The latest shock to the markets isn’t what is happening in the S&P or the Dow Industrials, but what is happening slightly behind the scenes. In a somewhat unusual presentation on Monday, June 22, 2020, the SEC and the Anti-Trust Division of...

Cloud computing has reshaped the consumption, analysis, management, and distribution of market data. As the digital transformation of capital markets continues - increased use of mobile devices, more automated trading, seemingly endless sources of...

When the entire SEC is ordered to work from home, it’s time to talk about market surveillance infrastructure and remote access. Global Impact Event Response During these early weeks in March of 2020, uncertainty levels are escalating...

On Tuesday this week Nasdaq announced they were buying Quandl – an alternative data company. This follows a previous initiative within the global exchange and data company to organically build their own alternative data business. While the terms of...

The SEC recently announced that the Tick Size Pilot Program will expire[1] on September 28th. After two years, various studies have estimated that the cost to investors of this experiment range from $350mm[2] to $900mm[3]. And these estimates do not...

Libor rates were manipulated.  Given the $9 billion in fines paid by many of the banks that contributed to its daily calculation, there is no need to dance around if it happened or how. I’d be so bold as to say it is not happening anymore....

Trust means different things to different people. For instance, our nearly 4,000 recently conducted interviews for the CFA Institute’s “State of Investor Trust” research taught us that saying “I don’t know” improves trust between institutional...

Since the passage of Dodd-Frank in 2010, every time a Republican proposed a Dodd-Frank replacement in Congress, or a Republican regulator proposed a new, sensible rule, I barely paid attention.  I read the headlines, would sometimes read the...

For most people, cryptocurrency is synonymous with Bitcoin. Bitcoin was the original and is the largest and most successful. Today however there are almost 1,000 other cryptocurrencies and tokens in circulation, according to CoinMarketCap. For the...

While market sizes are often measured in the trillions of dollars, the number of firms that are responsible for the majority of transactions is measured in the hundreds if not the teens.  Examples of this are numerous.  According to...