TD Securities' Reid Noch On What Prediction Markets, Tokenization, and 24/7 Trading Mean for Market Structure

Ronan Ryan and John Ramsey are joined by Reid Noch, Vice President of U.S. Equity Market Structure at TD Securities, for a wide-ranging conversation on three of the most talked-about (and most misunderstood) topics right now. Reid walks through how prediction markets are evolving beyond sports betting, why tokenization is as much a regulatory story as a technology one, and how changes in settlement, liquidity, and market hours could reshape participation across retail and institutional trading. 

ETF.com's Dave Nadig is back on Boxes and Lines for our annual check-in on what's going to actually matters in markets for the year ahead, even if we never quite get to a formal list of “predictions.” Instead, Ronan and JR talk with Dave about what the last year revealed: record ETF flows and launches, what feels like a wild-west phase of financial innovation, rising speculation, and the blurring line between active and passive investing. They also explore tokenization, regulation, and why ETF plumbing may be sturdier than many critics assume. Social posts: 

In this very special holiday edition of Boxes and Lines, Ronan and JR once again hand over the mics to the people who know them best (and roast them best), their spouses. Back by popular demand, Kara Ryan and Nick Buzard join the show for a special holiday edition of Boxes and Lines' spouses interviews. This episode features Nick’s incredible recovery after quintuple bypass surgery, the Ryans’ big Antarctica adventure, UFO sightings, ducks, awful gift-giving, in-law stories, and a hopeful toast to 2026. Settle in, grab a drink, and celebrate the close of 2025 with the Boxes and Lines family.

From the industry’s sprint toward extended hours to retail’s continued dominance to the ongoing debate around tokenization, Ronan and JR are breaking it all down. Stick around to the end for a beautiful "tribute" to their friendship this year. 

When the government shuts down, what happens to Wall Street? In this “Boxes and Lines Light” episode, Ronan and JR get into how a shutdown grinds key market functions to a halt. Drawing on JR's experience at the SEC, they unpack what “essential” really means when 90% of staff are furloughed and explore the ripple effects through Wall Street.  

Ronan and JR sit down with David Gardner — co-founder of investor education juggernaut The Motley Fool, host of podcast Rule Breaker Investing, and author of a new book by the same title, Rule Breaker Investing: How to Pick the Best Stocks of the Future and Build Lasting Wealth. From getting booed on The View for making a dud stock pick (that later went 30x). to breaking the mold of buttoned-up Wall Street, David shares why optimism and long-term thinking can go far.

In this special episode of Boxes and Lines, Ronan and JR sit down with members of IEX’s 2025 summer intern class, mostly incoming seniors in engineering, marketing, finance, and cybersecurity, for a conversation that spans Gen Z in the workplace, what they’ve learned at IEX, and their hopes (and hot takes) on the future of work, tech, and life. Two intern panels, one insightful summer, and at least one spreadsheet created in 5th grade. The kids are alright. 

On the latest episode of Boxes and Lines, Ronan and JR welcome back Mett Kinak, Head of Global Trading at T. Rowe Price, for some real talk about market fragmentation, private rooms, and more. Mett also dispels his biggest pet peeve market structure myths, shares his skepticism about tokenizing equities, and pitches two new financial holidays—we'll raise a Bloody Mary to that. 

Subdollar stocks —those priced under $1—now make up nearly half of all share volume in U.S. markets, while contributing a fraction of the notional value (the actual dollar amount being traded). In this episode of Boxes and Lines Lite, Ronan and JR get into why this trend deserves more attention than it’s getting. From wild one-day volume spikes in penny stocks to distorted exchange market share and rebate incentives, they chat about how a handful of ultra-low-priced names are reshaping the trading landscape, and why it’s not just noise. 

We’re re-airing one of our most surprising and most popular episodes for you this week -- a deep dive into Aaron Burr from January 2023. This episode is guest-hosted by IEX’s Jayme Abrahamsen and features Andy Kaplan (former Greenlight Capital partner, now CEO of Freedom’s Edge Cider). In a previous episode, they broke down the mythology of Hamilton. This time, they turn the spotlight on his adversary, Aaron Burr. Vice President. Revolutionary War hero. Romance novel star. Duelist. Exile. They explore how Burr’s legacy was rewritten by enemies like Hamilton and Jefferson, how he became a political cautionary tale, and what it says about who we choose to put on our currency and why.