Insights & Commentary

Market Structure

Sep 1 2018

The Most Important 15 Minutes of Your Day

From Cowen’s observations, there is no other area in the market where the shift in volume to the final 15 minutes has become more apparent or important than in small and mid-cap securities.  Moving institutionally-sized positions in less liquid and smaller cap securities has always proved challenging.  This is why the coalescing of liquidity, passive volumes, and active market participants at the end of the day has made this such an invaluable time to seek liquidity.