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    Boxes and Lines

    A market structure podcast with Ronan Ryan and John Ramsay.

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    Latest Podcast
    Latest Podcast

    Ep.66

    Hedging Commodities

    with Rich Counsell of Stable

    August 1, 2022

    On this episode of Boxes and Lines, Ronan and JR chat with Eric ... er ... Rich Counsell, Founder and CEO of Stable and a former farm kid who didn't actually find his passion for agriculture until starting his finance career in commodities. Rich shares his insight on the commodities space and how his platform is tackling risk management for farmers and other businesses that are subject to volatile commodity prices. They also discuss the importance of timing in commodities risk management, the regulatory structure around Stable's business, and communicating with customers on their own terms. Recorded June 30, 2022.


    Ep. 65

    Market Structure North of the 49th

    July 11, 2022

    On this episode of Boxes and Lines, Ronan and JR speak with Doug Clark, Managing Director at TMX, and Peter Haynes, Managing Director at TD Securities –Canadians and friends since working together at TD in the early '90s. Needless to say, they're experts on the Canadian market. They share their insight on Canadian market structure, how it compares to the U.S., and why you maybe shouldn't compare the two. They also have advice for anyone looking to grow in the industry and tell classic tales of trading floor pranks. Recorded June 27, 2022.

    Ep. 64

    Launching a Stock Exchange

    with Paul Bauccio of IEX

    June 27, 2022

    On this episode of Boxes and Lines, Ronan and JR talk to IEX's Paul Bauccio, who has been with the company for nearly a decade. Paul joined the team after previously working at the New York Stock Exchange to help transition the company from an ATS to a national securities exchange. They discuss the new opportunities and responsibilities that came along with becoming an exchange, their experiences on Wall Street during 9/11, and shifting to a remote workforce during the pandemic.

    Ep. 63

    Trading the (Crypto) Future

    with Boris Ilyevsky of Coinbase

    June 6, 2022

    On this episode of Boxes and Lines, hosts John Ramsay and Ronan Ryan are joined by Boris Ilyevsky, former Head of Market Development at IEX Exchange who is now the Director of Derivatives Product at Coinbase. They discuss his thoughts on futures trading for retail investors, crypto futures and regulation, and the evolution of fintech over the past decade.

    Ep. 62

    An Industry Divided

    with Shane Swanson of Coalition Greenwich

    May 23, 2022

    On this episode of Boxes and Lines, JR and Ronan chat with Coalition Greenwich Senior Analyst Shane Swanson about the results of a recent survey of sellside market participants that Coalition Greenwich conducted in partnership with IEX Exchange. The survey uncovered interesting insights about perspectives on market structure topics such as the rise of retail trading, exchange rebate tiers, and SEC priorities, as well as questions around how firms are assessing the blockchain and digital asset space. Recorded April 19, 2022.

    Ep. 61

    Weird Alliances, Competition, and Token Regulation

    with J.W. Verret of the Antonin Scalia Law School

    May 9, 2022

    On this episode of Boxes and Lines, hosts Ronan Ryan and John Ramsay are joined by J.W. Verret, Associate Professor at the Antonin Scalia Law School and an expert on the SEC and fintech space. They discuss the history of disagreements between market participants and the SEC, governing the Web3 ecosystem, and using crypto for social good. Recorded March 8, 2022.

    Ep. 60

    From Bogle to Bitcoin (ETFs)

    with Eric Balchunas of Bloomberg Intelligence

    April 25, 2022

    On the latest episode of Boxes and Lines, Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence and co-host of Bloomberg's "Trillions" podcast, joins Ronan and JR to tell us about larger-than-life Vanguard founder Jack Bogle, who reshaped the way millions of people invest their money. Bogel is the subject of Eric's new book "The Bogle Effect," out on April 26. They also chat about the history and prospects for Bitcoin ETFs, as well as Russia ETFs. Recorded April 7, 2022.

    Ep. 59

    Experiments, Tiers, and Calculated Risks

    with Eric Stockland of BMO Capital Markets

    April 11, 2022

    On this episode of Boxes and Lines, hosts John Ramsay and Ronan Ryan are joined by Eric Stockland, Managing Director, Global Markets at BMO Capital Markets and former Chief Strategy Officer at IEX, for a down-to-the-nitty-gritty trading discussion! They discuss the impact of tiny increments of speed in today's market, maximizing outcomes for clients through experimentation, the importance of taking calculated risks, rebate tiers, and prioritizing people over algorithms. Recorded March 24, 2022.

    Ep. 58

    VC and Web3

    with Matt Harris of Bain Capital Ventures

    March 14, 2022

    On this episode of Boxes and Lines, hosts John Ramsay and Ronan Ryan are joined by Matt Harris, Partner at Bain Capital Ventures and an investor in IEX! With over two decades of experience investing in fintech, Matt shares his insights on the evolution of the space, the challenges of going public, the emerging Web3 ecosystem, and running a company post-pandemic. Recorded on February 24, 2022.

    Ep. 57

    The Stock Market's Morning Routine

    with Ramon Gonzalez of IEX Exchange

    February 14, 2022

    While you were still sleeping, the stock market was busy getting ready for the day. Ramon "Ray" Gonzalez, Head of Technology Operations for IEX Exchange, joins Ronan and JR to walk us through the checklist his team goes through every day – starting at 4 am – to get the market ready for smooth sailing. Plus, they delve into "bare metal" infrastructure, data centers, and the potential for exchanges to move into the cloud. Recorded January 31, 2022.

    Ep. 56

    The FYI on ESG

    with Paul Bodnar and Eric Van Nostrand of BlackRock

    January 24, 2022

    It may be a cliché to say that younger generations care more about "purpose," but when over 70% of U.S. investors are expressing interest in sustainable investing, there's obviously money on the line. Paul Bodnar and Eric Van Nostrand of BlackRock joined us during the fall edition of #BoxesAndLinesLIVE for an on-the-ground discussion of sustainable and social impact investing and the end retail investor. Recorded October 11, 2021.

    Ep. 55

    Fact, Fiction, and Finance:

    Hamilton and Burr

    January 10, 2022

    Think you know the story of Alexander Hamilton and Aaron Burr? Think again. Andy Kaplan, former partner at Greenlight Capital and Partner at Freedom's Edge Cider in Maine joins guest host and IEX colleague Jayme Abrahamsen to tell us what gets missed in one of America's founding myths – and why we should care. Recorded December 7, 2021.

    Ep. 54

    Are you there Instagram? It's us, Wall Street

    with Ri Sharma (Founder, Wall Street Confessions) and Brian Hanly (CEO, Bullish Studio)

    December 20, 2021

    As part of our #BoxesAndLinesLIVE event in October, Ronan and JR were joined by Ri Sharma, the voice behind Instagram's @wallstreetconfessions, and Brian Hanly, the CEO of media company Bullish Studio, to discuss the social media and finance culture. Tune in for a no-holds-barred conversation about how Wall Street is changing for better or worse, how financial professionals are getting their news and information today, and how the online and social media conversation has evolved. Recorded October 13, 2021.

    Ep. 53

    DeFi and Blockchain Finance

    with Dave Olsen of Jump Trading Group

    December 6, 2021

    Dave Olsen, President and CIO of Jump Trading Group, joins Ronan and JR to discuss smart contracts, DeFi, the Solana blockchain, and how the Pyth Network is bringing financial data into this ecosystem. Recorded October 27, 2021.

    Ep. 52

    Shareholder Stewardship

    with Amy Borrus of the Council of Institutional Investors

    November 22, 2021

    "Asset managers have stepped up." So says Amy Borrus, the Executive Director of the Council of Institutional Investors, in her conversation with Ronan and JR. In this episode, we dive into how say-on-pay changed the game, dual-class share structures, and how today's workforce is demanding value-based change. Recorded October 20, 2021.

    Ep. 51

    European Markets, Post Brexit

    with Niki Beattie of Market Structure Partners

    November 8, 2021

    Niki Beattie, CEO and Founder of Market Structure Partners and Non-Executive Chairman of XTX Markets and Aquis Exchange (among other corporate governance roles), joins us from the United Kingdom to give Ronan and JR the 411 on equity market structure in the European Union and UK post Brexit. We're diving deep on regulators, dark pools, systematic internalizers, consolidated tapes, retail trading, and more. Recorded October 5, 2021.

    Ep. 50

    Ape Nation Comes to Wall Street

    with Dave Lauer and Matt Kohrs

    October 20, 2021

    In our latest #BoxesAndLinesLIVE series, we took on the meteoric rise of retail trading over the past year. Since the start of the meme stock phenomenon, a new generation of retail traders have taken to Reddit forums to exchange stock (er, "stonk") tips and flood the social media airways with theories about Wall Street. Meanwhile Bloomberg IBs fly with speculation about what the mysterious "retail community" really understands about how the markets work. But we don't need to live in the dark any longer! Dave Lauer and Matt Kohrs join us to break down those barriers and serve as inside interpreters between retail and institutional trading. Recorded October 11, 2021.

    Ep. 49

    Measuring the 15-Microsecond Dash

    with Professor Eric "Batch" Budish

    August 16, 2021

    Ronan and JR are joined by Eric Budish, the Steven G. Rothmeier Professor of Economics at the University of Chicago Booth School of Business, to break down the methodology and results in his paper "Quantifying the High-Frequency Trading 'Arms Race,'" his well-known batch auction market design, and the usefulness of putting a dollar value on vaccine capacity. Recorded July 28.

    Ep. 48

    Benchmarks and Baseball

    with John Cosenza of Goldman Sachs

    July 26, 2021

    John Cosenza, Head of Americas Electronic Trading and Global Co-Head of Electronic Products for Goldman Sachs, joins Ronan and JR to dig into the factors shaping trading dynamics in 2021, from the erosion of displayed liquidity to fragmentation to tick sizes – and some sports statistics on the side. Recorded June 30.

    Ep. 47

    The Legislative and Regulatory Balancing Act

    with U.S. Congressman Jim Himes

    July 07, 2021

    Congressman Jim Himes, a leading voice on the House Financial Services Committee, joins Ronan and JR for a discussion of retail trading, cybersecurity, and the 2021 DC landscape. We dig into the factors and interests at play, and discuss potential solutions, compromises, and opportunities for finding consensus in a polarized environment. Recorded June 11.

    Ep. 46

    I Heart NYC Real Estate

    with Sarah Gibbons-Scheets and Spencer Levy of CBRE

    June 14, 2021

    In our first #BoxesAndLInesLIVE series, we took on the big questions from every New Yorker: What will post-Covid NYC look like? What's the health of the real estate market in the city? And when will we be back in the office? Experts Sarah Gibbons-Scheets and Spencer Levy from CBRE, the world's largest commercial real estate services and investment firm, joined Ronan and JR from CBRE, to weigh in on the trends they're observing, the outlook for growth, and the indicators they'll be watching most closely in the coming months. Recorded March 25.

    Ep. 45

    Metaphysics and Philosophy

    with Anthony Scaramucci of SkyBridge Capital

    June 01, 2021

    Anthony Scaramucci, Founder of SkyBridge Capital (and host of podcast Mooch FM) joins Ronan and JR to take on the big questions of life and finance. The differences between Wall Street and DC, the inevitability of the GameStop trading phenomenon, the character of post-pandemic NYC, and of course, the SALT conference – it's all here. Recorded May 10.

    Ep. 44

    The Big Squeeze

    with Danny Moses, Porter Collins, and Vinny Daniel

    May 17, 2021

    Nearly 14 years out from the 2008 financial crisis, the protagonists of The Big Short – Danny Moses, Porter Collins, and Vinny Daniel – joined Ronan and JR as part of our first #BoxesAndLinesLIVE event. From GameStop to crypto to short selling, it's a frank discussion of what's keeping them up at night and what they see as the biggest opportunities this year. Recorded March 23.

    Ep. 43

    Getting It Done

    with Ty Gellasch of Healthy Markets

    May 03, 2021

    Ty Gellasch, Executive Director of Healthy Markets, takes Ronan and JR through the equities issues that he expects the Gary Gensler-led SEC to tackle over the next few years and why he believes we might see the most aggressive SEC agenda in his lifetime. Recorded March 12.

    Ep. 42

    Bitcoin Bull, Bitcoin Bear

    with Lyn Alden and Mike Green

    April 19, 2021

    As part of our first #BoxesAndLinesLIVE event, Lyn Alden and Mike Green joined Ronan and JR for an in-depth discussion of all things Bitcoin, from the underlying purpose, to security concerns, to the regulatory environment. Whether you're a bull or a bear, the discussion is sure to leave you with food for thought and perhaps some arguments for your next barroom (or Twitter) debate. Recorded March 24.

    Ep. 41

    The Geopolitics of Oil Markets

    with Helima Croft of RBC Capital Markets

    April 05, 2021

    Helima Croft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets, joins Ronan and JR to break down the geopolitical issues impacting oil markets today, from OPEC to the major areas of focus for the Biden administration to the dynamics of renewables (recorded March 18).

    Ep. 40

    A Not Unprecedented Year

    with Spencer Mindlin of Aite Group

    March 22, 2021

    Aite Group Senior Analyst, Capital Markets Spencer Mindlin joins Ronan and JR to dig into the market structure topics shaping up to take the spotlight in 2021 from short selling to settlement cycles to the shrinking universe of private companies.

    Ep. 39

    Minimum Quantity

    with Tori Dewey and Sean Spector of IEX Exchange

    March 08, 2021

    IEX's very own Sean Spector and Tori Dewey join Ronan and JR to debunk the conventional wisdom of minimum quantity with cold, hard data. Tune in to see Ronan and JR field a pop quiz on odd lots and stay for the breakdown of the impact of minimum quantity on adverse selection, information leakage, and opportunity cost. Want more on min quant? Check on Tori and Sean's full blog series here: https://medium.com/boxes-and-lines/do-minimum-quantities-maximize-performance-b376025a73cd

    Ep. 38

    Crypto Intro

    with Frank Chaparro of The Block

    February 17, 2021

    Frank Chaparro, Director of News at The Block, stops by to school Ronan and JR on the latest topics in crypto and digital assets, including the maturation of Bitcoin, institutional adoption of cryptocurrencies, the regulatory outlook, and comparisons to "traditional markets."

    Ep. 37

    The Future of Wall Street Culture

    with Occupy A Job on Wall Street

    February 01, 2021

    The anonymous protagonist of the "Occupy a Job on Wall Street" stories and podcast joins Ronan and JR to discuss his career beginnings, how Wall Street has transformed over the years, and his predictions for the future of trading, automation, and more (recorded January 12).

    Ep. 36

    Macroeconomic Policy Under the Biden Administration

    with Henrietta Treyz of Veda Partners

    January 19, 2021

    Henrietta Treyz, Managing Partner & Director of Economic Policy at Veda Partners, joins Ronan and JR to discuss the outlook for macroeconomic policy, legislation, buybacks, tariffs, and more in the Biden administration. Primary recording December 22, addendum recorded January 11.

    Ep. 35

    Doug Clark of Credit Suisse on his STA National Interview with Brett Redfearn

    January 04, 2021

    Before the SEC announced he was stepping down as the Trading and Markets Director by the end of 2020, Brett Redfearn sat down (virtually) with Credit Suisse Managing Director and Head of Americas Market Structure Doug Clark at STA National. Doug joins Ronan and JR to break down that interview and Brett's biggest accomplishments in the role (recorded October 14).

    Ep. 34

    2021 Regulatory Predictions

    with Chris Ekimoff and Kurt Wolfe of the PLI inSecurities Podcast

    December 21, 2020

    inSecurities podcast co-hosts Chris Ekimoff, Financial Investigations & Disputes Southeast Region Leader at RSM US LLP, and Kurt Wolfe, Regulatory Investigations & Enforcement Attorney at Troutman Pepper, join Ronan and JR to discuss potential areas of focus for the SEC in the Biden administration, including enforcement, buybacks, ESG – and of course, who might be sitting in the big chair at the SEC (recorded November 30). Additionally, for more information or to donate to the nonprofits mentioned on the episode, please visit the Network for Victim Recovery of DC (nvrdc.org) and La Cocina VA (lacocinava.org).

    Ep. 33

    JR Joins the PLI inSecurities Podcast

    December 21, 2020

    Check out our rebroadcast of this episode of PLI's inSecurities podcast, in which hosts Chris Ekimoff and Kurt Wolfe chatted with our own JR and Dan Eisemann of MFS about innovation in equity market structure and the nuances of algorithmic and high-frequency trading.

    Ep. 32

    Wall Street Culture

    with Arbitrage Andy

    December 14, 2020

    Arbitrage Andy continues the finmeme education of Ronan and JR, covering deal sleds, the fascination with notorious figures in finance, and the inspiration behind his pseudonym.

    Ep. 31

    Democratizing Fintech

    with Mazy Dar of OpenFin and Tim Baker of IEX Cloud

    December 07, 2020

    Mazy Dar, Co-Founder and CEO of OpenFin, joins Ronan, JR, and Tim Baker of IEX Cloud to discuss modernizing the desktop experience in finance, the new IEX Cloud Gateway app, and what it means to democratize app distribution.

    Ep. 30

    When the Buyside Outsources

    with Dave Dalzell and Lance Meyerowich of Dalzell Trading, Brian Moran of FLX Distribution

    November 23, 2020

    David Dalzell, CEO and Founder of Dalzell Trading, Lance Meyerowich, Chief Revenue Officer of Dalzell Trading, and Brian Moran, CEO and Founder of FLX Distribution, join Ronan and JR to talk about the reasons buyside firms consider outsourcing aspects of their trading and distribution functions, how COVID is forcing everyone to try an "outsourced" model, and the keys to successful partnership.

    Ep. 29

    Volatility and the Election

    with Mike Green of Logica Capital

    November 12, 2020

    On the afternoon of Election Day, November 3, Mike Green, Portfolio Manager and Chief Strategist at Logica Capital joined us for a live discussion about the growth of passive investing and what it means for the heterogeneity of the market and volatility.

    Ep. 28

    Enduring Trading Topics

    with Heidi Fischer of Instinet and Jenny Hadiaris of Cowen and Company

    November 10, 2020

    Heidi Fischer, Co-Head of Execution Services at Instinet, and Jenny Hadiaris, Global Head of Market Structure and Head of U.S. Electronic Trading Coverage at Cowen and Company, join Ronan and JR to discuss the topics that keep coming back, from inaccessible liquidity to the order protection rule, as well as the fierce, supportive community of women on Wall Street (recorded October 15).

    Ep. 27

    The State of Displayed Liquidity

    with Adam Inzirillo of Cboe

    October 26, 2020

    Adam Inzirillo, Head of North American Equities at Cboe, joins Ronan and JR to talk about the state of displayed liquidity, the challenges and benefits of remote work, and why being innovative as an exchange matters (recorded October 6).

    Ep. 26

    The Fleeing Liquidity Chicken

    with Jared Dillian of the Daily Dirtnap

    October 12, 2020

    Jared Dillian, Editor of The Daily Dirtnap, ​joins Ronan and JR to talk about his days on Wall Street, fractional shares, liquidity trends, and his syndicated radio show.

    Ep. 25

    The Invention of the VWAP

    with James Elkins of Golob Partners

    September 28, 2020

    James Elkins, Founding Partner of Golob Partners and Adjunct Professor at Arizona State University's W.P. Carey School of Business, joins Ronan and JR to discuss the evolution of the VWAP (Volume Weighted Average Price) benchmark and his experience over a 50+ year career in institutional trading and measurement.

    Ep. 24

    Financing a Sustainable Future

    with Achim Steiner of the UNDP

    September 14, 2020

    Achim Steiner, the Administrator of the United Nations Development Programme (UNDP), joins Ronan and JR for an in-depth conversation about development economics, the meaning of true global sustainability, and how IEX got involved in a task force on digital financing of the UN Sustainable Development Goals.

    Ep. 23

    Market Regulation

    with Scott Bauguess of the University of Texas

    August 31, 2020

    Scott Bauguess, Director of the Salem Center Program on Financial Market Regulation at the University of Texas, ​joins Ronan and JR to talk market regulation, his time at the SEC's Division of Economic and Risk Analysis (DERA), and the possible long-term effects of COVID-19 on financial markets.

    Ep. 22

    Market Making

    with Bryan Christian of Old Mission Capital

    August 17, 2020

    Bryan Christian, Managing Director, Head of Institutional Services at Old Mission Capital, joins Ronan and JR for a conversation about the evolving role of a market maker, the 30th anniversary of ETFs, and the importance of adaptability in volatile markets.

    Ep. 21

    Investor Relations

    with Tim Quast of Modern IR

    August 03, 2020

    Tim Quast, founder and CEO of Modern IR, joins Ronan and JR for a discussion on what investor relations pros should know about market structure and stock exchanges, and the importance of market intelligence in the world of IR.

    Ep. 20

    Market Data Wars

    with Benjamin Connault, Economist at IEX

    July 20, 2020

    Benjamin Connault, Economist at IEX, joins Ronan and JR for an in-depth discussion of market data history and the commercial, regulatory and legal developments around U.S. equities market data products and their prices over the past 20 years.

    Ep. 19

    Hot-Button Trading Topics

    with David Cannizzo of Raymond James and Vlad Khandros of UBS

    July 13, 2020

    David Cannizzo, Managing Director, Head of Electronic Trading and Market Structure at Raymond James, and Vlad Khandros, Global Head of Market Structure & Liquidity Strategy and Global Co-Head of Principal Investments & Strategic Ventures at UBS, join Ronan and JR to talk about trading during periods of volatility, market data reform, and opening and closing auctions with a closed NYSE floor.

    Ep. 18

    Options Trading

    with Boris Ilyevsky of IEX

    June 29, 2020

    Boris Ilyevsky, who leads market development at IEX, joins Ronan and JR to chat about the inner workings of the options market, the complexity of exchange pricing models, and floor-based trading in the options space.

    Ep. 17

    ESG Analysis

    with Erika Karp, CEO of Cornerstone Capital Group

    June 08, 2020

    Erika Karp, Founder and CEO of Cornerstone Capital Group, chats with Ronan and JR about sustainable investing, embracing the UN's Sustainable Development Goals, and ESG analysis as an investment discipline (recorded May 18).

    Ep. 16

    Market Structure Matters

    with Anna Kurzrok of BNP Paribas

    May 26, 2020

    Anna Kurzrok, Director and Head of U.S. Market Structure at BNP Paribas CIB, joins Ronan and JR to expand on her signature market structure research notes in a discussion around buybacks, odd lots, and the implications of the SEC's market data proposals (recorded before release of May 6 SEC orders).

    Ep. 15

    Liquidity in the Covid-19 Crisis

    with Hitesh Mittal of BestEx Research

    May 18, 2020

    Hitesh Mittal, Founder & CEO of BestEx Research, shares his team's findings on the state of liquidity in U.S. equities through the ongoing Covid-19 crisis, plus his thoughts on the SEC's recent order to revamp SIP (Securities Information Processors) governance. Ronan and JR are also joined this week by guest host, our own Chief Strategy Officer Eric Stockland.

    Ep. 14

    Transparency during a Pandemic

    with Meredith Cross of WilmerHale

    May 11, 2020

    Meredith Cross joins Ronan and JR to talk about corporate disclosures during the pandemic, how today's crises compare to the financial crisis, and how JR lightened the mood at senior staff meetings at the SEC. Former Director of the SEC's Division of Corporation Finance, Meredith Cross is currently a Partner at WilmerHale - where she advises companies on disclosure, corporate finance securities law, and corporate governance.

    Ep. 13

    Rising to the Occasion

    with Elisse Walter, 30th Chair of the SEC

    April 27, 2020

    The Honorable Elisse Walter, 30th Chair of the U.S. Securities and Exchange Commission, knows crisis management. This week, she joins Ronan and JR to share what she's learned from a career in financial regulation - including through times of turmoil in 1987 and post-911, to the 2008 financial crash.

    Ep. 12

    Finmeme 101

    with Litquidity

    April 20, 2020

    Litquidity dives deep into finmeme culture with Ronan and JR, talking about the reason for his anonymity, what it's really like to be on the sellside, and a deep etymology of "whomst."

    Ep. 11

    The Buyside Advocate

    with Melissa Hinmon of Glenmede

    April 13, 2020

    Melissa Hinmon, Director of Equity Trading at Glenmede Investment Management, chats with Ronan and JR about outsourced trading, adding irreplaceable value at work, and why she decided to take the "not-so-friendly route."

    Ep. 10

    Unpopular Opinions

    with Sal Arnuk and Joseph Saluzzi of Themis Trading

    April 07, 2020

    Sal and Joe of Themis Trading share with Ronan and JR why they speak their minds in public, the biggest problems in market structure, and their deep fear of windbreakers.

    Ep. 9

    Uncharted Territory

    with Ronan and JR

    March 20, 2020

    Ronan and JR answer your questions about how the stock market operates in times of crisis, market-wide circuit breakers, and why it doesn't make sense to shut down the market or ban short sales.

    Ep. 8

    Exchange Operators 2020

    with Bryan Harkins from Cboe Global Markets

    March 10, 2020

    Competitors can get along, especially over a beer. Bryan Harkins, Cboe's Head of Markets, joins Ronan and JR to chat about the Cboe Market Close, Wall Street Rides FAR, and what increased exchange competition will mean for market structure in 2020.

    Ep. 7

    How Markets Change

    with CEOs Tim Mahoney and Jonathan Clark of BIDS and Luminex

    February 18, 2020

    Tim and Jonathan walk through the action-packed 20+ years that led to the creation of BIDS and Luminex – two alternative trading systems that specialize in large block trading.

    Ep. 6

    Buyside Detectives

    with Mett Kinak from T. Rowe Price

    January 27, 2020

    Ronan and JR chat with Mett Kinak about how (and why) the buyside model is changing, the great rebate debate, and why some people might really benefit from a shorter trading day.

    Ep. 5

    Beyond The Big Short

    with Danny Moses, Porter Collins, and Vinny Daniel

    January 07, 2020

    Ronan talks with Danny, Porter, and Vinny about what it's like being a character in a Michael Lewis book, why traders have to become detectives, and what the market should be paying attention to nearly a decade after The Big Short.

    Ep. 4

    What the Buyside Wants

    with Richard Johnson of Greenwich Associates

    December 2nd, 2019

    Best ex is in the eye of the beholder...or is it? We're breaking down Greenwich Associates' new study on how the buyside thinks about best execution, joined by Richard Johnson and our own Chief Strategy Officer Eric Stockland.

    Ep. 3

    Losing the Plot

    with Doug Cifu, CEO of Virtu Financial

    November 11, 2019

    Doug Cifu chats with Ronan and JR about 606 reporting, the future of analytics at Virtu, and how his past as a fashion lawyer(!) informs his work.

    Ep. 2

    Market Data Dumpster Fire

    September 26, 2019

    It's one of the hottest debates in market structure today: exchange market data. From how much it costs ($$$) to who has to buy it (in practice), we're digging deep on how we got here, what's changed, and the way forward.

    Ep. 1

    Speed Bumps Are Not Created Equal

    September 26th, 2019

    In the beginning, IEX added a speed bump to its Alternative Trading System (ATS) with the goal of protecting investors. Today, it feels like every exchange has one. What gives?


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