Stay ConnectedIn today’s equity markets, the devil’s in the details. This is a podcast for traders, asset managers, and anyone who wants to understand the machinations, politics, and incentive structures underpinning our shared markets.
With irreverence and insight, IEX’s Ronan Ryan and John “JR” Ramsay hold court on market structure with Wall Street’s most savvy market practitioners, sharing their insiders’ view on how Wall Street really works. You’ll never trade the same way again.
Copyright: © Copyright 2021 Boxes and Lines
In this episode of Boxes and Lines, Ronan and JR sit down with Rusa Goletiani, a chess champion turned FX trader at BlackRock. Rusa shares her incredible journey from learning chess as a young girl in Georgia (the country, not the state!) to fleeing her war-torn homeland with nothing but her beloved chess notebook in the early ‘90s. Hear how chess helped her escape and thrive, how it influenced her career in finance, and why she believes decision-making under pressure is the secret cause for both chess and trading. Plus, you’ll get Rusa’s thoughts on her favorite pre-game rituals, and how she coaches the next generation of players, especially girls.
AI could change how businesses operate forever – but do executives truly understand how to harness its power and uncover patterns in their data? Former KX Managing Director Conor Twomey stops by to discuss how his new venture, AI1, will help businesses make the right AI investments to capitalize on the technology. Conor also covers the finer points of building an AI prompt, what’s really going on behind “hallucinations,” and what the Christopher Nolan masterpiece “The Prestige” says about the AI revolution.
In this special episode of Boxes and Lines, we’re switching things up. Guest host Jayme Abrahamsen from IEX’s business development team takes over the mic to chat with Patrice Meagher, founder of MilkMate. Patrice shares the story behind MilkMate , a company dedicated to providing solutions for nursing mothers in the workplace. Tune in as Jayme and Patrice take a closer look at how industries like finance—often male-dominated—can benefit from adopting more inclusive parental support policies.
The proceeds from Norway’s oil and gas industry have reached $1.7 trillion – so how do its leaders manage that wealth to its citizens’ benefit? Emil Framnes, Global Head of Equity Trading and Transition at Norges Bank Investment Management, talks with Ronan and JR about how the fund invests that wealth across the more than 40 countries he and his team oversee. (Fun fact: The value of the fund per Norwegian, Framnes says, is about $200,000.) The trio also touches on topics including lit vs. dark trading, Norges’ bank’s perspective on market structure reform and whether or not we should accept chocolate as currency. The answer is yes.
In this special, shorter “Boxes and Lines Lite” episode, Ronan and JR break down the ins and outs of penny stocks, also known as sub-dollar trading. From their speculative nature to the surprising number of these low-priced stocks trading on major exchanges, they explore why penny stocks are both risky and, at times, deceptive. With JR’s insider knowledge from his days at the SEC, they also touch on Virtu’s recent recommendations to the Commission on tightening the rules around penny stocks, including limiting insider dilution and cracking down on manipulation. Tune in for a whirlwind chat on trading, regulations, and what's really the deal with these tiny tickers.
Related IEX Reading: IEX Square Edge | Saving Your Pennies: The Increasing Influence of Low-Priced Stocks in U.S. Markets
IEX Square Edge | Tiny Tickers, Big Drama
IEX Square Edge | What the Rise in Subdollar Stock Volume Means for Institutional Trading
JR and Ronan interview IEX interns Annie, Shay, Alex, and Rory from our class of Summer 2024 with a twist: the interns are also asking some questions. As the co-hosts get in the hot seat, we hear what kept Ronan and JR up at night early in their careers, as well as their advice for the interns as these budding pros build their career paths.
In this episode of Boxes and Lines, we’re joined by Patrick Young, trader, media pundit and author of late nineties fintech harbinger "Capital Market Revolution." Two decades after predicting the digitization of finance, Patrick reflects on how his forecasts have played out and what he got right, wrong, and how his lateral thinking has been both a blessing and a curse. Ronan and JR get his thoughts on AI handwringing, comparing it to the Y2K fears of the past, and explore how today’s technological anxieties and millennial solipsism might shape tomorrow’s markets. Patrick also shares insights from his daily newsletter, Exchange Invest, where he delivers a cheeky take on the latest in market infrastructure. Hit play and look for Patrick the next time you’re watching House Hunters International.
Note**: this episode was recorded before President Biden announced he wouldn’t be running for a second term ** We’ve got another predictions episode for you this season – this time with legendary economist Dr. Nouriel Roubini, who was given the warm and fuzzy nickname of 'Dr. Doom' by the media for his prescient prediction of the 2008 financial crisis. Dr. Roubini, a bestselling author and professor at NYU’s Stern School of Business and an expert in global economics, talks about the impact of the upcoming election, what each candidate might bring to their presidency, and shares his thoughts on crypto, blockchain, and AI. He also discusses his new book, “MegaThreats,” and, in a change of pace, gives some tips on living a long, fulfilling life. Whether you agree or disagree with his viewpoints, this episode will definitely get you thinking about your own predictions for November. (Or possibly reaching for a nice stiff drink.)
24/7 trading – it’s the topic JR and Ronan love to hate and, according to a recent wave of press this year covering Wall Street’s wariness to adopt it, they’re not alone. But does everyone need to get with the program? Many retail brokers, including Robinhood and Interactive Brokers, offer 24-hour trading on weekdays for US stocks, and start-up 24 Exchange, backed by Steve Cohen’s Point72 Ventures fund, is seeking SEC approval to launch the first always-on exchange. In this new short “Lite” episode with JR and Ronan, they break down the arguments for and against round-the-clock trading and weigh in. Recorded July 23, 2024.
Boxes and Lines is back from a summer break with new episodes, kicking off with this special edition featuring two legendary Irish Olympic runners, Eamonn Coghlan and Gerry O'Reilly. Running has been on Ronan Ryan’s mind lately, as he’s gearing up for a charity 10K race in November for GOAL, a global humanitarian organization, as part of the Great Ethiopian Run. As the chair of GOAL USA’s Board of Directors, Ronan will join 45,000 other runners in Africa’s largest road race to help GOAL address poverty, hunger, disease, and conflict in Ethiopia. Tune in to hear Ronan receive running tips from Eamonn and Gerry, along with some encouragement from JR via his attempt at an Irish accent. If you’d like to support Ronan and the work of GOAL, visit goalus.org. Recorded July 11, 2024.
This time, it’s personal. JR and Ronan’s spouses, Nick Buzard and Kara Ryan, join the show to discuss their kids, pets, their experiences navigating work-from-home life during COVID, and their advice for all newlyweds at IEX (and those listening!). For the final segment, the couples put their knowledge of each other to the test in a lightning round of the ‘Newlywed Game’ where the rules get quickly thrown out the window. Who comes out victorious? And will you still want to share chips and dip at a party with JR after you listen? Find out on this week’s Boxes and Lines. Recorded May 1, 2024.
In this episode of Boxes and Lines, Ronan and JR chat with Alex Kane, CEO of sports betting exchange Sporttrade. He breaks down how Sporttrade incorporates features similar to traditional elements of trading and stands out from traditional sportsbooks by offering lower costs and more control to users. He also discusses the challenges of expanding the company amid the patchwork of U.S. gambling laws, as well as elements designed to protect consumers and Sporttrade’s more unique features like in-play betting. JR goes full “Godfather” and asks about horse heads in beds and kneecapping. We’re going to make you an offer you can’t refuse – hit play on this ep! Recorded May 9, 2024.
Join us for the 100th episode of "Boxes and Lines" as hosts Ronan Ryan and John Ramsay celebrate this milestone with IEX’s Chief Marketing and Communications Officer, Marija Zivanovic-Smith. In this special edition, we venture down memory lane with live reactions to memorable clips from the past five years. We’ve highlighted all the best moments, from early technical glitches to the time Ronan mistakenly called a guest by the wrong name for several minutes, and the playful squabbles between our hosts that fans know are really just one big thinly veiled lovefest. Cheers to 100 episodes and 100 more. Thanks for listening. Recorded April 17, 2024.
The “vanguard of Vanguard,” Gerry O’Reilly, stops by to chat with Ronan and JR to discuss the Vanguard Total Stock Market Index Fund ($1.6 trillion in AUM), his 30 years at the firm, and how the industry has evolved during his tenure. The three also touch on the proposed updates to Reg NMS by the SEC, AI, and cryptocurrency in a broad-ranging hot topics segment. Not to bury the lede, but Gerry also makes Boxes and Lines history as our first guest who is a former Olympian and talks about his experience representing Ireland in the men’s 1500 meters at the 1988 Summer Olympics. All this – plus Ronan making it through an entire episode without swearing – on Boxes and Lines. Recorded March 6, 2024.
The man, the myth, the legend - market structure expert Larry Tabb joins Ronan and JR to talk shop about crypto, AI, and hot-button topics including access fees, tick increments, and the SEC's regulatory direction. They also discuss the challenges of moving to T+1 settlement and whether sub-dollar trading is a “scam.” It’s a must-listen episode for the true market structure (and carpentry) wonks out there. Hit play and pull up a chair at the Larry Tabb table. Recorded February 1, 2024.
This week, Ronan and JR are joined by Ellen Correia Golay, a Treasury markets advisor at the New York Federal Reserve Bank and an expert in U.S. Treasury market structure and fixed income. Ellen dispels the gold heist myths of Die Hard 3, takes a closer look at all-to-all trading in Treasury markets, and discusses the SEC’s recent adoption of rules that could require principal trading firms to register as dealers. Recorded February 7, 2024.
Ronan and JR welcome back Chris Ekimoff and Kurt Wolfe, co-hosts of the 'inSecurities' podcast, to talk shop about the latest in securities regulation. With Chris's forensic accounting expertise and Kurt's background in law and SEC enforcement, they discuss the SEC's cautious stance on predictive analysis, industry reactions, and the effects of what some call the SEC’s 'regulation by enforcement' approach in the crypto space. Later in the show, they discuss how lawyers can protect their mental health in an industry where 24/7 work and availability is the norm, as well as the financial advice they’d give to their younger selves. Recorded January 16, 2024.
Join us for a special episode of Boxes and Lines, featuring Neal Freyman and Toby Howell of the wildly popular newsletter, the Morning Brew. Listen as JR and Ronan learn how they’ve helped re-shape business news, making it digestible for millennials and Gen Z - or should we say, Zillennials - from its humble beginnings as a cheat-sheet at the University of Michigan to becoming a digital media powerhouse under Business Insider. Neal and Toby discuss the changing habits of media consumption, the craft of simplifying complicated or niche business and financial news, and the time Toby accidentally purchased $40,000 worth of Sherman Williams stock. Tune in for a lively conversation on the impact of media in finance and the work that goes into a daily podcast and newsletter, starting with arriving to the office at an eye-watering 4:45 a.m. Recorded January 11, 2024.
Join Ronan and JR as they kick off 2024 with Dave Nadig, a “Financial Futurist” for ETF Trends and ETF Database, and an all-around expert in the ETF industry. In this episode, Dave shares his predictions for the year, discussing the election's impact on investments, the prospects of ESG and clean energy, the implications of SEC-approved Bitcoin ETFs, challenges in active ETFs, insights on Cathie Wood’s ARK in 2023, and the role of AI in finance. Get out your crystal balls out and compare your notes on what lies ahead with Dave on this special episode. Recorded January 9, 2024.
Shelley Eleby, Managing Director and Head of Marketing for Electronic Trading at BMO Capital Markets, joins Ronan and JR to talk strategy and the key to strong branding in an era of shrinking screen sizes and attention spans. An industry veteran, Eleby discusses her wariness of AI and the “shiny penny” effect it seems to be having across all aspects of business, including finance. Eleby and BMO’s focus is, instead, on market microstructure, an area where the company is experimenting to understand how new trading tactics play out in real markets. She reflects on her career journey, the role of corporate culture, and the importance of diversity in finance. Her advice for women in the industry: know your product deeply and always ask 'why.' Recorded December 7, 2023.
Amy Magnotta brings her expert take on the state of equity markets to the pod as we approach 2024. The Co-Chief Investment Officer at Ategenos Capital sheds light on everything from the fed's stance on interest rates, alpha drivers and the promising outlook for Japan, and potential tailwinds from the U.S. Infrastructure Investment and Jobs Act. As 2024 looms as a “spicy” election year, Amy shares her strategies for navigating these politically choppy waters. Recorded December 5, 2023.
Ronan and JR are joined this week by Michael Seigne, a finance industry veteran with extensive experience in equity execution, and the founder of Candor Partners Limited. Listen as Michael breaks down the intricacies of corporate share buybacks and how these hotly debated practices influence shareholder value and corporate governance for public companies. Recorded November 16, 2023.
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.
Jim Toes, President and CEO of the Securities Traders Association and a leading voice in market structure, joins Ronan and JR on the pod this week. Jim gives the guys a sneak peek of what's on the docket for STA’s 90th Annual Market Structure Conference, and also discusses the rise of stablecoins and Bitcoin ETFs, his thoughts on the SEC's proposed market structure reforms, the implications of a 24-hour trading day, and the greatest moment in the Big Short. Recorded October 3, 2023.
Anna Kurzrok, managing director of market structure at Jefferies, joins Ronan and JR to dive into the nuts and bolts of U.S. equities market structure. They chat about what the SEC's market structure proposals will mean for the big institutional players and everyday traders, the trajectory of AI in trading, the fragmentation of trading venues, and what's going on with off-exchange trading. Recorded August 29, 2023.
Barry Ritholtz, CIO of Ritholtz Wealth Management, and host of the popular Bloomberg podcast “Masters In Business,” joins JR and Ronan to discuss lessons learned from the 2008 financial crisis, misconceptions about inflation, and how the best way to gain experience is through not getting what you want. Tune in for a deep dive into the financial markets with Barry, who reveals how his background in behavioral finance and his fearless approach when launching his blog, the “Big Picture,” earned him the reputation as “one of the most dangerous people in financial media.” Recorded August 8th, 2023.
JR and Ronan are joined by Giancarlo, Annabelle, and Dennis - three of IEX’s 2023 summer interns - for this special episode about the aspirations of America’s upcoming workforce. Though Gen Z had to navigate remote schooling during Covid, grappling with global warming, and witnessing seemingly constant political and economic shifts, this episode reveals that what’s on their mind might resonate more closely with previous generations than one might think. Recorded August 8th, 2023.
What needs to change about the finance industry in order to close the gender gap? What will the next generation of Wall Street leaders look like? How will Gen Zers shape workplace culture - and the finance industry? On the latest episode of Boxes and Lines, Ronan and JR are joined by Katherine Jollon Colsher, President and CEO of Girls Who Invest, to discuss the longstanding gender gap within the finance industry and how Girls Who Invest is providing young women access to resources and education programs in asset management. They also discuss the necessity of bringing diverse perspectives into the workplace, the importance of management training, and what intersectionality really means. Recorded July 19, 2023.
It’s the debut of “Dear Boxes and Lines,” our listener mailbag series in which Ronan and JR are answering listeners’ most pressing questions. What would JR and Ronan change about market structure if they could wave their magic wands? What’s the hardest thing about operating a stock exchange? Who are their dream guests? (Elvis, we’ll figure out how to get your invite sent to the Great Graceland in the Sky). Hit play and get to know Ronan and JR outside the boxes and lines. Recorded July 12, 2023.
Duncan Higgins, founder of Sustainable Trading, joins Ronan and JR to discuss what it means to “trade sustainably.” They also touch on the environmental impact of data centers, the creation and implementation of best practices for firms (should employees be powering computers with stationary bikes?), and the global effects of changes in ESG legislation. Recorded June 21, 2023.
We’re dipping into our archives for this episode of Boxes and Lines and revisiting our episode with Eric “Batch” Budish (nickname bestowed by us), the Paul G. McDermott Professor of Economics and Entrepreneurship at the University of Chicago Booth School of Business, whose groundbreaking paper, “The High Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response” has helped shape exchange design proposals in stock markets and futures markets. Featuring an updated intro from Ronan and JR. Original episode recorded July 28, 2021.
Ronan and JR are joined by Eric Stockland and Joe Wald of BMO Capital Markets on our latest episode to discuss the recent proposed market reforms by the SEC. Listen as they navigate the intricate web of regulations and the potential impact these reforms could have on the stock market, investors and the future of financial markets. Recorded April 5, 2023.
On the newest episode of Boxes and Lines, Ronan and JR chat with Dana Petitto, Managing Director of Brookfield Real Estate Group and CFO of Brookfield REIT. Dana discusses how she was able to strategically envision and implement growth in a functional way as her company’s portfolio has grown significantly during her 18-year tenure. The gang also talks about growing throughout the COVID-19 pandemic and how to navigate working from home while fostering an in-office culture. Dana describes her various roles in organizations that support women and mothers and the importance of providing support and networking opportunities for women in finance. Recorded March 28, 2023.
Allow us to introduce Dispatch, a digital commerce platform powered by Web3, and one of IEX’s portfolio of businesses. In this live interview at the Dispatch Studio pop-up (which took place during this year’s #NFTNYC), Ronan and JR talk to Byron Sorrells, CEO and Co-Founder of Dispatch, and Eugene Hu, Head of Global Partnerships at Ledger, about the fascinating intersection between blockchain “magic” and ecommerce, the current state of Web3 (and what it is, anyway), and the real-world uses cases it currently enables. Recorded April 12, 2023.
Ronan and JR are joined by Armando Diaz, CEO of institutional trading platform PureStream.Seeing a need for platforms that could better scale and be more efficient, Armando built PureStream from the bottom up with the hopes of making a difference in the industry.The group discusses what exactly goes into launching a venue, the biggest pain points in the world of institutional trading today - plus what's most exciting about it. Recorded on March 9, 2023.
Getting regular manicures is expensive and time consuming, inspiring Rachel Apfel Glass to found a subscription-based, waterless nail service in 2018 in New York City. Since then, ex-hedge funder Glass has grown her business to include various cities throughout the country. Listen as guest host and IEXer Jayme Abrahamsen returns to interview Rachel, discussing the genesis of her idea, what it’s been like as an entrepreneur and CEO in the space, and where Glosslab is headed in the future. Recorded March 1, 2023.
Aaron Brown, Bloomberg columnist and former managing director and head of financial market research at AQR Capital Management joins Ronan and JR on this episode of Boxes + Lines to chat about the intersection of poker and finance. Aaron deals some great insights into the mind of a professional gambler and the kind of thinking that makes not just a successful poker player, but a successful trader as well. He shares tales from the secretive world of pro poker in the 80’s and bets on the future of AI trading. Recorded February 21, 2023.
Steve Kaminsky of Jump Crypto joins Ronan and JR on this episode of Boxes + Lines to break down The Pyth Network, an oracle that acts as a bridge between on-chain and off-chain applications to provide crypto values and other market data. The group discusses the value of using Pyth and the benefits that come along with contributing data to the network. We also hear about the latest crypto trends to keep an eye on. Recorded January 19, 2023.
On the latest episode of Boxes + Lines, Ronan and JR welcome back Joe Saluzzi of Themis Trading. The group shares secrets to longevity that all founders can benefit from (staying relevant, for one!), as well as how to distill information for clients. They also discuss what goes into protecting client privacy, what changing tick sizes would mean for traders, and what would need to happen for institutional investors to get into crypto. Recorded October 05, 2022.
IEX's Jayme Abrahamsen and former Greenlight Capital partner and CEO and founder of Freedom's Edge Cider Andy Kaplan return to the podcast this week for a continuation of their conversation about our cultural fascination with Alexander Hamilton and Aaron Burr. This episode looks specifically at Burr, a one-time rising political star and U.S. vice president who by the end of his life was exiled to Paris and eating from garbage cans. Our guest hosts look at the blurring of Burr’s legacy over time, the re-writing of his history from dubious sources like Thomas Jefferson and Hamilton (who were his enemies), our modern need to view the founding fathers as emblems of power and unification (and the impact this had on U.S. currency) and why we've gotten so much wrong about Burr over the years. Recorded on November 30, 2022.
Last week the SEC unveiled the biggest proposed market reforms to U.S. market structure since Reg NMS was instituted in 2005, so Ronan and JR are unboxing each regulatory proposal just in time for the holidays. Rule 605, tick size, access fees, price transparency, retail auctions, best execution... with these proposals in the mix, it's going to be an exciting 2023. Recorded December 15, 2022.
On this episode of Boxes and Lines, Ronan and JR speak with IEXer Eric Quinlan, better known as Stack. Stack has been with IEX for nearly a decade and is currently the Senior Software Development Engineer in Test. They reminisce on how an impromptu coffee meeting turned into Stack’s unofficial-official job interview for IEX. They discuss developing and writing software to build testing tools for quality assurance and the human factors that need to be considered when creating software. We learn about the infamous Stacks Stumps that are always keeping fellow IEXers on their toes, and the unconventional hiring process of young talent. Recorded November 17, 2022.
It’s a new episode featuring guests from across the pond and bad impressions of their accents, guvnah! Ronan and JR sit down with Paul Humphrey and Dr. Elliot Banks of the UK-based historical data firm BMLL to find out what historical data really is, and how it helps us understand the behavior of markets in game-changing new ways. They also discuss BMLL’s unique access to insights, and the academic need for better financial data to help educate the next generation of quant talent. Recorded November 3, 2022.
On this episode of Boxes and Lines, Ronan and JR chat with Daniel Aisen and Allison Bishop, founders of Proof Trading, a new institutional equities execution platform launched in 2021. They are also former IEXers! They talk about algorithmic trading, hot topics in market structure, and Proof’s unique approach to radical transparency. Recorded September 20, 2022.
On this episode of Boxes and Lines, Ronan and JR talk to Ann Shuman, General Counsel of the DTCC (Depository Trust and Clearing Corporation) who previously served as the Deputy General Counsel of CME Group, the world's largest and most diverse derivatives marketplace. They talk about why the DTCC is critical and what its functions are, as well as different risks, settlements, and new rules in treasury clearing put forth by the SEC. Recorded on September 15, 2022.
Laurence Latimer joins Ronan and JR on this episode of Boxes + Lines as a former member of IEX the now CEO and Co-Founder of Dinara, an enterprise banking services solution that reimagines commercial banking services for the crypto economy. They discuss Dinara's core customer base and emphasis on customer experience. In addition, they cover the need for efficient exchange mechanisms during volatile times, the positives of crypto regulation and thoughts on the growth of stablecoins. Recorded August 9, 2022.
This week, Ronan and JR are going solo (duo?) for our 68th episode. They’re in fine form, going back through the genesis of Boxes and Lines, the trials and tribulations of sound quality, and some of our most memorable guests and moment. Tune in for some classic JR and Ronan banter and then dig into the archives for more. Recorded September 8, 2022.
On this episode of Boxes and Lines, Ronan and JR speak with IEX alum John Nunziati, who is now an Investor Relations Partner at Q4. They touch on the move toward the standardization of ESG reporting, existing SEC disclosure requirements, and the importance of planning for crisis scenarios. They also discuss how companies are thinking about expressing more controversial political or social stances in the current environment. Recorded July 18, 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.
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.
Listen to more Boxes and Lines episodes on https://exchange.iex.io/podcast/
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.
Listen to more Boxes and Lines episodes and learn more at https://exchange.iex.io/podcast/
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.
Listen to more Boxes and Lines episodes on https://exchange.iex.io/podcast/
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.
Listen to more Boxes and Lines episodes and learn more at https://exchange.iex.io/podcast/
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.
Listen to more Boxes and Lines episodes at iexexchange.io/podcast.
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.
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.
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.
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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.
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.
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.
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.
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.
“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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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
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.”
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).
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.
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).
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).
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.
Find more episodes of the inSecurities podcast and subscribe at pli.edu/insecurities.
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.
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.
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.
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.
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).
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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).
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 Processor) governance. Ronan and JR are also joined this week by guest host, our own Chief Strategy Officer Eric Stockland.
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