The Penny Stock Problem – Boxes and Lines Lite

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. MarketsIEX Square Edge | Tiny Tickers, Big DramaIEX 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.