Clarification:   We received a call from John Harris, COO of Akuna Capital about today’s blog post and would like to issue a clarification.  John informed us that  the tax break that Akuna received from the state of Illinois was not $4.5mm as we had written in our piece.  The tax credit actually amounts to 3.75% (the Illinois state tax rate) of any new employee’s salary above 85 employees.  John told us that Akuna had received less than $150,000 last year from the EDGE tax credit program which is nowhere need the amount of $4.5mm that Illinois Policy first (more…)

  There are three breaking market structure news items, all involving the NYSE, that we would like to comment on today: 1) The SEC has approved NYSE’s speed bump for its NYSE MKT exchange.  The Commission stated: “The Commission believes the Exchange has sufficiently demonstrated that the proposed rule change is consistent with the Act, and the Commission does not find any legal basis to distinguish the Exchange’s proposed Delay Mechanism from the IEX access delay. In particular, the Commission believes that the Exchange has sufficiently demonstrated that its proposal would not be unfairly discriminatory.” Our Take:  We’re not surprised that the SEC decided to (more…)

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Mar, 2017