“Nothing vast enters the life of mortals without a curse.” – Sophocles
With a geyser of attention-snatching news as our normal daily backdrop, one could easily be forgiven for missing a signal from a collection of recent market structure clues. Individually, most of these have been on the radar of those that follow capital markets closely. And then there are others that are much deeper down in the weeds.
Taken together, however, they paint of picture of increasing levels of market complexity coupled with increasing dependencies on fewer dominant players. Here’s the evidence:
By now, most of . . .