The hottest Market structure Substack posts right now

And their main takeaways
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Top Finance Topics

One Regulator

Points And Figures • 719 implied HN points • 02 Dec 24
💰 Finance Regulation Innovation Cryptocurrency Market structure Bureaucracy
  1. The financial market regulation in the U.S. is complicated and outdated, with many agencies like the SEC and CFTC often conflicting with each other. This can lead to innovation being stifled.
  2. There are concerns that some regulators, like Gary Gensler, may be overly controlling and negatively impact innovative companies, especially in the emerging cryptocurrency space.
  3. Many believe that simplifying the regulatory structure to have one main regulator could boost competition and innovation, but achieving this change seems very challenging.

Chartbook 238: Making & remaking the most important market in the world. Or why everyone should read Menand and Younger on Treasuries.

Chartbook • 1673 implied HN points • 08 Sep 23
💰 Finance Market structure Financial history
  1. The US Treasury market liquidity is crucial for the global financial system.
  2. The issuance of public debt is intricately tied to the creation of credit and money in a public-private partnership.
  3. Changes in the Treasury market structure, from banks to capital markets to non-bank actors, have implications for systemic stability.

The Distribution Layer

Lewis Enterprises • 235 implied HN points • 06 Jul 23
💰 Finance Investments Asset management Market structure Financial Services Retail Investors
  1. The future of alternative investments is undergoing significant changes in the market structure with emphasis on investment managers, allocators, and capital owners.
  2. Traditional asset managers are seeking growth by entering alternative investments but are facing challenges due to massive capital deployment impacting returns.
  3. There's a trend towards greater intermediation of capital allocation in the alternative investment landscape, leading to a more specialized distribution approach.

The Repo Market Rewire

Concoda • 264 implied HN points • 11 Mar 24
💰 Finance Monetary Policy Market structure Liquidity
  1. The Repo Market is undergoing significant changes, with a shift to a secured monetary standard and challenges in the system prompting new adaptations.
  2. The Repo Market has become more systemic and fragmented, with different regions defined by various participants, securities, and settlement methods.
  3. The presence of triparty and interdealer markets within the Repo Market highlights the importance of central clearing in reducing risks and enhancing liquidity among major financial players.
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The Battle for the Treasury Market

Concoda • 502 implied HN points • 21 Mar 23
💰 Finance Market Regulation Monetary Policy Market structure Financial Stability Transparency
  1. There is a hidden battle within America's sovereign debt market that is about to transform.
  2. The regulatory focus is shifting towards increasing transparency in the Treasury market to subdue systemic risk.
  3. Implementing all-to-all trading in the Treasury market could democratize the market, enhance liquidity, and improve market resilience.

Everybody Hates Gary

Malt Liquidity • 1 implied HN point • 12 Sep 23
💰 Finance Securities Regulation Market structure Compliance
  1. Defining a fair market is complex and involves intricate operations and risk mitigation strategies.
  2. The SEC's role encompasses protecting investors, maintaining market fairness, and facilitating capital formation.
  3. Increased SEC regulations may unintentionally benefit large players, making it crucial to close loopholes accessible only to wealthy investors.

Good companies in bad businesses

Musings on Markets • 0 implied HN points • 17 Nov 08
💼 Business Corporate strategy Economics Profitability Market structure Industry Analysis Economics Corporate strategy Market Analysis Industry Trends Financial Performance
  1. Some businesses are really tough, even for great companies. For example, many car manufacturers struggle to make a profit.
  2. Certain industries, like airlines and automobiles, face structural issues that make it hard for companies to succeed consistently. This can be due to factors like competition and high legacy costs.
  3. For consumers, it's important that these companies eventually find a way to make money. We rely on cars and airlines, so it's beneficial for them to be profitable.

Alibaba's Governance by Politburo: Corporate Governance and Value

Musings on Markets • 0 implied HN points • 16 Sep 14
💼 Business Corporate Governance Investment Analysis Market structure
  1. Alibaba's ownership structure gives almost no power to shareholders, making it more like a dictatorship than a democracy. Shareholders can feel powerless since they don't have a real say in decisions.
  2. Good corporate governance is important, but it doesn't always guarantee better performance or higher value. Sometimes, companies with strong CEOs may perform well despite lacking accountability.
  3. Investors have different views on management power. Some see it as a strength, believing a strong CEO can drive growth, while others worry about the risks of poor decisions without checks and balances.

Market Structure on the Cusp of Spot Bitcoin ETF Launches

Coin Metrics' State of the Network • 0 implied HN points • 09 Jan 24
💰 Finance Cryptocurrency Market structure ETFs
  1. The cryptocurrency market eagerly awaits the launch of a spot Bitcoin ETF, marking a historic milestone.
  2. BTC spot trading volumes are affected by ETF anticipation, surging back with potential ETF launches on the horizon.
  3. The volatility and return characteristics of digital assets like BTC are evolving, showcasing their potential role in diversified investment portfolios.

Dual share structure: The Google model spreads

Musings on Markets • 0 implied HN points • 20 May 11
💼 Business Finance Investments Corporate Governance Valuation Market structure Finance Investment Valuation Corporate Governance Market Trends
  1. Google introduced a new way for companies to go public by using a dual share structure, allowing founders to keep more control through shares with extra voting rights.
  2. Voting rights are important because they let shareholders influence company decisions. However, many investors often overlook these rights if they believe the company is well-managed.
  3. Valuing stocks with different voting rights can be tricky. Usually, voting shares are worth more, especially in companies that aren't managed well.