Happy birthday to Karen Quast! My beloved treasure, the delight of my soul, turns an elegant calendar page today. It’s my greatest privilege to share life with her. Not only because she tolerates my market-structure screeds. Speaking of which, I’m…
View pageCNBC’s Brian Sullivan invited me to discuss shrinking market liquidity last Friday. Riveting, huh! Well, it is to me! Unraveling the mystery of the market has turned out to be a breathtaking quest. I had another aha! moment this weekend.…
View pageIf 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…
View pageI’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 pageWhat 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 pageIn 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…
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