Markets Weekly Notes
Jun 8 – Jun 14 · 2026-W24
3 events this week
⚡⚡ FinCEN expands 314(b) to fraud Compliance
⚡⚡⚡ TRIPLE HEADER Markets
🔄 Quiet week Data Engineering
🧠 Feynman Takeaway
SEC proposes rescinding Reg NMS Rule 611. 0DTE hits 1/3 of all options volume. Retail options hit $6.8B daily. S&P concentration at record 40%.
SEC Proposes Rescinding Reg NMS Rule 611
In plain English
The SEC proposed rescinding Reg NMS Rule 611 (Trade-Through Rule) and Rule 610(e) (locked/crossed markets) — the most significant equity market structure deregulation since the 2005 adoption of Reg NMS itself. The comment period was open for 60 days.
Analogy
Imagine the government saying 'the rule that says you can't trade through a better price is now optional.' That's what rescinding Rule 611 does — it removes the requirement that orders must be routed to the venue showing the best price.
Why it matters
This was the most consequential market structure proposal since decimalization. If implemented, it would fundamentally change how US equities are traded, who gets the order flow, and how markets ensure best execution.
0DTE Now 1/3 of All Options Volume
In plain English
Citadel Securities reported that zero-days-to-expiry options now account for 1/3 of all listed options volume. Retail options premium reached $6.8B daily. These are structural, permanent shifts in the options market — not a temporary trend.
Analogy
0DTE options are like same-day delivery for financial bets. You can bet on where the S&P 500 will be by 4 PM today. They're now 1/3 of all options trading — which is like 1/3 of all packages being same-day delivery.
Why it matters
This changes everything about market structure: intraday volatility is amplified, market-making risk is concentrated in shorter timeframes, and the VIX is less reliable as a tail-risk hedge.
S&P 500 Concentration: Top 10 = ~40% of Index
In plain English
The top 10 stocks in the S&P 500 reached approximately 40% of total index weight — the highest concentration in history. Apple, Microsoft, Nvidia, Amazon, Meta, Alphabet (×2), Berkshire Hathaway, Tesla. Passive investors now had massive single-stock risk.
Analogy
The S&P 500 is supposed to be a 'diversified' index. But 40% of your money is in just 10 companies. It's like ordering a 'sampler platter' and getting 40% french fries.
Why it matters
This concentration risk was a ticking time bomb. If the top 10 stocks corrected, the entire index would fall — even if the other 490 companies were fine.