Have you ever gone to Vegas while the NCAA basketball tournament has just gotten underway? It’s crowded! It’s hard to find a seat at a black jack table, which is a shame if you are in Vegas for the action, and not just walk around the shops at Caesar’s. You wish management would just open up more tables, so you could spend your time trying to win money. Eventually they do. The equity markets are not so very different. A decade ago there were many, many games. And the differential between those with the right tools and those without (more…)

NASDAQ’s CEO’s Adena Friedman wrote an op-ed in the Wall Street Journal on May 3rd, titled Nasdaq’s Blueprint For a New Era of Trading. In her op-ed she laments the slow pace of IPOs, noting that 92% of job creation occurs only after a company comes public, and she points us all to read The Promise of Market Reform, which is NASDAQ’s 17-page “blueprint” to fix ailing public markets. NASDAQ talks about lowering disclosure hurdles, and other onerous requirements you have all read about before. We won’t go into that part of the blueprint. However, we note that she gets specific (more…)

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Mar, 2017