In 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 and best execution 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.
Shareholder Stewardship with Amy Borrus of the Council of Institutional Investors
41:03“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
European Markets, Post Brexit with Niki Beattie of Market Structure Partners
35:02Niki 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.
Ape Nation Comes to Wall Street with Dave Lauer and Matt Kohrs
1:00:55In 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.
Measuring the 15-Microsecond Dash with Professor Eric “Batch” Budish
39:13Ronan 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.
Benchmarks and Baseball with John Cosenza of Goldman Sachs
41:55John 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.
The Legislative and Regulatory Balancing Act with U.S. Congressman Jim Himes
25:23Congressman 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.
I Heart NYC Real Estate with Sarah Gibbons-Scheets and Spencer Levy of CBRE
48:59In 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.
Metaphysics and Philosophy with Anthony Scaramucci of SkyBridge Capital
52:39Anthony 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.
The Big Squeeze with Danny Moses, Porter Collins, and Vinny Daniel
52:21Nearly 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.
Getting It Done with Ty Gellasch of Healthy Markets
34:39Ty 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.