This week, Adaptive Financial Consulting’s co-founder and CEO, Matt Barrett, joins Theo on the podcast to discuss the buy versus build debate. Then, they look at what characteristics firms are after in a trading system.

https://www.greenwich.com/market-structure-technology/trading-technology-unveiled 
https://www.waterstechnology.com/trading-tech/7951276/integration-looms-large-for-buy-side-firms-deciding-on-whether-to-buy-or-build 

2:30 – Matt joins the podcast and details his journey to Adaptive. 
5:00 – What do we mean by “buy vs. build”?
7:30 – Is there a pattern of buying, building, and then integrating? What are the pitfalls in that process?
13:30 – How the rise of cloud facilitates innovation.
14:30 – Matt discusses what firms look for in a new trading system. 
19:30 – There is always a degree of “buy” involved.
21:00 – Matt says the future of trading technology is increasingly cloud-provisioned.
23:00 – Is there more consolidation on the way?

Episode 273: Navigating the buy vs. build debate

This week, Yogita Mehta, commercial product director for corporate actions at SIX Financial, joins the podcast to discuss the existing challenges firms face in the corporate action lifecycle. 

2:30 – Yogita joins the podcast and gives an overview of her career.
6:30 – They discuss the biggest challenges in the corporate action lifecycle. 
13:00 – How do firms deal with these challenges?
15:30 – The talent pool is shrinking.
19:30 – Initiatives some exchanges are involved in to standardize the start of the lifecycle.
23:00 – Are there examples where automation can go wrong?
26:00 – Organizations that achieve 70-75% STP rates should pat themselves on the back. 
30:00 – Yogita walks through some technology themes she sees within corporate actions.

Episode 274: The issue with corporate actions

This week, Bill Murphy, managing partner at Cresting Wave, joins Tony on the podcast to talk about the importance of putting the right foundations in place and having the right mindset before starting a technology project. 

7:00 – Bill joins the podcast.
10:30 – They discuss the increasing pressure for quick wins.
14:00 – How important is it to get the foundations right? 
20:30 – Bill walks through some lessons learned when looking at LLMs.
27:00 – How should firms quantify these projects? 
34:00 – They discuss the move to cloud and the time it takes.
42:00 – Bill shares the major takeaway from his career so far. 
48:30 – They close the episode, talking about the NBA finals.

Episode 275: Bill Murphy on getting the foundations right

It’s Thanksgiving in the US, so we decided it’s time to revisit some of the dos and don’ts for PR people. Then, they discuss how Reb is settling into her new city. 

Here are Parts One (https://www.waterstechnology.com/management-strategy/2458851/waters-wavelength-podcast-episode-18-dos-and-donts-for-pr-people), Two (https://www.waterstechnology.com/management-strategy/2479553/waters-wavelength-podcast-episode-50-dos-and-donts-for-pr-people-part-two), and Three (https://www.waterstechnology.com/industry-issues-initiatives/3415496/waters-wavelength-podcast-episode-85-cybersecurity-dosdonts-for-prs). 

And, here’s how to reach our London team:
Rebecca Natale: rebecca.natale@infopro-digital.com 
Theo Normanton: theo.normanton@infopro-digital.com 
Eliot Raman Jones: eliot.ramanjones@infopro-digital.com 
Emma-Hillary Gould: emmahillary.gould@infopro-digital.com

Episode 276: Dos and don’ts for PR People, Part Four

Tony speaks with Joe Wald, managing director and head of electronic trading at BMO Capital Markets. But before that, Tony and Shen discuss their story about BlackRock’s mysterious “new” fixed-income tool, Aladdin Trader. Shen also talks about her recent trip to London. Skip ahead to 18:00 for the interview with Joe.

https://www.waterstechnology.com/trading-tech/7951509/what-is-aladdin-trader-blackrocks-fixed-income-tool-still-a-mystery

18:00 – Joe joins the podcast and walks us through his role at BMO
21:00 – They dive into the SEC’s market structure proposals, and the macro trend of systematic trading
27:00 – Joe summarizes the changes to market structure in the US since Reg NMS
30:00 – Joe discusses what he believes to be the most controversial piece of the proposals
34:30 – Playing devil’s advocate for the changes the SEC is proposing
36:30 – How should firms work with third-party providers to prepare for these changes?
40:00 – How the 2024 US presidential elections may affect these proposals

Episode 277: BMO on market structure

This week, Expero’s managing director and financial services practice lead, Tim Baker, joins Reb on the podcast to discuss the ongoing Cusip case, the FCA’s wholesale market data study, and issues to do with copyrighting market data.

https://www.waterstechnology.com/regulation/7951301/the-cusip-lawsuit-a-love-story 

5:00 – Tim joins the podcast and talks about his interest in the Cusip lawsuit
12:00 – They ponder why more plaintiffs haven’t joined the suit
15:00 – Tim discusses details on the alleged violation of sections 1 and 2 of the Sherman Antitrust Act
19:30 – The European Commission’s 2011 decision on concerns with S&P’s licensing of US Isins
26:30 – They discuss the FCA’s wholesale market data study
36:30 – Is there meaningful innovation in market and reference data?
39:00 – Figi’s place in the identifier space
45:00 – Tim says there’s a lot of complexity in the market that should be much simpler

Episode 278: Tim Baker on Cusip lawsuit, data copyrights, and innovation in market data

Ben Parker, CEO at regtech firm Eflow, joins Theo on the podcast. They talk about the regulatory landscape in Europe, including the Markets in Crypto Assets Regulation and the European Market Infrastructure Regulation Refit. 

4:00 – Ben joins the podcast and gives an overview of his background and eFlow Global
6:00 – They cover the main items on the European regulatory calendar this year 
7:30 – What will Mica cover?
11:00 – What roles does AI have to play in regulation?
16:00 – Overview of Emir refit
20:00 – Are firms compliant with the original Emir yet?
24:30 – Ben chats about what keeps him up at night

Episode 279: Looking into the EU regulatory landscape

This week, Daniel Liebau, founding chairman of Lightbulb Capital, a research and advisory firm related to blockchain, joins Wei-Shen on the podcast. They discuss decentralized finance technology, and also Dan’s DeFi 2034 paper, as well as some possible future scenarios for TradFi and DeFi. 

https://www.linkedin.com/company/blockchain-scholars-podcast/?viewAsMember=true
https://link.springer.com/article/10.1007/s42521-023-00088-8#:~:text=Decentralized%20Finance%20(DeFi)%20is%20a,relying%20on%20traditional%20centralized%20intermediaries.
https://link.springer.com/article/10.1007/s11187-021-00539-9

2:30 – Dan joins the podcast and walks through his background and his company 
6:30 – Dan gives a preview of the DeFi 2034 research paper he’s working on
9:30 – Common misunderstandings on how DeFi will impact TradFi
12:30 – Dan explains some of the tools he used to utilize the data for his paper 
14:00 – Possible future scenarios for how DeFi will play out 
22:30 – Sending analog signals into a digital world
31:00 – Changing mindsets on “better, faster, cheaper”
33:00 – Warming up to public blockchains
35:30 – Examples of DeFi experimentation in the capital markets

Episode 280: An exploration of the DeFi world

Joining Wei-Shen on the podcast this week is Val Wotton, managing director and general manager for Institutional Trade Processing at the DTCC. They talk about the time left to US T+1, the assessment of firms’ readiness, as well as the SEC’s rule on affirmation rates.

5:30 – Val joins the podcast and gives an overview of his role at the DTCC 
7:00 – The T+1 finish line is in sight
9:00 – Val walks through the status of affirmations in the industry
12:30 – Investment managers have three options
16:00 – FX funding is another challenge
19:30 – The SEC’s targets, potential consequences, and focus on adhering
31:00 – Move to T+1 in Europe, the UK and Asia

Episode 281: Countdown to T+1

This week, Joseph Lo, head of enterprise platforms at Broadridge, joins Wei-Shen on the podcast. They talk about Broadridge’s thinking behind BondGPT and OpsGPT, and some of the challenges firms face when experimenting with and using LLMs. 

https://www.waterstechnology.com/emerging-technologies/7951726/broadridge-ceo-we-intend-to-be-a-leader-in-ai

To register for Nafis: https://www.financialinformationsummit.com/na?__hstc=38704124.d831b3a5059d7f6dad405472a82d7543.1685513017409.1713495877131.1713511796301.655&__hssc=38704124.46.1713511796301&__hsfp=2222243772
 
3:00 – Joseph joins the podcast and talks about his background and current role at Broadridge
6:00 – He walks through Broadridge’s GPTs and the thinking behind them
10:00 – Some of clients’ feedback
11:30 – OpsGPT’s value proposition
13:00 – Joseph explains how the GPTs were trained and the datasets involved
21:00 – Memory like your Netflix account 
24:00 – Biggest challenges for firms experimenting with and using LLMs
29:30 – Incremental vs. transformative benefit
34:00 – They close out talking about ‘DJ Jo’

Episode 282: Broadridge’s Joseph Lo on GPTs

This week, Jonathan Kellner, chief executive officer, and Tom Fay, chief operating officer at the Members Exchange (MEMX), join Tony on the podcast. They talk about why there's a need for a new exchange in the US (https://www.waterstechnology.com/management-strategy/4082911/challenging-us-exchanges-will-be-uphill-battle-for-memx-experts-warn), the work that has gone into getting it off the ground, and what else needs to be in place before launching. 

1:30 – Wei-Shen and Tony briefly highlight some of the stories new to the website this week, including a deep-dive into API security (https://www.waterstechnology.com/technology/4774536/apis-frontier-of-a-new-threat)and how the likes of UBS and BlackRock are looking to break into the Chinese market (https://www.waterstechnology.com/management-strategy/4772186/asset-managers-look-for-partnerships-to-expand-in-china).

MEMX 
4:30 – Jonathan and Tom join the podcast and talk about what MEMX is all about.  
9:00 – Then, Jonathan explains how MEMX fits into the already-fragmented exchange marketplace in the US.  
14:00 – Tom explains what has been done and what else needs to happen before MEMX can go live.  
21:30 – How is MEMX unique from a technological standpoint, and which aspects will be built internally or outsourced? 
31:00 – Jonathan explains how culture will drive the exchange’s success.
37:00 – Then, he talks about his brief dalliance with Coinbase, and what he thinks of cryptocurrency and digital assets. 
38:30 – They wrap things up by talking about the pressures that the buy-side and sell-side want answers for in 2020.

Episode 178: MEMX’s CEO & COO

Wei-Shen Wong and Anthony Malakian discuss the hottest financial technology topics in the capital markets every week.

Episode 178: MEMX’s CEO & COO

Waters Wavelength Podcast

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