Market Structure Insights
July 9, 2014
There’s the old joke about camels. They’re horses designed by a committee. Speaking of committees, for the second time in a month, that august federal legislative chamber the US Senate yesterday convened a hearing on markets. Replacing the Senate Permanent Subcomittee on Investigations was the...
July 2, 2014
Do you remember that movie, The Island? The people who every day hope they’re selected to go to a tropical paradise are unwitting machinery for others. I won’t give it away in case you’ve not seen Scarlett Johansson and Ewan McGregor tearing through the sky...
June 25, 2014
On a hot Sunday 138 years ago today, Lieutenant Colonel George Armstrong Custer rode into the valley Native Americans called the Greasy Grass. The rest is history. Speaking of unexpected defeat, wonder what ambush caused yesterday’s sharp market reversal? Here’s a ModernIR Rule: The day...
June 18, 2014
If you’re in a tree sawing off a branch, note which side of it you’re standing on. The guy studying the branch was Brad Katsuyama, CEO at dark pool IEX, which has designs on exchange-hood. He was speaking along with others before that folksy and...
June 11, 2014
With crowning dreams of California Chrome and the unfortunately tinny conclusion to the equine trifecta dominating news, you might have missed what counted last week. There was Liquidnet, operator of a members-only trading market for the buyside (a “dark pool”), paying $2m to settle SEC...
June 4, 2014
We marked May’s end aboard a boat on the trade winds from Norman to Anegada in the archipelago of the British Virgin Islands. It’s an indisputable jewel of that empire upon which the sun once never set. Now, back to reality! “Arnuk and Saluzzi, the...