Posts filed under “Regulation”

Complexity of U.S. Markets


Start your day with this fascinating chart, by Credit Suisse (circa 2013) by way of Bloomberg:


click for ginormous graphic
Complex U.S. Stock Market
Source: Bloomberg


Category: Digital Media, Markets, Regulation

China’s Market Policy Timeline

Monster timeline of China’s market policy changes this cycle:   click for ginormous graphic Via Bloomberg

Category: Digital Media, Markets, Regulation

Where Did All the Publicly Traded Listings Go?

Source: NBER, Political Calculations   The U.S. now has half as many publicly listed companies trading on its exchanges as it did at the peak in 1996. As the chart below shows, listed companies reached a high of 7,322. That number today is down almost by half to 3,700 and is more than 1,000 lower than in…Read More

Category: Investing, IPOs, Regulation

Analysts Are Now Honestly Wrong. That’s a Huge Improvement…

Sometimes the gains from a new regulatory regime are obvious. The creation of the Federal Deposit Insurance Corp. is a perfect example. Your bank deposits are guaranteed by the government up to some stated amount, no matter the recklessness or irresponsibility of the bankers running the place. It wasn’t always this way. Before the FDIC,…Read More

Category: Analysts, Legal, Regulation, Research

Polling Wall Street

This is some amazing stuff:     Source: Bloomberg

Category: Regulation, Wages & Income

How Spoofing Works

Source: WSJ

Category: Markets, Regulation, Technology, Trading

The Fiduciary Standard is Coming!

In 2011, the Securities and Exchange Commission published a study, mandated by the Dodd-Frank Act, which concluded that all financial advisers and stock brokers should be placed under “a uniform fiduciary standard.” Basically this meant that brokers and advisers would have an obligation to put the interests of clients first and must disclose any conflicts of…Read More

Category: Investing, Legal, Regulation

Survey Says…

Joseph Saluzzi ( and Sal L. Arnuk ( are co-heads of the equity trading desk at Themis Trading LLC (, an independent, no conflict agency brokerage firm specializing in trading listed and OTC equities for institutions. Prior to founding Themis, Sal and Joe worked for more than 10 years at Instinet Corporation, pioneers in the…Read More

Category: Markets, Regulation, Think Tank, Trading

Interactions among high-frequency traders

Category: Regulation, Think Tank, Trading

Global liquidity regulation – Why did it take so long?

Category: Regulation, Think Tank