Market Structure Insights

November 11, 2015

Algorithmic trading is Wall Street’s last best hope. So said the lead sentence in a story called Algo Wars in the May 30, 2005 edition of Investment Dealer’s Digest. That publication is gone and so is Lehman Brothers, co-leader of program-trading at the NYSE in...

November 4, 2015

Why are stocks rising if earnings and revenues are falling? FactSet’s latest Earnings Insight with 70% of the S&P 500 reporting says earnings are down 2.2% versus the third quarter last year, revenues off 2.9%.  Yardeni Reseach Inc. shows a massive stock-disconnect with global growth....

October 28, 2015

I debated high-frequency trader Remco Lenterman on market structure for two hours. Legendary financial writer Kate Welling (longtime Barron’s managing editor) moderated.  Your executives should be reading Kate so propose to your CFO or CEO that you get a subscription to wellingonwallstreet.com. The blow-by-blow with...

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...

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