A true hero

This wins the Smokey Awards today. Congrats Bill, can’t wait to see what’s coming!

We've been discussing this possibility with our clients for months. Audrey Costabile PhD just published on AI/ML in fixed income. Let me know if you'd like to chat. bloomberg.com/news/articles/… #marketstructure #equitytrading #sec

How long until we’re talking about high speed art market data feeds? wsj.com/articles/ipo-f…

Now in front of the paywall: An inside look at what drives buy and sellside market data vendor decisions, types and frequency; views on future use cases, sources and delivery. Audrey Costabile PhD and David Easthope detail it all Crisil Coalition Greenwich greenwich.com/content/market…

“David Friedman points out that people only do things for other people for three reasons – love, money, or force. Love doesn’t scale, so the economy can only run on money or force. The force experiment has been run and found wanting. Let’s stick with money.”

MiFID II

Who knew Musk was a market structure enthusiast

Welp…

Sarte got it wrong. Hell is explaining to your dad that tomorrow morning does not, in fact, represent a buying opportunity (because he just noticed that Munger died…)

Electronic trading increases, concentration tightens, broker lists lighten and sourcing natural liquidity remains the buy-side’s primary determinant in allocating a diminishing commission wallet. Read all about it and more...

EU/UK commission wallets down, electronic trading up, broker concentration tightened, and sourcing natural liquidity remains paramount in broker selection. Film at 11.

Some great insight on using AI/ML in institutional equity trading. This one’s in front of the paywall and open to all. “I don’t think that more than 20% [of traders] understand what they mean when they claim to be using AI or ML.” greenwich.com/blog/ai-ml-ite…

T+ What? About a fifth of the sell side expects a large disruption with many or severe issues, with 16% expecting a delay or postponement. Less than 10% expect it to go smoothly, with no meaningful issues. bnnbloomberg.ca/speedier-wall-…

100+ senior buy side equity traders talk broker selection, including commission drivers, best attributes, pain points, coverage preferences, trading systems, satisfaction and more.

Retail brokers outsource their trading, and now maybe big banks will too. bloomberg.com/opinion/articl… via Bloomberg Opinion

“You know you’re writing well when you’re throwing good stuff into the wastebasket.” — Ernest Hemingway (and Kevin McPartland)

A billion here, a billion there, pretty soon, you're talking real money…

Just in time for my birthday. Thanks Larry!