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When the Market Moves the Market

Drawdown Edition

When the Market Moves the Market: Drawdown Edition is the third installment of this series, reflecting on multiple dimensions of market structure and the capital markets landscape, including 1) the change in size and shape of different market structures amid whipsaw moves, 2) how this has impacted transparency, liquidity, and market breadth and depth, 3) the implications on capital formation and capital markets’ activity, and 4) what may shape the days and months ahead.

June 8, 2020

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Market Structure Minute

Up and to the Right...Right?

Lest we forget – 2020 is also an election year. So we went back and looked at market performance in election years dating back to 1980. While some of these trends are debatable, depending on the period of time you explore, a few things stood out.

May 4, 2020

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Market Structure Minute

The Icarus Rally

The S&P closed the week at 2836 – a level last hit in June 2019. It is up more than 20% off the March lows. But a few small things are different between June of last year and today.

April 25, 2020

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When the Market Moves the Market

Fixed Income Edition

When the Market Moves the Market: Fixed Income Edition is the second paper in a series on market structure. In this piece we answer 3 questions that are top-of-mind for investors across the board: 1) What do I need to know about changes in Fixed Income market structure?, 2) What are the biggest shifts in the last decade?, and 3) What does this mean for what lies ahead?

October 15, 2019

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When the Market Moves the Market

Equities Edition

This publication examines the changes - some obvious, others more subtle - to the structure of the equity market over the past 10 years. It explores how much has changed across the who, where, why, what and how – and what some of the implications of these shifts have been.

July 24, 2019

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