Market Structure Insights
February 13, 2013
Ever set an unrealistic goal? There’s the joke about the Bedouin wandering the desert lost and parched who finds a genie. She grants three wishes. He asks to always have water, to be surrounded by females, and to be clothed in raiment as fine as...
February 6, 2013
What if? Those two words branded with a question mark may rank 2nd all-time behind “what is the meaning of life?” What if…public companies could set spreads in their own trades? Before we ponder that, let’s tip hats to IROs Moriah Shilton at Tessera Technology...
January 30, 2013
You can wet a finger and run it on the rim of a glass, producing a hum. Sustained, that frequency can shatter glass. Do high-speed markets have resonant frequency? In April 1850 the Angers Bridge over the Maine River in France collapsed, killing 226 French...
January 23, 2013
Don’t forget to write your letters, folks! Which letters? See last week’s Market Structure Map on prompting the NYSE or the NASDAQ to file a rule for better data. Speaking of rule-filings, here’s an example. Last week ahead of an SEC review deadline, NYSE Arca,...
January 16, 2013
“Nobody seems to care about the issuers.” That short sentence in an email from an investor-relations officer recently reflects what many in our profession feel about share-ownership and trading data for public companies. Back in March 2011, we decided to do something. You old-timers here...
January 9, 2013
What surprised me most was how twice as many people knew “high-frequency trading” compared to “dark pools.” The Nasdaq’s Mike Sokoll, Liquidnet’s Nicole Olson and I kicked off a session on how equity markets work at NIRI’s conference on IR fundamentals in Santa Monica yesterday....