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Boxes + Lines

A market structure podcast with
Ronan Ryan and John Ramsay

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.

Episode 24

Financing a Sustainable Future with Achim Steiner of the UNDP

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.

Episode 23: Market Regulation with Scott Bauguess of the University of Texas

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.

Episode 22: Market Making with Bryan Christian of Old Mission Capital

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.

Episode 21: Investor Relations with Tim Quast of Modern IR

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.

Episode 20: Market Data Wars with Benjamin Connault, Economist at IEX

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.

Episode 19: Hot-Button Trading Topics with David Cannizzo of Raymond James and Vlad Khandros of UBS

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.

Episode 18: Options Trading with Boris Ilyevsky of IEX

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.

Episode 17: ESG Analysis with Erika Karp, CEO of Cornerstone Capital Group

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).

Episode 16: Market Structure Matters with Anna Kurzrok of BNP Paribas

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).

Episode 15: Liquidity in the Covid-19 Crisis, with Hitesh Mittal of BestEx Research

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 Processors) governance. Ronan and JR are also joined this week by guest host, our own Chief Strategy Officer Eric Stockland.

Episode 14: Transparency during a Pandemic, with Meredith Cross of WilmerHale

Meredith Cross joins Ronan and JR to talk about corporate disclosures during the pandemic, how today's crises compare to the financial crisis, and how JR lightened the mood at senior staff meetings at the SEC. Former Director of the SEC’s Division of Corporation Finance, Meredith Cross is currently a Partner at WilmerHale - where she advises companies on disclosure, corporate finance securities law, and corporate governance.

Episode 13: Rising to the Occasion with Elisse Walter, 30th Chair of the SEC

The Honorable Elisse Walter, 30th Chair of the U.S. Securities and Exchange Commission, knows crisis management. This week, she joins Ronan and JR to share what she's learned from a career in financial regulation - including through times of turmoil in 1987 and post-911, to the 2008 financial crash.

Episode 12: Finmeme 101 with Litquidity

Litquidity dives deep into finmeme culture with Ronan and JR, talking about the reason for his anonymity, what it’s really like to be on the sellside, and a deep etymology of “whomst.”

Episode 11: The Buyside Advocate, with Melissa Hinmon of Glenmede

Melissa Hinmon, Director of Equity Trading at Glenmede Investment Management, chats with Ronan and JR about outsourced trading, adding irreplaceable value at work, and why she decided to take the “not-so-friendly route.”

Episode 10: Unpopular Opinions, with Sal Arnuk and Joseph Saluzzi of Themis Trading

Sal and Joe of Themis Trading share with Ronan and JR why they speak their minds in public, the biggest problems in market structure, and their deep fear of windbreakers.

Episode 9: Uncharted Territory

Ronan and JR answer your questions about how the stock market operates in times of crisis, market-wide circuit breakers, and why it doesn’t make sense to shut down the market or ban short sales.

Episode 8: Exchange Operators 2020, with Bryan Harkins from Cboe Global Markets

Competitors can get along, especially over a beer. Bryan Harkins, Cboe's Head of Markets, joins Ronan and JR to chat about the Cboe Market Close, Wall Street Rides FAR, and what increased exchange competition will mean for market structure in 2020.

Episode 7: How Markets Change, with CEOs Tim Mahoney and Jonathan Clark of BIDS and Luminex

Tim and Jonathan walk through the action-packed 20+ years that led to the creation of BIDS and Luminex – two alternative trading systems that specialize in large block trading.

Episode 6: Buyside detectives, with Mett Kinak from T. Rowe Price

Ronan and JR chat with Mett Kinak about how (and why) the buyside model is changing, the great rebate debate, and why some people might really benefit from a shorter trading day.

Episode 5: Beyond The Big Short, with Danny Moses, Porter Collins, and Vinny Daniel

Ronan talks with Danny, Porter, and Vinny about what it’s like being a character in a Michael Lewis book, why traders have to become detectives, and what the market should be paying attention to nearly a decade after The Big Short.

Episode 4: What the Buyside Wants, with Richard Johnson of Greenwich Associates

Best ex is in the eye of the beholder...or is it? We're breaking down Greenwich Associates' new study on how the buyside thinks about best execution, joined by Richard Johnson and our own Chief Strategy Officer Eric Stockland.

Episode 3: Losing the Plot with Doug Cifu, CEO of Virtu Financial

Doug Cifu chats with Ronan and JR about 606 reporting, the future of analytics at Virtu, and how his past as a fashion lawyer(!) informs his work.

Episode 2: Market Data Dumpster Fire

It’s one of the hottest debates in market structure today: exchange market data. From how much it costs ($$$) to who has to buy it (in practice), we’re digging deep on how we got here, what’s changed, and the way forward.

Episode 1: Speed Bumps Are Not Created Equal

In the beginning, IEX added a speed bump to its Alternative Trading System (ATS) with the goal of protecting investors. Today, it feels like every exchange has one. What gives?

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