If you track prop trading, market microstructure, or regulatory enforcement in systematic markets, you should be reading Navnoor Bawa.

The standard of sourcing is unusually high — primary SEC filings, CFTC consent orders, risk.net primary quotes — not just Bloomberg summaries. Every numerical claim is sourced to the underlying document.

The current series on market making infrastructure covers the structural moat argument with more precision than most institutional research I've read on the topic.

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