This morning we were going to share a first-account-trading-war-story that perfectly captures the absurdity created in our markets from payment for order flow, and specifically stock exchange rebates. However, a jaw-dropping speech from one of our new SEC Commissioners, Robert Jackson, presented itself as a perfect stage-setting opportunity. This morning we highlight that speech instead, and next week we will share our war story. The winds of change are most certainly around the bend. Summer ends today, and in the not-so-distant-future the gales of October will turn into the chilly winds of November. After those chilly November winds – (more…)

Empty sky, empty sky I woke up this morning to an empty sky   Seventeen years ago my daughter was 17 months old, and my boys were six and eight. My boys are both in graduate school now, and my daughter just started college at Wagner, which is located on Grymes Hill in Staten Island. Her dorm room has an amazing view of the harbor, from the Verrazano Bridge to the south to lower Manhattan to the north. While this morning’s sky is filled with clouds and fog, unlike the Tuesday of seventeen years ago, I sit here hoping it (more…)