The Market Structure Map
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...
September 9, 2015
Suppose gas prices changed 3% daily. Pretty soon everyone would look for patterns in volatility and start rushing to fill tanks at low ebbs. Or maybe there’d be a Gasoline Closing Cross, where petrol consumers would cue and then all carom into the pumps to...
September 2, 2015
One thing you learn not to say is “well it can’t go any lower.” So said the investor-relations officer for a big energy company as we talked recently about markets. Last week we were writing after the biggest drubbing for stocks since 2008, and as...
August 26, 2015
“I must say as to what I have seen of Texas it is the garden spot of the world.” Davy Crockett said it and left it at the Alamo. So we’re glad to be inside Austin’s city limits sponsoring the NIRI Southwest Regional Conference. We...
August 19, 2015
Investor-relations professionals are traveling salespeople. Now, we’re not paid commissions and I can see some of you recoiling at the imagery of rumpled suits and satchels stuffed with brushes, a voice saying, “Excuse me, ma’am, do you have a couple minutes? I’d like to tell...
August 12, 2015
Credit Suisse. Deutsche Bank. ITG. Pipeline. Barclays. UBS. BNP Paribas. Citadel. Goldman Sachs. Liquidnet. Bank of America Merrill Lynch. Citigroup. What commonality unites these firms? All have been fined for violating rules on so-called dark pools, private stock-trading venues. At least three are now defunct,...