This time of year, the phrase “woman-owned business” conjures images of soft knitted scarfs, ethically sourced coffee grounds, and the gift card you always receive from your Aunt Carol. We read that label as a communication of values: either the values of the purchaser, or the recipient, or both. …

Foreword (by Allison Bishop) I always know it’s fall in New York City by the color of the leaves, the smell of pumpkin lattes, and the arrival of emails about next year’s summer internships. …

October is domestic violence awareness month, and I annually struggle with what to do about this. It’s not a topic where I can be a dispassionate intellectual, as domestic abuse has deeply affected people close to me. But sadly, at least in the US, nearly everyone could say the same…

It may seem strange, that instead of catching up on House of the Dragon or The Rings of Power this weekend, I read the SEC’s “Order Disapproving the Fifty-Second Amendment to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities…

TL/DR: We present Proof’s current framework for evaluating our trading performance. We have designed robustness and client privacy checks that enable us to make any stable results public, and so far we can report: 1. Initial evidence suggests our impact model is performing meaningfully well in practice, 2. behavioral metrics…

I know the rules for writing a catchy post about gender diversity in finance. I’m supposed to present a problem: “Women own only X% of the stock market!” and then present a solution: “That’s why we’re launching Maid Marian Trading!” The problem is not supposed to be anyone’s fault. The…

We like to talk about our algos. We especially like to talk about ideas for making our algos better, ideas for making our measurements of algos better, and how our current algos work. We’ve published the research behind our flagship Proof algo here and discussed the lower level tactics of…

The average American believes they are exceptional. So why should they believe that aggregation alone achieves data privacy? If you are a tall tree in a world of short bushes, there’s no way to hide in a crowd. And yet, a common practice in the financial industry is to assure…

Previously on this blog, we covered the proposal for newly expanded SIP data to be delivered by competing consolidators and its adoption by the SEC. Now there is a proposal from the operating committee for the new market data fees that will accompany the new data. It is … pretty…