This year was once again filled with many market structure issues that kept us busy.  As we often do, we tried to counter balance some of the usual spin that you might have been hearing from other industry participants with our take on the issue.  Below is a brief summary of some of the topics that we followed this year:  1) Regulatory MiFID II – Starting next Wednesday, the European rule known as MiFID II is expected to change the way business is done in some parts of the equity market. We won’t rehash all the details here since there have been numerous articles and broker (more…)

  Over the years, we have documented numerous examples of conflicts of interests at the major, for-profit stock exchanges.  We understand that exchanges are public companies and they need to grow the bottom line.  But in their quest to increase shareholder wealth, they have often cut corners and introduced products which have advantaged their largest customers at the expense of long term investors.   With the explosion of cryptocurrencies this year, the exchanges are once again chasing profits and throwing caution to the wind.  We’re talking about bitcoin futures and the race by the futures exchanges to trade the product first. On Sunday, December 10th, Cboe (the (more…)