Market Structure Insights
January 21, 2015
I’ve learned lots about politics the last couple weeks. In June 2014, SEC Chair Mary Jo White said: “We must evaluate all issues through the prism of the best interest of investors and the facilitation of capital formation for public companies. The secondary markets exist...
January 14, 2015
Terra firma. In Latin, “solid earth.” Two thousand years ago people thought Latin would be the lasting language of commerce. History disproved that thesis, but the notion of a firm foundation remains. In stock-trading, however, the ground relentlessly crumbles as prices shift in illusion. The...
January 7, 2015
Happy New Year! We trust you enjoyed last week’s respite from the Market Structure Map. Now, back to reality! CNBC is leaving Nielsen for somebody who’ll track viewer data better. Nielsen says CNBC is off 13% from 2013. CNBC says Nielsen misses people viewing in...
December 24, 2014
As Christmas Eve arrives in the US, market-structure circles are abuzz on tidings from Intercontinental Exchange (ICE), parent of the NYSE, about bold market reform. Is it the birth of opportunity or a winter fable? In case you missed it, word broke last week that...
December 17, 2014
Volatility derivatives expire today as the Federal Reserve gives monetary guidance. How would you like to be in those shoes? Oh but if you’ve chosen investor-relations as your profession, you’re in them. Management wants to know why holders are selling when oil – or pick...
December 10, 2014
Suppose you were an elevator operator. In 2013, the conservative Weekly Standard reported that the most senior member of the Senatorial coterie of button-pushers on the Hill pocketed about $210,000 in compensation, on par with investor-relations professionals. The elevators have been automated in the Capitol...