“My CEO doesn’t get market structure.” I’ve heard that more than a time or two! IROs wanting executives to grasp market complexity in order to see share-behavior in an accurate and contemporary fashion run into the buzz saw of The…
View page“All this is not a product of nature.” No I’m not referring to the display, as it were, by Miley Cyrus at the Video Music Awards. If the shortest distance between two points is a straight line, what do you…
View pageIn France we saw Auguste Rodin’s famous sculpture, The Thinker. You know the one? A chiseled fellow (literally and figuratively) pondering in the nude. It’s good to sit down and think (no need to disrobe however). Why are you here?…
View pageWhere have I been? Somehow, I missed the fun happening in SEC filings for large banks like Morgan Stanley, Goldman Sachs, JP Morgan, Credit Suisse and Deutsche Bank. If you already know what BARES are – Buffered Accelerated Return Equity…
View pageWhole swaths of stocks moved 3% yesterday. You might thank Dodd-Frank for it, even if David Tepper gets credit (if you heard the Appaloosa Management founder’s interview you know what I mean). To understand how, ever heard of a Rube…
View pageI dare you. Ever say that as a kid? “I’ll give you a dollar if you—” (fill in the blank) Last week the SEC approved a plan by the NASDAQ for sponsors of ETFs trading less than a million shares…
View pageDon’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…
View pageVolcker would be a great name for a shred-metal band. It seems vaguely gothic and you can picture musicians in leather with guitars and tattoos. Maybe colored hair. Alas, no. The Volcker Rule is no band. But it’s prompting musical…
View pageIf our stock reverts to the mean, I don’t see that high-frequency trading matters. I’m paraphrasing what many CEOs and CFOs believe. The market is complicated. There’s volatility. Trading is global. ETFs and derivatives probably affect volume. But I’m trading…
View pageSome were forced to do it themselves. In the wake of Knight Capital’s technology glitch – if you missed it, a linchpin in trading markets was nearly undone Aug 1 by faulty trading software – some brokers who normally route…
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