Price Discovery: How Markets Turn Orders Into Prices

A company reports earnings after the close, the print lands a little ahead of estimates, and by the time the stock reopens it's trading four percent higher. Stare at that…

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Opening and Closing Auctions: How the Single Price Forms

The last number printed on a chart at the close is the one everybody quotes. It sets the daily candle, the mark on your brokerage statement, the figure a fund…

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Index Reconstitution: How Benchmark Rebalancing Works

On the last Friday of June, a full year of index reconstitution lands in a single closing auction. I keep that date circled because the tape turns strange into the…

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