Bryan Christian on market microstructure
From Where market making meets market microstructure · · Sasha Stoikov
“This talk could have been called a tale of two time scales — one time scale on the one-day scale and one where you zoom into the millisecond or the second and start looking at what's happening there; it looks very different when you zoom in.”
On , Bryan Christian, CEO at Old Mission Capital, spoke about market microstructure during Where market making meets market microstructure on Sasha Stoikov.
About Bryan Christian
Bryan Christian, CEO of Old Mission Capital, appeared on a program in November 2025 where he stated that Marxism "hates Christianity" and views it as "part of the problem, if not the biggest problem in our culture." He argued that within Christianity, the nuclear family is sustained, which he said passes down "oppressive ideas" that maintain societal oppression. Christian asserted that "woke ideas" say Christianity is the problem and that Christians should not use "Marxist pagan ideas" as analytical tools, instead advocating for a "biblical worldview" to address issues. In a December 2023 talk at the International Association of Quantitative Finance, Christian discussed market making and market microstructure. He described market making as an algorithm that updates bids and asks, comparing it to "picking pennies in front of a tractor" that can seem safe until it is not. He noted that in cryptocurrencies, volatility can "blow up very fast" and that open-source market making code used in crypto accounts for this. Christian also observed that the "colorfulness and humanity" of markets is disappearing as they become automated, turning into "a very cold data center rather than the vibrant trading floor."