Suppy Chain Trouble
If you go to the store for a shirt and they don’t have your size, you wait for the supply chain to find it. There isn’t one to buy. Ever thought about that for stocks? I just looked up a…
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Spread Spoofing
I’ve never bet on sports, but the bulk of wagers is on the spread – whether the outcome will be above or below a range. In the stock market spreads rule too, and data suggest market-makers are gambling on which…
View pageSix See Eleven
What do you do in Steamboat Springs when autumn arrives at the Botanic Park? Why, have a Food & Wine Festival of course! Meanwhile the derivatives festival in equities continues, thanks to the SEC, which through Rule 6c-11 is now…
View pageReality Disconnect
In 1975, there were no electronic exchanges in the United States. Now the average S&P 500 component trades electronically 17,000 times daily in 134-share increments totaling a mean of $500 million of stock. Yet public companies still have a 1975…
View pageBeneath the Surface
I don’t think it should be overlooked that “Quants” and “Quasts” differ by only a letter. Scott Patterson’s 2010 book, The Quants, is a great read. You’ll be riveted by what was cascading beneath the market’s surface before the financial…
View pageInteresting Year
“It’s going to be an interesting year.” We wrote that phrase in the Jan 2, 2019 edition of the Market Structure Map. (By the way, we’re in Rhode Island this week visiting customers, and in Newport you’ll see the sea…
View pageWhy Traders Trade
Albert Einstein reputedly quipped that compounding was the 8th wonder of the world. What would he think of negative interest rates? The 10-year German government bond yield is -0.61%. The Rule of 72, which nobody mentions now, says dividing 72…
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