Market Structure EDGE Blog

Market Structure EDGE Blog

Suez on Wall

Suez on Wall

The stuff Archegos used expires today. Sound like Greek? Courtesy SEC.gov Let me explain. A hedge fund blew up. Its counterparties are taking huge hits. There are ramifications. What happens?  Maybe nothing. Maybe everything. First, let’s understand “counterparty.”  A...

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Cash in Lieu

Cash in Lieu

Public companies and investors, is the Federal Reserve using cash to hurt you? What?  Quast, don’t you mean they’re inflating stocks? To a point, yes. And then history kicks in. There’s no such thing as “multiple expansion,” the explanation offered for why stocks with...

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Reg Efdy and Thee

Reg Efdy and Thee

http://modernir.com/wp-content/uploads/2021/03/MSM031021.mp3 The Securities and Exchange Commission is in danger of becoming the Dept of Silly Walks. Let me explain why I’m calling the SEC Monty Python. And it matters to you, public companies and investors. Speaking...

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The Missing Wall

The Missing Wall

If your house was missing a wall, would you worry whether the front door was locked? Well, the stock market is missing a wall.  And yes, the image here is not a missing wall but the walls you can ski at Steamboat. To our story, investors and public companies need to...

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Maxine Waters

Maxine Waters

I knew it would come to this. Rep. Maxine Waters would be on CNBC talking about market structure. Last week during options expirations, Congress paraded supposed culprits in the Great Gamestop Mania before itself.  And it wasn’t about financial misdeeds,...

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Big Cheese Grater

Big Cheese Grater

Good offense beats good defense.These five words are the heartbeat of the Saban Dynasty in football at Alabama – and the reason for the Gamestop trade in the stock market. Promise, this piece isn’t about sports. It’s about how retail traders killed institutions. It...

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Metastable

Metastable

http://modernir.com/wp-content/uploads/2021/02/MSM021021.mp3Editorial Note:  A giant thank you to Client Services Director Perry Grueber for penning last week’s Map.  He’ll be back regularly, by popular demand. This week you’re stuck again with me. -TQ...

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IS REPORTING NOW JUST A SIDESHOW?

IS REPORTING NOW JUST A SIDESHOW?

“Looking good, Valentine!” “Feeling good, Louis!” A gentleman’s bet. But maybe not so fast.Farce met Street last week with good reason distracting many in the Finance and public company arenas. Far better chronicled elsewhere (here a good one on Benzinga’s Monday...

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Sailing Away

Sailing Away

Sailing takes me away to where I’ve always heard it could be just a dream and the wind to carry me.Christopher Cross said it (youngsters look it up). In this pandemic we said, “That boy might have it figured out.” TQ and KQ sailing So, with two negative Covid tests in...

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Market Structure Basics

The Math

“Making investment decisions by looking solely at the fundamentals of individual companies is no longer a viable investment philosophy.”   So said Steve Eisman, made famous in Michael Lewis’s book The Big Short, upon shutting down his new investment fund in 2014....

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Take and Make

What if exchanges stopped paying fast traders to set prices?   Oh, you didn’t know? Read on. Off Salt Island in the British Virgins is the wreck of the HMS Rhone, a steamer that sank in an 1867 hurricane. Even if you’re a snorkeler like me rather than a diver, in the...

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Race Condition

You might think today’s title is about physical fitness. Nope.   I first heard the term “race conditions” used to describe stock-trading at TABB Forum, (Editorial note: TABB Forum shut down in Mar 2020, its event business victimized by the coronavirus closure.) the...

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