This week's issue of Front Month is live - I take a look at 2020's rise of the options market and the impact to both stocks and exchanges:https://frontmonth.substack.com/p/options-are-eating-the-world …
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The bottom line - institutions and exchanges are preparing for a bigger options market than we've ever seen. Options are a less competitive business & result in higher volatility for the underlying equity. We're not going back to the old way soon.
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paper on the history of bucket shops and their influence on giving the common man access to the stock market in the 1800s.
Has a lot of parallels to today's retail trading craze:
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