Matt Levine, Columnist

NYSE Forgot to Open Yesterday

Also ESG securities fraud, SOFR adjustments and an Elon Musk capital raise that might not be oversubscribed.

January 25, 2023 at 7:35 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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The basic problem of the stock market is that a lot of people want to buy a lot of stock, and a lot of people want to sell a lot of stock, but not at the same time. I might want to buy 1,000 shares of Wells Fargo & Co. stock, and you might want to sell 1,000 shares of Wells Fargo five minutes from now. Our desires match up, but not in time, so we can’t trade with each other.

In theory, there are about three ways to deal with this.