Listen: Adrian Keevil’s different investment clocks
The Derivative, October 15: Jeff Malec interviews Adrian Keevil of Plustick Partners in Running an “Old Fashioned” Hedge Fund.
Read the note →The topic collection
Quant & Markets.
Quant funds, trading firms, market structure and the business of investing.
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148 notes across 44 editions. Dates refer to original publication; prices, events and availability may have changed.
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The tape: two kinds of AI finance
Wednesday’s market story was not “AI up” or “AI down.” It was a widening separation between businesses collecting fees from the buildout and securities expected to finance it.
Read the note →BlackRock wants to make compute investable
BlackRock reported $205 billion of third-quarter net inflows and $15.49 trillion of assets under management.
Read the note →A smaller round lot changed the visible market
An SEC staff working paper exploits the November 2025 rule change that cut the round lot from 100 shares to 40 for stocks priced from above $250 through $1,000.
Read the note →Listen: structured credit from the loan file upward
The strongest new long listen is Odds on Open: “Ex-Goldman MD: Credit Markets Move in Step Functions,” with Geoffrey Williams, published October 8 and running 1 hour 22 minutes.
Read the note →The bank quarter is more uneven than the forecast
Citi reported $23.8 billion of revenue, $5.2 billion of net income, $2.85 EPS and 11.5% RoTCE.
Read the note →Asia's hedge-fund interest is showing up in target allocations, not just performance tables
Reuters reports that HFR measured a record $409 billion quarterly increase in global hedge-fund assets, to $5.6 trillion in Q2.
Read the note →A new listed derivative turns corporate KPIs into yes/no contracts
The SEC approved Cboe's proposal for standardized, cash-settled European-style binary options on specified issuer KPIs.
Read the note →The trading quarter banks have to defend
The six largest US banks collectively produced a record $51 billion of trading revenue in the preceding quarter.
Read the note →The CFTC is drawing a perimeter, not blessing every prediction market
On October 9, the CFTC proposed expressly treating sports-, politics-, culture-, and weather-linked event contracts as swaps.
Read the note →Prime brokerage has become too lucrative to treat concentration as somebody else's problem
Financial Times reporting says hedge-fund borrowing from banks has roughly tripled since 2020.
Read the note →The price of a bond crossed inside the same fund family
The SEC's October 9 proposal would restore wider affiliated-fund cross-trading eligibility for fixed-income assets affected by the interaction with its 2020 valuation rule.
Read the note →An AI trading study cannot resolve the small effect it cares about
The Price of Thought, a September 25 paper, reports detectable effects of 6.2–19.156 basis points per day against a 0.25-basis-point economic threshold.
Read the note →Arcesium’s MarketAxess integration
Arcesium's October 7 MarketAxess integration brings CP+ model pricing and TraX transaction data into Aquata and Opterra across 42,000 fixed-income instruments.
Read the note →Listen: reporting on Jane Street's internal power
The Big Take — “Inside the Enigmatic Firm That Rules Wall Street”, published October 9, 16 minutes.
Read the note →A trading clock that deserves its own cost model
Execution research: Keith Glennan’s October 9 OHLCV study.
Read the note →Listen: Quantedge
Asia Centric — “Inside Quantedge's 49% Surge and 20-Year Run”, Bloomberg Intelligence, October 7 · 19:40.
Read the note →Kite Lake expands into diversified credit
Kite Lake reportedly plans a Q4 Diversified Credit Fund, combining liquid global credit and convertible arbitrage under Damien Regnier, who joined in May from Tyrus.
Read the note →Hedge funds are trading different Septembers
The industry's September results are useful precisely because they refuse to form a single story.
Read the note →The IMF's crowding warning belongs in the portfolio meeting
Hedge funds now hold about $13 trillion in gross assets—roughly triple 2013—and around $40 trillion of gross notional exposure, according to the IMF.
Read the note →Hedge funds are not one trade right now
September split the industry in two. Fundamental equity long/short funds lost about 0.55%, while systematic equity long/short gained about 3.46%, its best month of 2026, according to performance data reported by Reuters.
Read the note →The gilt-repo argument is about where fragility lives
The Bank of England is considering wider central clearing and minimum haircuts in gilt repo.
Read the note →Tokenized markets arrive with a liquidity-clock problem
The IMF releases its analytical chapter on tokenization at 1:00 a.m. ET / 6:00 a.m. BST today.
Read the note →September’s multistrategy tape
Business Insider’s October 6 update puts Wellington at 1.1% for September, 13.4% year to date, Point72 at 0.2% and 10.9%, and Millennium flat for September.
Read the note →Keep in the loop
Good reading. On your terms.
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