The Market Structure Map
April 15, 2015
Happy Tax Day! Don’t you wish you could be somewhere else? Sit at Saba Rock looking north where beyond the earth’s curvature lies Anegada and you know why Richard Branson embraced the British Virgin Islands. We did too, abandoning electronics including in my case a...
April 8, 2015
EDITORIAL NOTE: Richard Branson says hello! Well, I imagine he would if we bumped into him here off Necker Island on the gloriously azure plane of the Caribbean Sea snuggling against the British Virgin Islands. Today would’ve been my father’s 80th birthday had he lived...
April 1, 2015
I saw this definition for the word “study”: The act of texting, eating and watching TV with a textbook nearby. Modern trading markets can cause investor-relations to seem like a nearby textbook, as the following guest commentary illustrates (and that’s no April Fools’ joke). Special...
March 25, 2015
What do you get paid to do? That’s the question the SEC may soon pose to high-frequency traders, according to a story from Bloomberg yesterday. “The maker-taker compensation model is very much in the core of what our market structure review folks are looking at,”...
March 18, 2015
Some energy-sector clients lost 40% of market-capitalization in three days last October. A year and a half cultivating share-appreciation and by Wednesday it’s gone. How so? To get there let’s take a trip. I love driving the Llano Estacado, in Spanish “palisaded steppe” or the...
March 11, 2015
Why do you need an exchange? Between the Tiber River and the Piazza del Quirinale in Rome sit the remains of Trajan’s Market, built around 100 AD by that Roman emperor famed for militaristically expanding the empire to its zenith. Considered the world’s first covered...