market-microstructure

A comprehensive diagnostic analysis examining the structural market mechanics, valuation excesses, and macroeconomic vulnerabilities of the $4 Trillion tech listing wave. SpaceX, Anthropic, and OpenAI face unprecedented scrutiny amid warning signs of market overheating. 📊 Deep Research • 🎧 Podcast Available 🎧 Listen to Podcast: https://open.spotify.com/episode/5FNm8Qo5XB4yS3F8XSDDTS?si=4b8CPROc…

LSEG CEO Julia Hoggett has issued a scathing critique of systematic internalisers’ (SIs) enthusiasm for a consolidated pre-trade tape in the UK, arguing that all market participants must contribute to […]

Robinhood and Schwab took in a combined US$547m of options payment for order flow (PFOF) in Q1 2026, down 3.8% QoQ, as Schwab narrowly overtook Robinhood to become the largest […]

OpenQuant Newsletter - Edition #172 Quant News, Jobs & Internships, Upcoming Events, Puzzles and More! Hello, fellow Quants! Welcome to the OpenQuant newsletter - a publication dedicated to democratizing quantitative finance by sharing the latest news, jobs & internships, educational opportunities, and upcoming events in the industry. Here’s what we have in this week’s edition: - Quant News - cat…

I am currently developping/finalizing a multi-platform quantitative trading dashboard designed for real-time performance monitoring and risk management across MetaTrader, Interactive Brokers (TWS), and NinjaTrader. The system aggregates live trading data and computes: Real-time and rolling Sharpe ratio Dynamic risk/reward and expectancy metrics Risk of ruin estimation based on live equity curves …

If you've ever scrolled through Polymarket or Kalshi wondering whether the "wisdom of crowds" is actually wisdom—or just organized noise—you're not alone. A new paper, "How Wise is the Crowd? Bias and Edge in Prediction Markets," tears into the microstructure of modern prediction markets to ask a practical question: Who's actually making money, and who's just paying for the privilege of being lou…

Tradeweb Markets Inc., a global leader in electronic trading across asset classes, reported total trading volume for the month of May 2026 of $62.3 trillion (tn). Average daily volume for the month was $3.0tn, an increase of 18.3 percent (%) year-over-year (YoY). Record Highlights: For May of 2026, Tradeweb records included: - ADV in rates futures - ADV in repurchase agreements May 2026 Highlight…

As the last significant equity market without a closing auction, Indian practitioners are welcoming SEBI’s August rollout of the change as long overdue On 3 August, India’s two primary exchanges […]

Kalshi, the online prediction marketplace, referred Santos to the Department of Justice after detecting suspicious trades made by him ahead of Trump’s Feb. 24 speech.

Partner Jason Zachary Goldstein is quoted in the Octus article “Struggling Radio Sector Cleans Up Balance Sheets Ahead of Potential Deregulation-Induced M&A Boom,” which attributes declining revenue in the radio industry to several factors including high fixed costs and audience fragmentation. The post Jason Zachary Goldstein Quoted by Octus in “Struggling Radio Sector Cleans Up Balance Sheets Ah…

This morning I woke up to news that George Santos is under federal investigation for insider trading on Kalshi. By end of day I had a working anomaly detector monitoring 410 politically-sensitive prediction markets with a live dashboard. Here's how it happened, what I found, and how you can run it yourself. What Santos Actually Did The short version is almost embarrassingly simple. The day before…

The love-hate relationship between large banks and electronic liquidity providers took a new twist last week. As Global Trading reports, Federal Reserve filings by the top US banks show a […]

- Record ADV in 2-year U.S. Treasury futures - International ADV grew 18% to 10.2 million contracts CME Group, the world’s leading derivatives marketplace, reported its highest May average daily volume (ADV) on record at 33.2 million contracts, an increase of 15% year-over-year. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume. May 2026 ADV acros…

Cash-equity payment for order flow fell to US$404.8m in Q1 2026, down 2.4% quarter on quarter, even as daily average trades at Schwab hit a record 9.9 million. A drop […]

Munish Gautam at Broadridge discusses the the shift toward extended trading hours.

A comprehensive guide to Agent-to-Agent (A2A) protocols, solving fragmentation, and orchestrating autonomous AI in modern finance. Explore capability advertising, stateful collaboration, opacity architecture, and the broader protocol stack (MCP, ACP, AGP) powering the next generation of financial infrastructure. 📊 Deep Research Topics: quantitative finance, investment analysis, financial educat…

OpenQuant Newsletter - Edition #171 Quant News, Jobs & Internships, Upcoming Events, Puzzles and More! Hello, fellow Quants! Welcome to the OpenQuant newsletter - a publication dedicated to democratizing quantitative finance by sharing the latest news, jobs & internships, educational opportunities, and upcoming events in the industry. Here’s what we have in this week’s edition: Quant News - catch…

Opinion of the Court 25-13631 ROSENBAUM, Circuit Judge: High-frequency trading in securities markets is technologically sophisticated and almost incomprehensibly fast. The dispute in this case centers on 350 microseconds, about one-third of one-thousandth of a second.1 That sounds fast—and it is—but it’s a long time for a high-frequency trader. Today, securities trading operates based on electron…

On the 250th anniversary of American independence, this year’s ISDA Annual General Meeting (AGM) was... Read more Market Transformation – IQ May 2026