Market Structure Insights
October 31, 2012
Boo! What a Halloween week. To our many friends, clients and colleagues on the Atlantic seaboard assailed by Hurricane Sandy, we in Denver are rushing sunshine your direction. Exchanges are hoping for sunshine too as trading resumes. It hinges on opening auctions. That gives us...
October 24, 2012
How do you prove relativity? When Einstein proffered the preposterous suggestion that all motion is relative including time, people clearly had not yet seen Usain Bolt. Or what happens to stocks after options-expirations when the spread between the dollar and equity indexes is at a...
October 17, 2012
Let’s go to the tape. That’s what we hear in sports now, especially football. Send it to the replay booth. Forget the referee’s call. We’ll check frame-by-frame and – yes, see, right there, his pinky finger holding the ball broke the goal line. TD! I’m...
October 10, 2012
Have you seen that car commercial with the bearded guy? The car chimes when you should check the tires. To drive the point home, as it were, we viewers see our bearded fellow getting hired and, as the new boss extends a hand, going overboard...
October 3, 2012
The Great Debate is upon us. No, not the presidential one tonight. The other one, about equity markets. The SEC’s technology summit yesterday aimed at finding ideas for preventing another Aug 1 Knight Capital debacle from ever happening again included mostly the folks who huddled...
September 26, 2012
The structure of equity markets is like Lance Armstrong: Defining an industry but dogged by accusations. The SEC seems to be in near-continuous investigative mode. Last week the Chicago branch of the nation’s central bank, the Federal Reserve, joined the cooks in the kitchen, including...