forming market expectations for 21st...
October 14, 2015
“You’re giving the exchanges so much business, they should be paying you,” said Richard Keary of Global ETF Advisors in a June 2014 Financial Times article. He was talking about Exchange Traded Funds, which drive big volumes for markets listing them, much like star athletes...
October 7, 2015
In the television and cinematic series Star Trek, the Replicator creates stuff. Captain Jean-Luc Picard would instruct it to dispense “tea. Earl Grey. Hot.” This YouTube montage is homage. Speaking of creating stuff, stocks lately saw the longest 2015 rally in step with the weakest...
September 30, 2015
Autumn lavished Chicago and Boston in the past week, where we were sponsoring NIRI programs. While nature celebrated the season, stocks did not, continuing a slow bleed. In Chicago I spoke on the structure of the market today, how the liquidity is one place and...
September 23, 2015
Why are my shares down when my peers are up? The answer most times isn’t that you’ve done something poorly that your peers are doing well. That would be true if 100% of the money in the market was sorting differences and was in fact...
September 16, 2015
“We’re 90% in natural gas and natural-gas liquids,” said the investor-relations officer for a NYSE-listed master-limited partnership at yesterday’s NIRI luncheon in Houston, where I spoke on ETFs. “Yet we’re tracking oil.” In Michael Lewis’s brilliant The Big Short, a small group of people come...