Occasional writing on execution, tax, microstructure and risk. Every post is written by the desk and signed by a named author.
How we interpret rising PTS trading in Japanese equities alongside falling dark-pool participation on TSE Prime.
A decision tree that begins with a simplification: three-year realized-gain annual average, marginal bracket, and tolerance for filing complexity.
Median slippage is not the single metric for broker selection. Definition, caveats, and an open share of our data.
A transparent share of internal-operations changes we made after the March 2026 BOJ statement.
We rebuilt non-resident onboarding since December 2025. What changed and why.
We're winding down v1 in phases and moving to v2 (through June 2026). Migration guide, breaking changes, latency benchmarks.
TSE Prime sector returns, Nikkei 225 constituent turnover, and the macro catalysts we're watching in 2026.
The correlation lift we frequently find in our weekly risk frame — despite portfolios appearing "diversified".