KOR Oct 14 Newsletter

October 15, 2015

Important developments in market structure.

 

Click here.

 

Tabb Article

August 9, 2015

The real story of this week’s tick pilot filing by FINRA and the exchanges are the ten words at the top of page 16 that have been added to the SEC’s definition of “trade‐at.” These ten words
significantly broaden the scope of the trade‐at requirement in Test Group Thre...

 

Update from the Aquarium on Market Structure

April 18, 2015

Dear Aqua friends and prospects,


Greetings from the Aquarium!


The events of this week could spell the beginning of the end of the era of large brokersponsored
dark pools.


No, I'm not referring to the activities of the office of New York State's Attorney General. I'm
re...

 

Price Discovery Thought Piece

April 11, 2015

Price Discovery Thought Piece


Here’s the riddle of institutional equities trading: experience and reason suggest block trades
have enormous potential to reduce transaction costs. However, block trades don’t happen in
the dark. And only a fool would display a large orde...

 

Flash Boys and HFT – Thoughts from the Aquarium

April 11, 2015

Dear AQUA friends and prospects:

 

Greetings from the Aquarium!

 

This week’s flash boys controversy cries out for informed discussion. Here are my quickthoughts:

 

1) If we were a sports league the commissioner would fine an owner who told a nationaltelevision audience that...

 

The End of the Large Broker Sponsored Dark Pool

April 11, 2015

Dear AQUA friends and prospects:


Greetings from the Aquarium!


This week’s flash boys controversy cries out for informed discussion. Here are my quick
thoughts:


1) If we were a sports league the commissioner would fine an owner who told a national
television audience th...

 

Support The Market Structure You Want

April 11, 2015

Dear Aqua friends and prospects:


Greetings from the Aquarium!


If there’s one lesson for the buyside to draw from the current HFT debate undoubtedly it is this:
support the market structure you want. Don’t just ask about trade volumes. If you make trade
volume the first...

 

Tick Pilot Piece

April 9, 2015

The tick pilot filing by FINRA actually covers two major market structure issues, not one. Of the
three test groups of stocks, two of them will study the effects of wider ticks. The third will study
the effect of a trade‐at requirement.


Both issues deserve scrutiny. Th...