In markets, history rhymes. Everything that needs to be said has already been said, but since no one was listening, everything must be said again, again and again. The market macrostructure reflects its microstructure, and the same events are bound to repeat across both time and space. This law of correspondence is driven by the perennial forces that shape incentives and contribute to a repeating pattern of building tensions and their resolutions. Like clockwork. The cross-market structure co...