Like most people, we were surprised how the entire state of Texas could have suffered such severe power outages.  But the more we looked into it what caused their power problems, the more similarities we began to notice between how Texas has set up their energy system and how parts of the US stock market currently function.   The WSJ just published an excellent analysis of the power outage titled “The Texas Freeze: Why the Power Grid Failed” with a subtitle that read “The state’s electricity system was considered a model. This week’s power outages revealed shortcomings in the market structure.” Here (more…)

Last week, Barclays announced that they will be launching a new single-dealer platform (SDP) known as BARX Book for Equities which will be trading US equities.  While many SDPs already exist in Europe and some market makers operate their own SDPs in the US, the Barclays SDP appears to be the first SDP launched by a bank in the US. According to Barclays: “BARX Book for Equities represents a new chapter in Barclays’ client liquidity strategy, as it allows more ways for clients to access the firm’s principal liquidity during regular market hours. Clients will be able to access BARX Book (more…)