We have written several notes to you over the last 30 months about the CBOE Market Close, including notes dated October 18th 2017, January 22nd 2018, and January 26th 2018. CBOE’s plans to disrupt NYSE’s and Nasdaq’s monopoly over their closing auctions have traveled a long road indeed. Closing auctions are one of the few areas where the NYSE and Nasdaq are still insulated from competition. At the close, stock trading – done on dozens of exchanges and dark pools throughout the regular trading day – reverts back to the primary exchange for the closing auction. Back in May 2017 CBOE (more…)

It’s been a while since we wrote about Robinhood, the broker to the millennials, so we figured we would give you an update on their latest run-in with the law.  Last week, Robinhood settled with FINRA for $1.25 million for “best execution violations related to its customers’ equity orders and related supervisory failures that spanned from October 2016 to November 2017.” Considering they sport a $7.6 billion valuation , you would think that they would do a better job with their compliance of FINRA rules. Here is what FINRA found: “FINRA found that for more than a year, Robinhood—which offers its (more…)


Jun, 2019