// PUBLISHED INSIGHTS
Market structure analysis from the inside.
Long-form research on ATS competitive dynamics, prediction market infrastructure, clock synchronization, and overnight trading microstructure. Sourced from FINRA filings, SEC EDGAR, and our proprietary 3-venue pipeline.
// FEATURED
MARKET STRUCTURE · RESEARCH · APRIL 15, 2026 · 20 MIN READ
The Map to Asset-Grade
A market structure playbook for prediction markets. How venues must build pre-trade integrity, market maker programs, resolution infrastructure, and cross-venue surveillance to become actual financial infrastructure.
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ATS · FINRA · MAY 18, 2026
The ATS Leaderboard Is Repricing
FINRA ranks ATS venues by shares, not notional. That single fact is reshaping the competitive landscape: retail-flow venues are climbing, and share-based rankings map directly to per-share commission revenue.
OVERNIGHT ATS · WEEKLY · MAY 16, 2026
Where $40.9B Went: Overnight ATS Microstructure, Week of May 11
Overnight ATS notional across BlueOcean, Bruce, and Moon hit $40.9B — every session above the 20-day average. Five tickers absorbed 39% of weekly flow. All semis. Plus: Blue Ocean and Bruce climbing the FINRA leaderboard.
MARKET INFRASTRUCTURE · MAY 7, 2026
Clock Synchronization in Financial Markets: 2026 Update
Tech is at sub-nanosecond. Tier-one HFT is deployed. Regulators are still at 2016 thresholds. PTPv2.1, White Rabbit production deployments, FINRA Rule 6860, quantum optical clocks, and the 24x5 forcing function.
// PUBLISHED RESEARCH
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Q1 ATS Rankings report, the working paper on 24/5 transition design, and additional published research.
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