Waters Wavelength: Recent Episodes
WatersTechnology
Wei-Shen Wong and Anthony Malakian discuss the hottest financial technology topics in the capital markets every week.
Tony and Shen go through this story about Nasdaq’s trade surveillance software failing to send alerts.https://www.waterstechnology.com/emerging-technologies/7953177/red-alert-how-nasdaqs-smarts-became-surveillance-blind-spot
This week’s guest is David Bholat, director for professional and financial services at Faculty. (0:00) – Shen talks about her recent trip to Vietnam (8:00) – David joins the podcast(10:30) – Pilot purgatory(15:30) – Focus on the integration quality(20:30) – Steps for successful production(25:00) – The right case may not be the sexiest(28:00) – What exactly are agents(35:00) – David’s hope for the future of financial services
It’s just Tony and Shen this week. They discuss Tony’s latest feature about vibe coding. https://www.waterstechnology.com/emerging-technologies/7953113/vibe-coding-is-burning-us-out
This week’s guest is Cat Turley, CEO and founder of ExeQution Analytics. She joins the podcast to discuss the gap between investment data and trading alpha.(0:00) – Shen has a cold(5:30) – Cat joins the podcast (9:00) – Challenges in getting context from data(14:30) – Techs vs. traders vs. quants(18:30) – Minimizing day-to-day friction(22:00) – Macro and micro(28:30) – Measuring ROI(34:00) – Putting a process in place(36:00) – AI’s role
Tony catches Shen up on all the stories WatersTechnology published while she was on vacation. Stories mentioned:https://www.waterstechnology.com/emerging-technologies/7953074/symphony-introduces-agentic-workflows-to-core-platformhttps://www.waterstechnology.com/emerging-technologies/7953080/factsets-vectorization-service-aims-to-improve-agent-accuracyhttps://www.waterstechnology.com/regulation/7953083/ai-governance-rules-coming-soon-says-cftc-chairhttps://www.waterstechnology.com/emerging-technologies/7953077/bootcamps-and-peer-pressure-goldman-preps-staff-for-ai-futurehttps://www.waterstechnology.com/data-management/7953000/genai-and-data-quality-converge-at-t-rowe-prices-data-lake-como?ref=header-searchhttps://www.waterstechnology.com/emerging-technologies/7953079/defi-and-tradfi-firms-are-borrowing-each-others-benefitshttps://www.waterstechnology.com/regulation/7953050/hitting-the-great-wall-details-scarce-on-chinas-xinchuang-initiative
This week, Spencer Lee, head of products, Americas, and Julien Alexandre, global head of research at MarketAxess, join the podcast to discuss AI in fixed income trading. https://www.waterstechnology.com/market-access/technology/7950305/waters-wavelength-podcast-fixed-income-execution-innovation?ref=searchhttps://www.marketaxess.com/explore/the-state-of-ai-survey-findings(0:00) – Tony recounts the NFL draft week(8:00) – Spencer and Julien join the podcast(11:30) – How AI is making sense of data coming from different sources (17:30) – Evolution of AI in fixed income(22:00) – Where AI has the most measurable impact(24:30) – How to trade and what to trade (30:00) – Agentic vs algo(33:30) – AI sentiment index
This week, Wei-Shen and Tony talk about a new AI study. (0:00) – Tony rambles on about crazy Uber fares(6:00) – Then, they discuss a recent AI study done by PwC.
This week, Wei-Shen chats with Rebecca Natale, EMEA editor for WatersTechnology, about Reb’s recent trip to the Netherlands, and the latest on the Cusip legal drama.(0:00) – Reb is thrilled to be on this episode. She talks about her little adventure to Amsterdam in the Netherlands(9:30) – Then, they chat discuss the past four years of legal drama with Cusip Global Services, and the difference between use and issuance of Cusip identifiers(14:00) – The latest court case CGS has been hit with https://www.waterstechnology.com/data-management/7952899/where-have-four-years-of-cusip-legal-drama-gone?ref=searchhttps://www.waterstechnology.com/data-management/7952806/plaintiffs-propose-to-represent-all-non-database-cusip-licensees-in-last-7-years?ref=search
This week, Anthony chats with Nyela Graham, senior reporter for WatersTechnology, who subs in for Wei-Shen to talk about the hot topics at FIA Boca.0:00 – Tony and Nyela have a rant about Chatham House rules.15:30 – Nyela recaps FIA Boca—everything from prediction markets to tokenization to 24/7 trading to exchange CEOs having a tiff. 36:30 – And of course, no podcast with Nyela and Tony would be complete without a little baseball talk (in this case, the World Baseball Classic). For more detail into what went down at FIA Boca, this article is in front of our paywall: https://www.waterstechnology.com/emerging-technologies/7952984/florida-and-folly-boca-attendees-forecast-the-future-of-market-structure
Analytics54:30 – Brennan believes that there’s reason to believe that entry-level job won’t completely disappear; they’ll just change
This week’s guest is Andrew Morgan, president and chief revenue officer at TS Imagine. He talks with Wei-Shen about how fixed income trading behavior is changing. (0:00) – Tony’s side hustle(7:00) – Andrew joins the podcast and gives an overview of his background(13:00) – Changing fixed income trading behaviors(15:30) – Three main ingredients for electronic trading (24:30) – Data issues(31:30) – Equities markets run on agentic AI(34:00) – What hinders further electronification
On September 11, 2001, Katie McGarry Noack had just arrived at the World Trade Center’s Windows on the World. She was attending Waters’ first-ever conference. Of the thousands who lost their lives on that day, Katie was one, along with 70 other delegates who had arrived to catch the morning presentations or settle in before participating in panel discussions later in the day.Patrick McGarry is Katie’s brother. For the 25th anniversary of that fateful day, he wanted to do something special to remember his sister: on March 8th, he will hop on his bicycle in San Diego, California, and begin a 3,000-mile journey across the US, ending in St. Augustine, Florida, on April 20th.The goal of his Pacific-to-Atlantic journey is to raise $100,000 to benefit the Tunnel to Towers Foundation, which provides mortgage-free homes to Gold Star and fallen first responder families with young children.We hope you listen to his story. If you’d like to donate, you can find all the information you’ll need here: https://www.aridetoremember2026.com/(6:15) – Patrick McGarry joins the podcast.(7:30) – He talks about what his 3,000-mile ride will entail.(11:15) – Patrick discusses Katie’s story and why he decided to do something so daunting to remember her.(18:45) – Why did he choose the Tunnel to Towers Foundation?(26:45) – An examination of how people handle grief differently.(31:15) – How important was it for him to have his family’s backing on this endeavor?(33:45) – Details on how to connect with Patrick.
A little late, but a very Happy New Year from your favorite podcast hosts! This week, Tony and Shen discuss topics they think capital markets firms will focus on this year—AI and agentic AI, quantum computing, and—you guessed it—market data.
This week’s guest is Jason Birmingham, CTO and head of global engineering at Broadridge(0:00) – Tony and Shen reminisce on an amazing snowman they built (7:00) – Jason joins the podcast and explains the “modern CTO mandate”(14:30) – The fundamentals matter(16:00) – A platform strategy(20:30) – Solving the ontology(26:00) – The blueprint(31:00) – Necessary skillsets
This week’s guest is Sophie Lagouanelle, vice president of product for financial crime compliance at LexisNexis Risk Solutions(0:00) – Tony and Shen talk about their Spotify 2025 Wrapped(5:00) – Sophie joins and reflects on the state of financial crime(14:00) – Volume and speed(17:30) – AI and ML’s role(25:30) – Changes within compliance teams(30:00) – Focus areas for regulators(40:30) – Shared memory
This week’s guests are Michele Pitts, managing director and global product head of transaction management, and Marcello Topa, director for global market advocacy, policy, and strategy at Citi Investor Services0:00 – Reb and Shen talk about the death of rom-com movies9:30 – Michele and Marcello join the podcast11:30 – Updates from UK and EU’s taskforces15:30 – Applicability of lessons from US T+119:00 – How tech can help25:00 – Prevention vs. cure30:00 – Metrics firms should have32:30 – T+0 is inevitable
The week of Thanksgiving in the US is one of the slowest news weeks of the year. So Anthony and Nyela Graham (who is subbing in for Wei-Shen) talk about the news media, instead.
This week’s guest is Jan Rohof, Asia-Pacific director of quantitative strategies and solutions at Northern Trust Asset Managementhttps://www.waterstechnology.com/emerging-technologies/7952654/northern-trust-asset-management-enlists-network-theory-to-construct-alpha-signals?ref=header-search0:00 – Tony and Shen delve into two documentaries he recently watched11:00 – Jan joins and talks about how he built a multi-factor model in high school17:30 – The four Vs of data20:30 – Efforts and resources required for good data infrastructure26:30 – Focus on the economic fundamentals and reasoning30:00 – NTAM’s research to implementation process40:30 – Alternative data should be a misnomer
For the first 9 minutes, Tony rambles on about US elections…naturally. The good stuff starts at 9:30, when Mike McGovern, global head of technology engagement at Brown Brothers Harriman (BBH), joins the show. Over the course of 30 minutes, Mike and Tony talk about the importance of building an open architecture so as to better position the organization for “innovation enablement” (11:00); lessons learned and mistakes made when experimenting with AI and the importance of structured data (15:00); they delve into some of the reasons for why data management is still such a challenge (20:00); Mike opines as to whether newer, more sophisticated forms of AI will help fix those old data management problems or compound those issues (25:00); does he have any worries about the younger generation relying too much on AI (28:00); how delves into how his ideas around strategic partnerships have changed over the years (33:00); and some words of wisdom for vendors approaching BBH (37:00).
Bob Myers runs Interop.io’s io.Intelligence unit. He joins the podcast (7:30) to explain what agentic AI really means (16:00); how the promise of agents could be good for interoperability between applications and systems (21:00); the hype versus reality of AI at financial institutions (25:00); an explainer of the Model Context Protocol and the need to avoid sins of the past (31:00); and what the industry should keep in mind when it comes to AI’s rapid evolution and the need to keep interoperability in mind (37:00).[Editor’s note: Tony confused ChartIQ with Glue42 when describing the former’s origins being in Charlottesville, Virginia. He’s not the brightest crayon in the box…give him a break.]
Over the last few weeks, the CEOs of several major financial institutions, as well as regulators around the globe, have been talking about tokenization, stablecoins, and blockchain. Wei-Shen and Tony do their best to unpack why this is significant.
This week’s episode is one of those where Wei-Shen and Tony blather on about an array of things, including generative AI, cybersecurity, and Taylor Swift’s new album. Listen at your own risk.
This week, Bank of America’s Ashok Krishnan and Duncan McInnes join Tony to discuss the build, buy, borrow strategy and instilling the right culture within the bank.0:00 – Shen and Tony talk about the Risk Live Asia 2025 conference in Singapore7:30 – Ashok and Duncan join the podcast11:30 – The build, buy, borrow strategy14:00 – Building a rocket ship19:00 – Instilling a culture that remains22:30 – Doubling down on the ‘Why’28:00 – Managing tech priorities34:00 – Dealing with data, interoperability, and tech debt
No guest this week, folks. Tony and Shen discuss recent books they’ve read about data and analytics, and…humanity.
This week’s guest is Val Wotton, global head of equity solutions at DTCC. He joins to discuss the necessary steps leading up to the T+1 transitions in the UK and EU.0:00 – Reb and Shen talk about Reb’s time in upstate New York6:00 – Val Wotton joins the podcast and discusses the metrics from US T+113:00 – Analyze the entire lifecycle and do your impact assessment!18:30 – Considerations from Asia22:00 – Additional costs to assess28:30 – Balancing mandatory deliverables and T+1 work34:00 – Tweaking CSDR rules42:00 – Resiliency can’t be understated
This week’s guest is Bill Murphy, managing partner at Cresting Wave 0:00 – Tony and Shen discuss System of a Down and Gorillaz 6:00 – Bill Murphy, Blackstone’s former CTO, joins to discuss that much-discussed MIT study on AI projects failing and factors executives should consider as the technology continues to evolves
This week, Shen and Reb discuss a recent MIT study on GenAI pilots, and Reb’s recent story about ModuleQ dissolving. https://mlq.ai/media/quarterly_decks/v0.1_State_of_AI_in_Business_2025_Report.pdfhttps://www.waterstechnology.com/emerging-technologies/7952681/fintech-powering-lseg%E2%80%99s-ai-alerts-dissolves
This week, Reb and Tony talk about the internet and the problems compounded by AI.https://www.waterstechnology.com/emerging-technologies/7952665/the-great-disappearing-internet%E2%80%94and-what-it-could-mean-for-your-llm0:00 – Welcome to the team, Mya! You can reach her at Mya.Jheeta@infopro-digital.com 7:00 – Reb and Tony discuss her recent column and the interconnected mess of a web of humans, internet, and AI
This week’s guest is Lior Yogev, CEO and co-founder at FundGuard. He joins the podcast to discuss legacy tech stacks at asset management firms.0:00 – Tony and Shen talk about personalities10:00 – Lior Yogev joins the podcast12:30 – When does a tech stack become legacy? 19:00 – How asset managers modernize their platforms without excess downtime22:30 – Migration times26:30 – Total rebuild vs. slight tweaks
This week’s guest is Mo Rahim, group chief data officer at Standard Chartered, who joins the podcast to discuss data and AI governance and guardrails for AI.0:00 – Tony and Shen talk about recent shows they’ve watched 9:00 – Mo Rahim joins the podcast13:30 – Understand your core identity17:00 – People and literacy19:00 – Get your data right25:00 – Standard Chartered’s research, partnerships, and innovation pillar 29:00 – Building AI in a safe and responsible way32:30 – AI is your plus one
This week’s guest is Nick Kolba, CEO and co-founder of Connectifi, who joins the podcast to discuss the Model Context Protocol, LLMs and agentic AI. 0:00 – Tony and Shen talk about Astronomer’s ad campaign5:30 – Nick Kolba joins the podcast 8:00 – Step changes or big jumps in tech18:00 – Excitement for the Model Context Protocol21:00 – Parallels between FDC3 and MCP24:30 – Concerns around security30:00 – Work that still needs to be done41:00 – Code generation for “senior engineers”
This week’s guest is Brian Bejile, cofounder & CEO, Octaura0:00-7:20: Anthony Malakian and Rebecca Natale, Europe Editor for WatersTechnology, complain for seven minutes about poor customer service and artificial intelligence.7:20-35:23: Brian Bejile and Nyela Graham, senior reporter at WatersTechnology, have an actual informative discussion—as opposed to Tony and Reb’s diatribes—about the origins of Octaura, modernization of the credit markets, the platform provider’s move into the collateralized loan obligation (CLO) space, and the need for more data and analytics on the buy side.
This week, Reb and Nyela discuss BNY’s digital workers and what the use of AI in society signals for the future.
This week, Riad Chowdhury, head of Asia-Pacific, and Dan Burke, global head of emerging markets at MarketAxess, join to discuss block trading in fixed income. Plus Reb discusses her recent article about Cusip and updates on the class action lawsuit moving through the courts.00:00 Reb and Tony discuss recent reporting around Cusip and updates on the class action lawsuit12:30 Riad Chowdhury, head of Asia-Pacific, and Dan Burke, global head of emerging markets at MarketAxess, join the podcast14:40 Block trading in fixed income vs. equities20:20 Drivers for larger-sized trades23:00 MarketAxess’s Targeted RFQ31:00 Challenges for dealers33:00 Learnings from the equities world39:00 Trends in bid/ask spreads for EM hard-currency debt44:20 AI model for Targeted RFQ
This week, Reb, Nyela, and Shen discuss concerns around air travel and notable cybersecurity incidents.https://www.waterstechnology.com/emerging-technologies/7952488/agentic-ai-takes-center-stage-bank-tech-projects-new-funding-rounds-and-more?cx_artPos=1&cx_testId=4&cx_testVariant=cx_1#cxrecs_s0:00 – Reb, Nyela, and Shen talk about Reb’s flight back from New York10:30 – They discuss two stories from our last Waters Cooler about the previous hacks on the SEC’s Edgar database and Ion
This week, Par Cassells joins Nyela to discuss shorter settlement cycles and the role of vendors in the transition.0:00 – Tony and Nyela talk highlights from the Tech & Data in Financial Markets (TDFM) conference7:00 – Par Cassells, chief client officer at AccessFintech, joins Nyela on the podcast9:00 – Par’s takeaways from North America’s move to T+113:00 – The upcoming moves to T+1 in the EU and UK17:00 – T+0 margin vs. T+0 settlement20:30 – Difference between the transitions24:00 – Vendors’ role in the T+1 transition
This week, Tradeweb’s Chris Bruner joins the podcast to discuss digital assets and fixed income.0:00 – Reb is back in NYC!6:30 – Chris Bruner, chief product officer at Tradeweb, joins Nyela on the podcast 13:30 – Tradeweb’s history with blockchain18:40 – Gauging client reception to digital assets28:50 – Upcoming regulatory headwinds
Tony and Shen discuss Bloomberg’s addition to IB chat, common threads in our Voice of the CTO series, and op resiliency. Our Bloomberg story: https://www.waterstechnology.com/data-management/7952434/bloomberg%E2%80%99s-chatbots-streamline-external-data-sharing-otc-trading Our Voice of the CTO series: https://www.waterstechnology.com/topics/voice-of-the-cto
This week, Hamilton Lane's Griff Norville joins to discuss how the asset manager is tackling private markets data.0:00 – Eliot joins Tony on the podcast3:10 – Griff Norville, head of technology solutions at Hamilton Lane, joins the podcast4:40 – Private markets data extraction6:10 – Data storage issues8:40 – Tackling standardization11:00 – The dual role of being an asset manager and a data provider15:40 – Are attitudes changing around this data?20:00 – The expanding tech landscape
This week, Bitdefender’s Adrian Coleșa and Transilvania Quantum’s Sorin Boloș join to discuss security vulnerabilities in quantum computing0:00 – Tony is back!3:30 – Adrian Coleșa, Senior Security Researcher at Bitdefender, and Sorin Boloș, quantum software engineer at Transilvania Quantum, join the podcast8:00 – How the partnership between Bitdefender and Transilvania Quantum began 12:00 – Research into QC as a potential target14:00 – Why attack a QC 19:30 – Who bears the onus23:30 – Classical and QC vulnerabilities 32:30 – What is a quantum antivirus
This week, Toby Glaysher, chairman at Finbourne Technology, joins the podcast to discuss the asset servicing industry.0:00 – Reb and Shen rant about using ChatGPT for academic projects12:00 – Toby Glaysher from Finbourne joins the podcast and gives an overview of his 36 years of experience in the asset servicing business16:30 – Fund accounting is a good introduction to the investment lifecycle19:00 – A potential zero fund accountant environment23:00 – The impact tariffs have on asset servicing firms27:30 – The potential solution30:30 – There are too many participants35:30 – 95% of the work is in executing39:30 – Reducing the cost of investing
This week, Reb, Nyela, and Shen talk about unimaginative company names and then address some challenges in the loans market. 0:00 – Reb goes on a rant about company names9:00 – They discuss the challenges in the loans market14:00 – Identifiers are so esoteric
Bertie Haskins, executive director and head of data for Apac and Middle East at Capco, joins to discuss the challenges of commercializing data.0:00 – Reb and Shen discuss Reb’s potential as the next host3:00 – Bertie Haskins from Capco joins the podcast 5:30 – Four key areas around commercializing data12:30 – Is the problem with how firms define the CDO role 16:00 – Strategies to commercialize data19:30 – Understanding the data roadmap24:00 – Steps to create new data products26:30 – Sometimes, a simple option might be the best
This week, Jon Hodges, head of trading and asset services for Apac at FIS Global, joins the podcast to talk about how firms in Asia-Pacific approach AI and data.0:00 – Tony and Shen talk about having faith in humanity9:30 – Jon Hodges, head of trading and asset services for Apac at FIS Global, joins and gives an overview of how he started his career in a structured credit hedge fund13:00 – Lessons for start-ups17:00 – Observations from tariffs21:30 – How Asia-Pacific firms are ahead in adopting AI24:00 – Data’s importance27:30 – Snowflake’s dominance in the capital markets29:00 – Asia vs. US and Europe31:30 – FIS is investing more in AI
Tony, Reb, and Nyela talk about tariffs (not really), journalism (sorta), and pop culture (mostly).
Brian Hyndman, CEO and president at Blue Ocean Technologies, joins to discuss overnight trading 0:00 – Nyela and Reb talk about Reb’s start at WatersTechnology5:00 – Brian joins the podcast and walks through his background and the beginnings of Blue Ocean ATS8:00 – How market data works for BOATS 9:00 – Obstacles for exchanges entering the overnight space15:00 – Moving to MEMX Technologies’ platform 17:00 – Competition from other ATSs20:00 – The growth of real-time information and its impact on trading21:00 – Misunderstandings about overnight trading22:30 – Roadmap for 2025
This week, SigTech’s CEO Bin Ren joins Eliot to discuss GenAI’s progress since ChatGPT’s emergence in 2022, agentic AI, and challenges with regulating AI. 0:00 – Wei-Shen and Tony discuss their bar trivia adventures5:30 – Bin Ren, CEO of SigTech, joins Eliot on the podcast7:00 – Agentic AI10:30 – Next steps in GenAI15:00 – Is AI impossible to regulate?23:30 – The understanding gap between tech and finance teams
This week, Tony and Nyela discuss Nyela's week spent in Boca Raton, Florida covering the FIA Boca conference as well as the current developments around 24/7 trading in US equity markets.0:00- Tony and Nyela discuss the beginning of baseball season in the United States 3:25- They discuss what happened last week at FIA Boca
Caesar, who previously spent 15 years at Google, joins to discuss Arta’s goal of putting a private banker in everyone’s pockets. 0:00 – Reb and Shen talk about cat punches and Reb’s profile on CME’s Terry Duffyhttps://www.waterstechnology.com/trading-tech/7952311/exclusive-terry-duffy-on-cmes-cloud-future-takeover-targets-and-candy7:00 – Caesar Sengupta, co-founder and CEO of Arta Finance, joins Wei-Shen on the podcast10:00 – Big Tech’s challenges in trying to get deep into finance and the capital markets19:30 – Why it’s hard for traditional finance players to create new user experiences22:00 – Arta’s use of AI and application of agentic AI 28:00 – How Arta is different from robo advisors30:30 – Partnerships with banks32:30 – Arta’s focus in the next few months34:00 – Google connections
This week, Tony and Nyela discuss FactSet’s recent acquisition of LiquidityBook and what it could signal for trading technology. https://www.waterstechnology.com/trading-tech/7952274/factset-liquiditybook-the-buy-side-oms-space-continues-to-shrink0:00 – Tony and Nyela discuss the year's Best Picture Oscar winner3:30 – They discuss the evolution of the OMS space
Reb is back on the podcast to talk about her trip to Reykjavik, as well as two market data reports released this month.0:00 – Reb talks about her travels to Iceland14: 00 – They discuss market data fees
Jennifer joins Eliot on the podcast this week to discuss the changing agenda at the SEC under Paul Atkins, crypto regulation, and the status of the Consolidated Audit Trail. 00:00 Tony and Shen discuss the Super Bowl and Tony's close encounter with a pizza cutter13:00 Jennifer Schulp, director of financial regulation studies at the Cato Institute, joins Eliot on the show16:00 Core focuses of the SEC going forward 23:00 The Uyeda interim administration 28:00 The new crypto agenda32:00 "Minding the shop" vs. "setting the stage"39:00 The Consolidated Audit Trail
Lee joins to discuss changes in communication platforms over the last few years. 0:00 – Tony and Shen discuss their favorite desserts4:30 – Lee Garf, general manager for financial markets compliance at Nice Actimize, joins Nyela on the show5:30 – They discuss regulatory fines from 2024 and what it means for 20259:30 – The role of cloud11:00 – Nice Actimize’s approach today13:00 – How Nice Actimize is approaching AI18:00 – The AI training process and financial lingo25:30 – Predictions for 2025
This week, Dan Entrup, co-founder of AggKnowledge and the creator of the It’s Pronounced Data newsletter joins Tony on the podcast. They discuss private markets data, artificial intelligence, and more.00:00 Wei-Shen and Tony ramble on about Lunar New Year traditions9:05 Dan Entrup, co-founder of AggKnowledge and the creator of the It’s Pronounced Data newsletter, joins the show11:06 Dan’s career and the origins of AggKnowledge15:33 The origins of the It’s Pronounced Data newsletter20:42 The private markets data ecosystem22:16 Challenges around private markets data25:56 Why Dan doesn’t like the term “alternative data”27:53 Data is still sold, not bought31:52 Misalignment of data needs36:54 The current appetite for AI
This week, Nick Kolba, CEO and co-founder of Connectifi, joins Tony on the podcast. They discuss interoperability, the FDC3 standard, and the challenges of starting a company. 4:30 – Nick joins Tony on the podcast 11:30 – Desktop containers and interoperability15:30 – Things should just work19:00 – Limitations of the FDC3 movement27:30 – You need tech that can support the transformation of data28:30 – AI and its irrelevance to structured data 38:30 – Unexpected challenges of starting a company
This week, Javier Hernani, head of securities services at SIX, joins Wei-Shen on the podcast. They discuss the key takeaways from shortening the settlement cycles in the US, Canada, and Mexico, and the landscape for what needs to happen for Europe, UK, and Switzerland’s own move to T+1. 7:30 – Javier gives an overview of his role and dislike of the term “post-trade”12:30 – The key takeaways from North America’s move to T+116:30 – What was the total investment in moving to T+121:00 – An opportunity to improve23:00 – Lessons the EU, UK, and Swiss markets can apply33:30 – The number of CSDs does not make it more complicated35:30 – Why harmonizing EU’s securities services matters40:30 – Balancing efforts for T+1 and DORA
Happy New Year, dear listeners. This week, Tony and Shen reflect on how this podcast started, the guests we’ve brought on, the changes in music (and co-hosts), and the topics we’ve covered and will be covering looking ahead.
Eliot talks to Carlo di Florio, president of financial services advisory company ACA Group, about the SEC’s key decisions this year, as well as the future of the regulator with current SEC Chair Gary Gensler’s tenure at the helm of the top US financial services regulator coming to an end in 2025. di Florio joined the SEC in the aftermath of the 2008 financial crisis, and while there, headed up the regulator’s examinations division. Note to listeners: This episode was recorded before Paul Atkins’ SEC nomination. 6:30 – Carlo joins Eliot on the podcast13:00 – Striking a balance14:30 – The Gensler administration vs. future direction of the SEC18:00 – New regulatory ideas around crypto, and other emerging technologies 19:30 – Pause on rulemaking 23:00 – Enforcement of off-channel communications 29:00 – The future of the Consolidated Audit Trail
Reb and Shen discuss Reb’s article about how generative AI will impact the market data industry and how that will also creep into the reference data space. Reb also details a market data framework by Substantive Research, the drama around reference data identifiers, and a preview of her next story.https://www.waterstechnology.com/emerging-technologies/7952088/ai-set-to-overhaul-market-data-landscape-by-2029-new-study-finds?ref=header-searchhttps://www.waterstechnology.com/data-management/7951990/industry-seeks-to-avoid-future-clashes-over-data-costshttps://www.waterstechnology.com/data-management/7951982/new-working-group-to-create-open-framework-for-managing-rising-market-data-costs
Tony and Wei-Shen talk about five essential things you need to know when interacting with us as a source. 1. On the record/on background/off the record2. Don’t be a drone3. Give tangible examples 4. We may need help understanding the subject matter5. Why you want to talk to the media
This week, Tony and Shen discuss the first article from the Voice of the CDO series, as well as their thoughts on the Jake Paul v. Mike Tyson fight.https://www.waterstechnology.com/data-management/7952103/chief-data-officers-must-get-it-done-but-differ-on-what-that-means
This week, Steve Grob, founder of Vision57, joins Tony on the podcast. Together, they chat about interoperability and the future of the OMS. 5:00 – Steve joins the podcast. They kick things off with firms’ appetite for AI9:00 – Rubbish in, rubbish out13:00 – Fix the standardization and availability piece15:30 – The state of the interop movement20:30 – Cloud is a pre-requisite22:30 – What the future OMS isn’t going to be26:30 – Dealing with the “sprawl” problem
This week, James Leong, CEO of Grasshopper, joins Wei-Shen on the podcast. They discuss the market reforms the Singapore Exchange and the Monetary Authority of Singapore are considering.9:30 – James joins the podcast and gives an overview of Grasshopper and its journey since 200612:00 – They discuss why the SGX and the MAS are looking at market reforms 14:30 – Liquidity is fundamental16:00 – How much government intervention should there be?18:00 – Increasing retail trading? 23:00 – Singapore’s position as a regional trading hub 28:30 – Market making is somewhat misunderstood in Asia32:30 – James’ background in psychology and how to manage egos
This week, Tony and Reb discuss the industry's reaction to the FDTA proposed rules around identifiers, what that could mean for the ongoing Cusip lawsuit, and the Opera.
This week, Shen speaks with James Crosby, co-founder and CEO of data management provider Fencore. They discuss the evolutionary nature of the buy side’s approach to technology platforms and data and how it has come full circle. 9:30 – James joins, and we discuss the buy-side operating model14:30 – How it has evolved16:30 – Are we repeating old mistakes, and why that’s a problem21:00 – How should firms put an EDM in place23:30 – A future-proof model26:00 – What is a good organizational operating model
Tony and Wei-Shen get a little philosophical in this episode. Tony tries to articulate an idea, and then it becomes about what it takes to be a good journalist versus what it takes to be a good columnist.
This week, Nyela brings on Valerie Bannert-Thurner, EVP and chief revenue officer for the financial technology division at Nasdaq. They talk about Nasdaq’s approach to fintech and its strategy moving forward. 6:00 – Valerie joins Nyela on the podcast and talks about Nasdaq’s evolution12:00 – What makes up fintech at Nasdaq15:30 – The Street’s demands21:30 – Integration pain points24:30 – Valerie explains Nasdaq’s cloud and AI journey29:00 – How Nasdaq is looking ahead for fintech30:30 – On the Adenza integration
After a brief introduction from Wei-Shen and Tony, Nyela Graham joins the podcast to discuss her week spent in Austin, Texas, covering the World Financial Information Conference (WFIC), arguably the world’s largest conference dedicated solely to financial data-related issues.Nyela talks with Tony about the panels that received the most attention, the silliness of Chatham House rules, how delegates responded when told they were speaking to a reporter, and her favorite parts of Austin and the conference itself.
Hello, dear listener. It’s your favorite host, Wei-Shen, writing this. Let’s be honest. My co-host, Tony, and I have not given this podcast the love it deserves. We realize that and are looking to change and improve on it to give you a better listening experience with more episodes—and more importantly, more guests and analysis—on a regular basis.To do that, we are committed to producing an episode Every.Single.Week from here on out. That’s with the exception of holidays, but we will inform you of that in advance.Not only will we be featuring more guests, but we’re also excited to introduce new voices from the rest of the WatersTechnology editorial team. We hope this shake-up will bring a fresh perspective and more depth to our content.As always, we would love to hear from you if you have any feedback or suggestions for us. You can contact us at Wei-Shen.Wong@infopro-digital.com or Anthony.Malakian@infopro-digital.comWe look forward to bringing this podcast to new heights. Till next week, take care.
This week, Brian O’Neill, COO for transformation, technology & operations, and global head for group transformation at Standard Chartered, joins Wei-Shen on the podcast. They discuss a cloud-first and a cloud-value strategy, monitoring cloud costs, and maintaining resiliency.5:30 – Brian joins the podcast and gives an overview of his background and current role at the bank8:30 – He delves into Standard Chartered’s cloud strategy12:30 – The cloud value framework14:30 – Brian talks about managing multi-cloud partnerships16:00 – Planning for disruptions21:00 – The importance of an internal cloud services management team22:30 – Optimizing cloud usage and costs28:00 – Brian talks about some ‘no-go zones’34:00 – Thinking about resiliency
This week, Boon-Hiong Chan, Asia-Pacific head of securities and technology advocacy and industry applied innovation lead at Deutsche Bank, joins the podcast. They discuss the importance of blockchain interoperability and go into some methods and key requirements to achieve that.https://www.waterstechnology.com/emerging-technologies/7951853/ace-high-or-busted-flush-digital-assets-mixed-fortunes-mirror-dlt-adversityhttps://www.db.com/news/detail/20240607-deutsche-bank-collaborates-with-industry-partners-to-launch-paper-on-blockchain-interoperability?language_id=1https://www.waterstechnology.com/emerging-technologies/7951849/deutsche-bank-works-on-standardized-protocols-for-asset-tokenization7:00 – Boon joins the podcast and gives an overview of his current role10:30 – They discuss why interoperability between different blockchains is important16:30 – Interoperability can mean two things18:30 – Boon explains the highlights from the whitepaper Deutsche Bank contributed to22:30 – Centralized hub vs. bridges and key requirements29:30 – On and off chain interoperability33:00 – Cybersecurity considerations36:30 – Other blockchain challenges
This week, Samar Sen, head of Apac at Talos, joins Wei-Shen on the podcast. They discuss how institutional tools for the digital asset space have grown in the last few years and the tools Talos is building on. 1:30 – Samar explains how he moved from the sell side to working with digital assets6:30 – How the SEC greenlighting spot bitcoin ETFs impacts Talos 9:30 – The evolution of institutional tools for the digital asset over the last two years12:30 – The Cloudwall and D3X acquisitions 17:00 – Building from an institutional background19:30 – How Talos built Sonic and how it minimizes slippage 21:30 – Steps to consider before trading in digital assets 26:00 – The buy vs. build debate34:00 – Other areas Talos is looking to enhance
Tony McManus, global head of Bloomberg’s enterprise data division, joins the podcast this week. They discuss Bloomberg’s approach to AI and GenAI from a data perspective, getting the infrastructure and architecture right to leverage these technologies, and the skills necessary for graduates interested in joining Bloomberg. 5:30 – Tony McManus joins the podcast and gives an overview of his role10:30 – How Tony keeps up with everything14:00 – They discuss the biggest challenges from a data perspective16:00 – What ‘data quality’ means18:00 – Cloud’s role in evolving access to data22:30 – Getting the foundations right28:00 – How Bloomberg deals with point-in-time data31:00 – The interconnectedness of data36:30 – Skills and talent necessary for Bloomberg
Nyela Graham brings Frank Tarsillo, CTO at S&P Global Market Intelligence, on the podcast this week. They discuss S&P’s approach to AI, the need for “ready-to-use” data, and how the firm’s Kensho and IHS Markit acquisitions are helping accelerate innovation. 2:00 – Frank joins the podcast and explains S&P’s approach to AI9:30 – How Kensho has shaped S&P’s data12:30 – Tech acquisitions act as accelerators14:00 – How IHS Markit’s datasets are showcased within S&P 17:30 – S&P in the cloud20:00 – Frank’s background in the data vendor world28:00 – The future of datacenters
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-aiTo 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 Broadridge6:00 – He walks through Broadridge’s GPTs and the thinking behind them10:00 – Some of clients’ feedback11:30 – OpsGPT’s value proposition13:00 – Joseph explains how the GPTs were trained and the datasets involved21:00 – Memory like your Netflix account 24:00 – Biggest challenges for firms experimenting with and using LLMs29:30 – Incremental vs. transformative benefit34:00 – They close out talking about ‘DJ Jo’
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 sight9:00 – Val walks through the status of affirmations in the industry12:30 – Investment managers have three options16:00 – FX funding is another challenge19:30 – The SEC’s targets, potential consequences, and focus on adhering31:00 – Move to T+1 in Europe, the UK and Asia
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=truehttps://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/s11187-021-00539-92:30 – 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 on9:30 – Common misunderstandings on how DeFi will impact TradFi12:30 – 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 world31:00 – Changing mindsets on “better, faster, cheaper”33:00 – Warming up to public blockchains35:30 – Examples of DeFi experimentation in the capital markets
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 Global6:00 – 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 refit20:00 – Are firms compliant with the original Emir yet?24:30 – Ben chats about what keeps him up at night
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 lawsuit12:00 – They ponder why more plaintiffs haven’t joined the suit15:00 – Tim discusses details on the alleged violation of sections 1 and 2 of the Sherman Antitrust Act19:30 – The European Commission’s 2011 decision on concerns with S&P’s licensing of US Isins26:30 – They discuss the FCA’s wholesale market data study36:30 – Is there meaningful innovation in market and reference data?39:00 – Figi’s place in the identifier space45:00 – Tim says there’s a lot of complexity in the market that should be much simpler
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-mystery18:00 – Joe joins the podcast and walks us through his role at BMO21:00 – They dive into the SEC’s market structure proposals, and the macro trend of systematic trading27:00 – Joe summarizes the changes to market structure in the US since Reg NMS30:00 – Joe discusses what he believes to be the most controversial piece of the proposals34:30 – Playing devil’s advocate for the changes the SEC is proposing36:30 – 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
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
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.
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.
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?
This week, David Sharratt, global head of data product commercialization at Standard Chartered, joins Wei-Shen to talk about monetizing data. They discuss what a data product is, the steps necessary to build it, and the common pitfalls firms face in the process.6:00 – David joins the podcast and talks through his 30-plus years in the capital markets.7:30 – They address the evolving regulatory landscape and its impact on productizing data.12:00 – A look at the competing dynamics for what constitutes a data product.14:30 – How do firms deal with geographical boundaries?17:30 – David explains why it’s imperative to start with a use case.21:30 – The next question: Does it make commercial sense?27:30 – Sometimes, the over-engineered solution is not necessarily the most appropriate.30:00 – What are the typical pitfalls?34:00 – Firms should devote time, resources, and funding for horizon scanning.
This week, David Hardoon, group chief data and AI officer at Union Bank of the Philippines, joins Wei-Shen on the podcast to discuss language models and how they add that conversation layer to knowledge. They then unravel some of the terminologies around LLMs and the fundamentals of what firms are trying to achieve. This episode is David’s second time on the podcast. He first came on to talk about challenges with AI and what operationalizing data and AI means. https://www.waterstechnology.com/data-management/7704916/wavelength-podcast-ep-218-david-hardoon-on-ais-unforeseen-challenges2:30 – David joins the podcast and discusses how his role revolves around data.5:30 – He gives his view of how we view language and communicate about language. 10:30 – The necessity of specialization in the LLM space.14:30 – What are the challenges in creating that ring-fence? 18:00 – Let’s talk about the most important question: What are we trying to achieve? 21:00 – Finding the balance between innovation and running the business. 24:30 – David walks through some use cases that will be more prevalent in the capital markets.27:30 – How are these specialized LLMs trying to provide more context? 31:00 – A practical example of AI hallucination and the critical role that humans play in validation. 35:30 – David’s thoughts on the operationalization of AI and quantum computing.
John Duigenan is the general manager for the Financial Services Industry for IBM. He joins Tony on the podcast to discuss the fields of generative AI and large language models. He has worked at IBM for more than 25 years in various roles.
4:00 – John joins the podcast and talks about how he started in the financial services industry. 6:00 – What’s the State of the Union for generative AI in the capital markets? 10:00 – What are some real-world use cases for generative AI in the capital markets? 15:30 – When it comes to data quality and the data being plugged into these models, what should people be most concerned about? 18:30 – John explains the difference between Watson and Watsonx, and the thinking behind the latter’s development. 25:00 – And finally, a look at the regulatory environment and how it pertains to generative AI.
This week, Steve Rubinow, former chief innovation and technology officer at the New York Stock Exchange and lecturer at the Jarvis College of Computing and Digital Media at DePaul University, joins Tony on the podcast. They talk about AI disruption and the state of the education system.
3:30 – Tony reminisces about how he first met Steve. 7:00 – Steve explains how CIOs and CTOs assess the AI shift, particularly generative AI models. 14:00 – The best use of these tools is with an expert human-in-the-loop. 18:00 – People dealing with technology tend to fall into two groups. 24:00 – What does progress in AI mean for our future? 27:00 – Steve brings up the “ikigai” concept, a Japanese word that means “life purpose.” 32:00 – One of the important elements of AI is the timeframe. 35:00 – Thoughts on exchanges moving beyond their marketplace role. 38:00 – What becomes of the Big Tech firms? 43:00 – The state of academia and how it’s changing.
This week, Brad Levy, CEO of Symphony, joins Tony on the podcast. They discuss Levy’s vision for Symphony going forward and how his managing style has changed since 2020.
7:30 – Brad Levy joins the podcast and talks about his vision for Symphony. 10:30 – Brad chats about moving towards a markets-focused platform, extending to buy-side firms. 14:00 – The journey from a messaging system leveraging chat to a collaboration platform. 18:00 – Brad discusses Symphony’s acquisition of Amenity Analytics. 19:00 – Know your incentive and intention of AI. 22:30 – Brad and Tony discuss the challenges surrounding the current state of ESG. 27:30 – Brad talks about how his management style changed during the pandemic. 34:00 – Thoughts on industry adoption of open-source, large language models and generative AI, blockchain.
This week, Emanuele “Manny” Conti, Numerix’s new CEO, joins Tony on the podcast. They talk about his vision for Numerix’s future, the company’s acquisition strategy, and major trends that are changing the industry.
3:30 – Manny is a Midwesterner and a fan of Ohio State football, which Tony finds unfortunate. 7:30 – Manny discusses how he became familiar with Numerix and why he took the job. 13:30 – A look at the major trends driving change in the industry. 16:00 – Manny talks about his management style and whether he views himself as an outsider. 20:30 – What will Numerix’s acquisition strategy be going forward? 25:30 – As a manager, how will Manny help to guide Numerix’s tech evolution strategy? 33:00 – What keeps Manny up at night? 34:30 – Will Ohio State ever beat a Jim Harbaugh-led Michigan team again?
This week, Steve Moreton, global head of product management at CJC joins Tony on the podcast to explain why firms should start experimenting with virtual reality now, because VR’s capital markets adoption is not a question of if, but when. (Actually, it’s already here.)
To view Moreton’s Metaverse presentation at FISD Netherlands from earlier this year, click here. (https://www.youtube.com/watch?v=ACfLdPF0pVA&t=1135s&ab_channel=SIIA)
In 2017, WatersTechnology spoke with senior executives from Citigroup and Fidelity Investments about how they’re experimenting with virtual and augmented reality. For a blast from the past, click here. (https://www.waterstechnology.com/front-office-tech/2480705/the-reality-of-virtual-reality-vrs-future-in-financial-services)
6:00 – Steve Moreton joins the podcast and gives an overview of what CJC does and his different roles there. 8:30 – He walks through how VR is the next evolution of communication. 13:00 – How do avatars feel like a real-world experience? 14:00 – These headsets still have limitations, but AI and deep learning techniques will be a game-changer. 18:00 – What is the value proposition for these next iteration headsets? 23:00 – What should managers think about looking at the future of communications and workstation interfaces? 26:00 – Do the 100 hours in VR. 28:30 – A face-to-face meeting is still the ultimate. 31:30 – It’s all about meeting customers where they are.
This week, Reb joins Tony and Shen on the podcast. They talk about returning to in-person conferences after what feels like many years of having these done online. They delve into how these events can, and should, stimulate more interesting interactions—whether in the form of case studies or topic-specific fireside chats. Having the right moderator and the right speakers are key.
Then, Tony goes on a long spiel about his thoughts on the finale of the TV series Succession, and also Barry.
This week, Shen records the podcast at The Grapes, Limehouse, one of the oldest pubs in London. (Fun fact: Ian McKellen owns it.) She’s joined by Reb and Nyela, as well as Theo and Eliot, our newest reporters representing WatersTechnology in London. It’s chaotic, extremely noisy (cause we’re at a bar, duhh), and Shen is greatly outnumbered by Gen-Zers. Dear listener, you have been warned.
This week, Tyler Derr, chief technology officer at Broadridge, joins Tony and Shen on the podcast. They discuss how Broadridge has grown through acquisitions, interoperability in the capital markets, blockchain use cases, and thoughts on emerging technologies.4:00 – Tyler joins the podcast and walks through his background in the transfer agency space to his current role at Broadridge.7:00 – He talks about some lessons learned through acquisitions as a CTO.10:00 – From a capital markets perspective, how is the acquisition model and creating best-of-breed solutions through that changing?13:00 – Openness to a platform is key.17:30 – Legacy “walled-off gardens” are being challenged.19:00 – How can firms be better integrators?25:00 – Tyler shares his thoughts on blockchain use cases in the capital markets.33:00 – How is Broadridge helping clients move to T+1?37:00 – Tyler’s thoughts on large language models, low-code/no-code, and quantum computing.
This week, Tony and Shen discuss the upcoming North American Financial Information Summit (Nafis) on May 16, 2023. They walk through the themes that will be discussed during the summit and why they are important.You can find more information about the summit here: https://www.financialinformationsummit.com/na , and if you want to register, you can click here: https://nafis.eventmaker.io/You can reach out to Tony at anthony.malakian@infopro-digital.com or Shen at wei-shen.wong@infopro-digital.com
This week, Jerome Kemp, president at Baton Systems, a company looking to transform post-trade processing using distributed ledger technology (DLT), joins Wei-Shen on the podcast. They talk about the processes within the post-trade ecosystem that can benefit from DLT and some of the challenges that firms face in the implementation phase.3:00 – Jerome joins the podcast and gives an overview of his career and Baton Systems.6:30 – He talks through the main challenges within the post-trade ecosystem.10:00 – Why is DLT a good fit for post-trade? Which process would benefit most?14:00 – There needs to be some reality testing before using DLT to solve a problem.18:00 – Where do firms encounter challenges when implementing a DLT-based system?22:30 – Jerome talks about a recent partnership between Baton and BNY Mellon.31:30 – Any solution only works as well and fast as the slowest in the chain. How can this change?34:30 – What other technologies are driving change in post-trade processes?
This week, Stephen Richardson, head of Apac and senior vice president of financial markets at Fireblocks, a digital asset security platform, joins Wei-Shen on the podcast. They chat about private key security and the technology traditional firms need to interact with digital assets.5:00 – Stephen joins the podcast and gives an overview of Fireblocks.7:00 – He explains the technology behind managing private keys.10:00 – The difference between multi-signature and multiparty computation infrastructure. 18:30 – Stephen discusses how Fireblocks works with traditional custodians.21:30 – What are some institutional-grade tools that are still missing?26:00 – They discuss settlement infrastructure considerations.30:30 – How can firms better enable interoperability and harmonization of tech infrastructure between traditional and digital assets?38:30 – What needs to change from a people standpoint? 43:30 – Stephen talks through some trends in this space that may take off this year.
This week, Matt Smith, CEO of compliance technology and data analytics firm SteelEye, joins Wei-Shen on the podcast to discuss the evolution of compliance solutions for electronic and voice communications and the regulatory landscape.1:30 – Matt joins the podcast and talks through some of the points in a report SteelEye released at the end of 2022.6:30 – He explains the nuances between how the regulators in the UK and the US approach how firms meet systematic and control obligations.13:30 – They talk about the prevalent communication mechanisms. 16:30 – Matt details some of the creative loopholes.19:00 – Are there examples of the regulators being too invasive?22:30 – Matt discusses what’s in the pipeline for SteelEye.30:00 – What is the future of compliance for e-comms and voice?
Andrea Gentilini, head of SEI Novus, joins Wei-Shen on the podcast. Together, they talk about using the term ‘target operating model’, and how the buy side should use data to evaluate managers’ skillsets better. 3:00 – Andrea joins the podcast and gives an overview of his career and how he landed at SEI Novus.6:30 – He gives an analogy about how asset allocators and managers only treat their fever symptoms.10:00 – They talk about how asset allocators want more context from their data and how technology can help. 16:00 – Then, they get into the target operating model. What does it mean, and why is it needed?18:00 – Sometimes, the problem is the infinite investment horizon. 21:00 – How do asset managers approach the Tom now, especially when looking to incorporate new technologies? 26:00 – Why don’t allocators, and asset managers use behavioral analysis tools more?
It’s just Shen and Tony on this week’s podcast. To start, they chat about the upcoming Thanksgiving holiday in the US and Rebecca Natale’s undying love for Taylor Swift.
Then, they get into the nitty-gritty of the recent announcement by the Australian Securities Exchange (ASX) to scrap the replacement of its clearing and settlements system using distributed ledger technology (DLT), and the lessons capital markets firms can learn from this case.
Read: https://www.waterstechnology.com/emerging-technologies/7950308/waterswrap-asxs-chess-dlt-meets-calamitous-fate-what-can-be-learned
Joining Tony on the podcast this week is Spencer Lee, chief markets officer at TS Imagine, a trading, portfolio, and risk analytics solutions provider. They talk about the needs of buy-side fixed income traders, innovation in the space, and how traders deal with the various trading protocols.
(2:30) – Spencer Lee joins Tony on the podcast and gives an overview of his 20-odd years at the buy side before he joined TS Imagine. (9:00) – They talk about innovation within the capital markets and how fixed income uses those tools. (13:00) – What are the needs of a buy-side fixed income trader? (17:00) – Trading platforms need to cast a wide net to liquidity providers and distill the information into a single view relevant to the trader. (20:00) – A “fancy sports car” for the buy side. (21:30) – What is the impetus to get everyone working together? (26:30) – How is TS Imagine fulfilling the needs and analytics for fixed income trading? (31:30) – They wrap up by discussing the direct dealer connectivity protocol.
This week, Wei-Shen speaks with Josephine about her experience attending the World Financial Information Conference (WFic) in Prague in mid-October. She also recounts some of the engineering streams and panels that discussed challenges with delivering and consuming data on the cloud.
Do check out her story covering the cooperation between JP Morgan and Goldman Sachs. (https://www.waterstechnology.com/data-management/7950180/goldman-sachs-jp-morgan-join-forces-to-explore-market-data-in-the-cloud)
This week, with no guest in tow, Tony and Shen go off the rails discussing how firms are migrating more workflows and processes to the cloud. They then touch on interoperability, blockchain, APIs, and open source before circling back to the cloud.
This week, Andy Volz, chief operating officer at Clear Street, joins Tony on the podcast. They discuss the challenges existing technology infrastructures pose to the capital markets, the growing necessity of the cloud, and some trends in the market.
9:00 – Andy joins Tony on the podcast and gives an overview of his career and what Clear Street does. 12:00 – They discuss the bottlenecks in capital markets tech infrastructure. 14:00 – Where does the broker community struggle to provide additional insights? 18:30 – The advantage of being “cloud-born.” 20:30 – The lack of innovation in technology and regulation are systemic threats to liquidity within public equity markets. 22:00 – Andy explains how legacy infrastructure adds cost to end-users. 24:30 – Is there something fundamentally changing the markets? 28:00 – They discuss using blockchain in equity clearing and the risk of vendor lock-in. 33:00 – Andy gives an insight into Clear Street’s next growth stages.
James Crosby, founder and CEO of data management firm Fencore based out of Singapore, joins Wei-Shen on the podcast this week. They talk about the risks of vendor lock-in and how firms—both end-users and service providers—are working towards interoperability.
4:30 – James joins the podcast and gives an overview of what Fencore does. 8:30 – They discuss if there’s a balance between creating product stickiness and true openness. 12:30 – What are the biggest risks of vendor lock-in? 15:00 – How should firms balance consolidation of system providers versus spreading across different providers? 17:30 – James talks about how having a single approach to systems is a utopian ideal. 19:00 – What needs to happen to achieve true interoperability between different systems? 21:30 – James walks through the work required in implementing and configuring a new platform. 23:30 – How does providing flexibility to the end-user work from a contracting perspective? 28:00 – They discuss what the end state of interoperability may look like.
Bill Dauge, head of alternative data at Nasdaq, joins Tony on the podcast this week. They talk about Nasdaq’s partnership with AWS and what it entails, and the trends that are driving this.
4:30 – Bill joins the podcast and gives an overview of his role at Nasdaq. 7:30 – He goes into Nasdaq’s partnership with AWS and the exchange’s overall cloud strategy. 9:30 – Bill outlines the journey to becoming a fully cloud-native exchange and the current challenges, such as speed and security. 15:00 – They assess the cloud landscape and scalability. 18:30 – There is another layer coming: data as a product. 21:00 – The next shift is data delivery mechanism, better query interfaces, tools, and dashboards. 25:00 – Bill addresses the main challenges in deploying cloud infrastructure at scale.
Joining Wei-Shen on the podcast is Enrico Bruni, managing director and head of Europe and Asia at Tradeweb. They discuss electronification in the repo markets, particularly in the dealer-to-client space, and Tradeweb’s “reverse onion” approach. As Bruni puts it, there’s nothing simple in repo land.
7:00 – Enrico joins the podcast and gives an overview of his time at Tradeweb. 8:30 – Then, they discuss the current state of electronification in repo markets in the dealer-to-client space. 12:00 – He walks through Tradeweb’s “reverse onion” approach to automating some repo workflows. 15:00 – What are the existing barriers to further additional electronification of repos? 17:00 – What role do OMS providers play here? 20:00 – The element of bilateral execution can make workflows more complex. 21:30 – Enrico talks about the ongoing initiatives the industry is working on. 22:30 – Then, he discusses the difference between electronification of repos in the US, Europe, and Asia. 28:00 – Enrico walks through Tradeweb’s roadmap for 2022. 35:00 – They close the podcast talking about their shared love for durian.
This week, Manisha Kimmel, chief policy officer at MayStreet, joins Jo Wright on the podcast. They get into the weeds on the NMS plan, the fee amendment, and the comment letters submitted to the SEC.
https://www.sec.gov/comments/s7-24-89/s72489.htm https://twitter.com/MayStreetTech/status/1473405655306354691
2:30 – Manisha joins the podcast. She gives an overview of her career before and at MayStreet. 7:30 – Manisha gives background on the so-called CT plan and the Market Data Infrastructure Rule. 9:00 – Litigation is holding up implementation of the plan. 15:30 – They talk about what exactly the fee amendment proposed. 18:30 – Manisha outlines the controversial debate around charging for market data based on cost versus value. 33:00 – What now? Manisha walks through what could happen next.
WARNING: Explicit content. This episode contains swear words, please listen with caution. You have been warned.
Tony and Shen go on a long rant about Covid, kids on scooters, and spatial awareness. Enjoy!
Merry Christmas!
This week, Jennifer Peve, managing director, and head of strategy and business development at DTCC, joins Wei-Shen on the podcast. They discuss how tokenization could help solve some of the challenges in US private markets and how the Digital Securities Management (DSM) platform that DTCC aims to launch in 2022 can potentially help.
3:00 – Jennifer joins the podcast and gives an overview of the challenges in the private markets and how a tokenized solution can help. 7:00 – Then, she walks through how DSM looks to achieve. 10:30 – What does “good control location” mean? 16:00 – Jennifer details the genesis of Project Whitney and how it led to DSM. 18:00 – She then points to how the transaction consent engine paired the public blockchain and DSM can restrict unvalidated transactions. 22:00 – DTCC could extend DSM to other use cases in the future. 27:30 – There’s a bit more work to do before DSM launches. 30:00 – Jennifer gives her thoughts on how blockchain projects have developed in the past year.
This week, Bill Murphy, managing partner at Cresting Wave, joins Tony on the podcast to talk about innovation discovery, talent acquisition, and technology battlefronts.
5:00 – Bill joins the podcast. 7:00 – They discuss the challenge of recruiting technical talent. 12:00 – The technology innovation space is crowded. 14:00 – Should tech leaders be more willing to take risks? 17:00 – Bill explains the impediments that CTOs face today. 20:30 – Looking at cyber security, how can firms use new tools to protect their organizations better? 23:00 – There are so many technology battlefronts. How does Cresting Wave help organizations? 25:30 – Bill explains how some firms steal time from tech leaders. 29:00 – Then, he gives some advice to CTOs today. 31:30 – They close with predictions for the NBA finals.
We’re stepping a little outside the box this week! Garry Cooper, CEO and co-founder at Rheaply, joins Tony on the podcast to discuss the circular economy. Rheaply is a software-as-a-service company that helps enterprises re-source assets and services.
5:30 – Garry joins the podcast and defines the circular economy. 7: 30 – Then, he details problems with the circular economy and how his company, Rheaply, fits in. 9: 30 – Garry explains the concept of sharing the sugar and how Rheaply technology helps global banks. 13:00 – How important is data to reuse efforts? 17:00 – Is there a way to automate some of the manual processes of gleaning that data? 20:00 - Garry explains how he got into sustainability. 24:00 – Can the circular economy help with inflationary and supply chain issues? 25:30 – How do we convince local governments to take more steps contributing to the reuse initiative? 31:00 – What’s the most random thing Rheaply has ever taken inventory of?
This week, we have a return guest on the podcast. Likhit Wagle, general manager of global banking and financial markets at IBM, joins Tony to discuss mainframe modernization and its importance, particularly since it will be a while before banks put a substantial portion of their mission-critical workloads onto the public cloud.
5:00 –Wagle joins the podcast and details why it’s necessary to consider mainframe modernization efforts. 8:30 – He says banks need to prioritize which applications should be modernized and rationalized. 10:00 – It will take some time before banks put a substantial chunk of particularly mission-critical workloads onto the public cloud. 11:00 – Firms want to be cloud native. Why is it important to modernize mainframes if the end goal is to move away from them? 15:00 – Wagle says the winning strategy is a hybrid strategy—public, private, on-prem. 16:30 – Then, he walks through IBM’s latest z15 mainframe, and the new version, which will come out in early 2022. 18:00 – Where do mainframes fit into the AI and analytics ecosystem that banks and asset managers want to leverage? 22:30 – Will there be an even split between public cloud, private cloud and mainframe? 25:00 – Then, they discuss how quantum computing impacts the idea of mainframes, public and private cloud. 28:30 – More banks are preferring buy versus build. Does that software sit on the public cloud?
This week, Geoff Horrell, head of innovation at the London Stock Exchange Group (LSEG), joins the podcast to talk about the exchange’s innovation strategy after the Refinitiv acquisition, deep learning, and the ideation process.
5:00 – Geoff joins the podcast and gives an overview of his remit at LSEG. 7:00 – Then, he explains what has changed since LSEG acquired Refinitiv and how that expands the coverage area of LSEG Labs. 9:00 – Geoff walks through some examples of innovation in post-trade and capital markets space. 11:30 – They discuss the ideation process at LSEG Labs. 14:30 – It’s about identifying ‘quick wins.’ 16:00 – Geoff talks about a recent project LSEG Labs built. 23:00 – Moving forward, LSEG Labs will prioritize projects in sustainable finance and digital assets. 27:00 – Fresh off the LSEG Labs AI/ML 2021 report, Geoff explains one of the key findings: deep learning is now the favored type of machine learning. 35:00 – They wrap up discussing innovation in Emea and Asia versus the US.
This week, Lou Maiuri, COO at State Street, joins Tony on the podcast to discuss State Street’s acquisition of Brown Brothers Harriman’s Investor Services business and the firm’s strategy beyond that. They also cover how firms can build interoperability within the organization and some of the challenges with the new landscape of working remotely.
6:00 – Lou joins the podcast and gives a breakdown of his responsibilities at State Street. 9:00 – Then, he details how State Street’s acquisition of Brown Brothers Harriman’s Investor Services business is really a consolidation deal with many plusses. 11:30 – BBH’s Investor Services business is “the god of small things.” 12:30 – Lou says the deal is strategic and is accretive to State Street’s strategy. 14:00 – They discuss how retaining talent and executing the integration is the next key step. 18:30 – Customers want technology that speaks the same language. 23:30 – It’s not a good model if customers don’t have choices. 32:30 – They close out talking about how remote work worked and the areas where it is more challenging.
Happy Labor Day! This week on the podcast, Wei-Shen, and Tony discuss how Big Tech firms are eyeing more of the capital markets space and the roadblocks they may face. We talk about a recent column written by our very own Josephine Gallagher and some of the other Waters Wrap columns written by Tony.
https://www.waterstechnology.com/buy-side-technology/7835481/a-tale-of-two-titans-microsoft-vs-bloomberg https://www.waterstechnology.com/topics/waters-wrap
Kris Hopkins, head of capital markets at SBI Digital Markets, the Singaporean subsidiary of SBI Digital Assets, joined the Waters Wavelength Podcast to talk about digital assets and why he thinks capital markets firms should get more involved.
2:00 Kris joins the podcast and talks about how he started his career as an intern at the London International Financial Futures and Options Exchange. 4.30 How is the capital markets dealing with digital assets today? He says these new asset classes will have to ingrain themselves in the traditional institutions at some point. 7.30 Kris discusses why he decided to join SBI Digital. 12:30 Digital assets are not all about crypto. The challenge is that people generally think it is. 13:00 Another angle is asset tokenization, which can be compelling for capital markets firms. 16:00 Security token offerings are regulated by the Monetary Authority of Singapore. That gives people and organizations a wider range of investment opportunities to look into. 22:00 One of the challenges for security tokenization is liquidity. 28:00 How should firms approach digital asset projects?
This week, Wei-Shen and Tony discuss climate change and how it will accelerate climate migration.
Then, Shen gives a breakdown of her journey back to Hong Kong and how the early days of quarantine have been
The pandemic has been a lot about “glow ups” and, equally, “glow downs” on a social and individual level. This week, Wei-Shen and Tony discuss how Covid-19 impacted our usual habits, from working out in the mornings to having a better sleep schedule.
With many of us still experiencing a languishing blend of work/gym/home life, how do we get back on track and form better habits? How do we come out of this?
And, can companies help in any way? Yes, they can. Sure, there are limits to what (and how much) they can do to help, but every little gesture counts. How can they instill positivity in their staff?
Shameek Kundu, former chief data officer at Standard Chartered, and now head of financial services and chief strategy officer at Truera, a startup dedicated to building trust in AI, joined the Waters Wavelength Podcast to talk about AI explainability and how regulators approach the use of AI.
5:00 Shameek joins the podcast and talks about the speed and focus that moving to a startup has given him. 10:00 While today there is broad adoption of AI within the capital markets firms, the depth may not be there. 11:30 The question cannot always be, ‘Why not use AI?’ It could also be, ‘Why do I use AI?’ 14:30 Shameek says infrastructure for building and deploying ML models is still an art more than science. 15:30 The barriers that exist for AI in capital markets is the lack of trustworthiness and reliability of those models over time. 21:30 Not many firms have a mature data and infrastructure blueprint to allow for AI innovation. 23:00 Shameek adds that in some ways, the data translator role is a stop-gap measure. 26:00 How are regulators looking at the use of AI? 36:00 Shameek is excited about the use of data in addressing the current and next generation’s problems.
This week, Wei-Shen and Tony give listeners an overview of our three heavy-hitters of the week.
https://www.waterstechnology.com/data-management/7842386/putting-the-green-in-green-data-rise-of-impact-investing-drives-esg-ma https://www.waterstechnology.com/emerging-technologies/7841241/technical-difficulties-openfin-says-its-committed-to-fdc3-while-others-have-their-doubts https://www.waterstechnology.com/data-management/7841696/one-step-closer-how-exchanges-are-seeking-tighter-relationships-with-clients
They start with Max Bowie’s ESG consolidation story first. Then they hit on Reb Natale’s piece on interoperability (Tony’s favorite topic) and OpenFin’s commitment to FDC3.
Then Shen gives a summary of the exchange data licenses story she and Joanna Wright wrote.
This week, Shen and Tony delve a little into Facebook and Apple’s privacy feud, in which Apple is, in an iOS update, prompting users to give apps permission to track their activity. Facebook could be hurt by this move as it directly threatens revenue from targeted ads.
How does that argument fit into overall privacy concerns as people start to go into hybrid remote-working models? Shen and Tony discuss how surveillance technology and compliance tools can dig into people’s privacy. But if people want to work with a bit more freedom or have the option to, what is that privacy trade-off? Then, Tony brings up his favorite topic, app interoperability, and how it could create privacy concerns we’ve not thought about before.
This week’s episode is all about Tony! First off, he’s now fully vaccinated! Wei-Shen calls him out for bragging that he doesn’t (usually) get reactions to vaccines. Tony also had his first in-person interview at the very-loved White Horse Tavern in Downtown Manhattan. We discuss his issues with anxiety and how he has dealt with it so far.
Then, they discuss how things will start to change when people start to go back to offices. There will be new anxieties that people have to deal with. How do firms manage that without alienating their workforce? How do they encourage their people to overcome their anxieties instead of shrinking away from things that make them uncomfortable?
The key, we think, is also in showing empathy, even when we don’t fully understand the why or how.
This week, Keiren Harris, strategy-based market data consultant and the founder of DataCompliance, joins Wei-Shen on the podcast to discuss how exchanges in Asia are approaching their data business. Keiren also writes about market data issues on MarketData.Guru.
Also, next week from May 17 through to May 20, we have the WatersTechnology Innovation Exchange Data Insights Spotlight. Check out the agenda here. https://events.waterstechnology.com/innovation-exchange-data/agenda
5:00 Keiren joins the podcast, and they start with how things are literally heating up in Hong Kong. 7:00 He explains how exchanges are transitioning from providing raw data service to one where they’re adding value to their products, and the challenges in doing so. 10:00 Asian exchanges are a bit farther in the development of their data service. 13:00 The Singapore Exchange (SGX) has refocused over the years to develop its index business. 17:00 Keiren says the Australian Securities Exchange (ASX) is the classic transition exchange in terms of data. 21:00 Hong Kong Exchanges and Clearing (HKEX) is still playing in the data space, not in the value-add space yet. Why change something that works? 28:00 Sometimes, getting information out of some exchanges is like getting blood out of a stone. 30:00 Japan Exchange Group (JPX) should be more of a giant in the exchange data business, but it is potentially held back by organizational culture. 38:00 Bursa Malaysia faces a different problem. There’s limited resources to maximize innovation in the data business.
This week, Annie Wu, senior conference producer at Infopro Digital (WatersTechnology’s owner), joins Wei-Shen on the Waters Wavelength Podcast. They talk about the switch from physical to virtual events, AI matching engines for networking, and the future of capital markets events. Annie also gives a preview of our upcoming events—WatersTechnology Innovation: Data Insights Spotlight and WatersTechnology Innovation Exchange: Business Strategy & Leadership Spotlight.
https://events.waterstechnology.com/innovation-exchange-data https://events.waterstechnology.com/innovation-exchange-leadership
This week, Robert Wigley, chairman at UK Finance, joins Wei-Shen on the Waters Wavelength podcast to talk about his new book ‘Born Digital’ and how firms can attract Gen-Z talent.
7:00 Bob joins the podcast and gives an overview of his book ‘Born Digital.’ 10:00 He explains how purpose has changed. Gen-Z particularly looks to join companies that serve some societal purpose too. 13:00 How can companies in the capital markets drive sustainability and inclusivity in their hiring policies and actually put words into action. 17:00 Achieve, or explain! 18:00 Bob explains the concept of ‘phigital workspaces’ and how biophilic workplaces are becoming more popular. 21:00 The challenge in this more blurred workplace environment is how companies can reinforce teamwork and facilitate innovation. 23:00 Demonstrating technology sophistication is a key criteria for Gen-Z. 28:00 Every company has its own culture, but they should recognize that it can impact how they attract new talent. 31:00 It all comes down to recognizing the values that Gen-Z puts highly.
Eugene Stern, head of market risk product, and Brad Foster, head of enterprise data content at Bloomberg respectively, join the Waters Wavelength Podcast to talk about a range of topics relating to the Fundamental Review of the Trading Book and how firms are looking for product offerings that are more modular and flexible.
4:00 Eugene and Brad join the podcast. 6:00 Eugene talks about why firms are still struggling with FRTB implementations. 10:00 Brad details the data challenge and how it presents an opportunity for banks to review their data management strategies. 13:30 To have that consistency and alignment in data management strategies, what do firms need to address today? 16:00 FRTB brings about a change in the balance between regulatory capital calculations and risk measures for internal risk management. For example, the internal model approach has gotten very challenging to implement due to very specific requirements. Instead, banks are tending towards the standardized approach from a reg cap perspective. 22:00 Eugene talks about bringing data and analytics together as a strategy and how Bloomberg builds its offering. 25:00 Then they discuss the lessons learned along the way in better helping clients with the FRTB journey. 30:00 Bloomberg is looking at ways to plug the data gaps that clients by providing modularity and flexibility. 35:00 There could be parallels to the challenges for FRTB to Libor transition.
On this episode of the Wavelength Podcast, Wei-Shen and Tony discuss their backup data habits.
On this episode of the Wavelength Podcast, Wei-Shen and Tony discuss tech disruption in the bar industry.
George Mussalli, chief investment officer of equity investments at the firm, and Mike Chen, the firm’s director of portfolio management and sustainable investing, joined the Waters Wavelength Podcast to talk about a range of topics relating to ESG.
Innovation Exchange: Mike Chen will be a speaker at this year’s Innovation Exchange, a virtual conference that will be held from March 22-25. To listen to Chen’s panel discussion and others, you can register here: https://events.waterstechnology.com/innovation-exchange-tech/register-now?form_track=podcast
2:00 To start, George and Mike give background on PanAgora and the firm’s ultimate investment strategy. 6:00 Mike explains what ESG means to PanAgora. 9:00 George lays out the ultimate investment objective for a chief investment officer when incorporating ESG into a portfolio. 15:00 Let’s get hypothetical: A company is extremely climate efficient and has extremely high employee satisfaction, but they have terrible board diversity and make monetary contributions to organizations that are deemed poor when it comes to social justice issues—do you ditch that company even if it’s producing solid returns? How do you build a flexible framework to adjust an ESG portfolio easily? 23:00 Mike and George talk about how the firm builds predictive and forward-looking models in nature, even if the data tends to be point-in-time. 29:00 Mike drills into avoiding data bias in the ESG space. 35:00 George explains how ESG metrics fared under the strain of the pandemic. 36:00 Mike says greenwashing is the greatest challenge facing the ESG space as we head on into 2021 and beyond.
On this episode of the Wavelength Podcast, Wei-Shen and Tony talk about the importance of communication when it comes to M&A activity within a company.
This week, Wei-Shen and Tony speak with WatersTechnology’s new GameStop editor Rebecca Natale to get the skinny on the Reddit vs. Wall Street saga. WARNING: As noted at the start of the podcast, there are a fair number of curse words that are uncensored used throughout this episode. Please do not listen if you are offended by that kind of language, and for the love of God, wear headphones if you are in a public place listening to this, or are around children.
Wei-Shen and Tony are trying a different format this year with the podcast, and they start by discussing mental health and ways to help and support coworkers and friends.
For the last podcast of 2020 here at WatersTechnology, Wei-Shen speaks with Likhit Wagle, general manager of global banking at IBM, about how financial firms are approaching cloud and containerization technologies.
5:00 Likhit joins the podcast and opens by explaining how banks should approach their cloud strategies. 13:00 He then discusses IBM Cloud for Financial Services and how banks are currently migrating to the public cloud. 16:00 Next, they look at the challenges associated with a cloud architecture versus on-prem. 23:00 Then he examines optimal ways for firms to keep on top of their cloud expenditure. 30:00 From there, Wagle delves into the challenges and costs associated with sunsetting an application. 34:00 He follows that with a look at how IBM Cloud for Financial Services structures contracts around flexibility. 38:30 While a believer in containerization, he analyzes what firms should be aware of when using these services? 46:00 Wagle wraps up the conversation by talking about his hopes for 2021.
This week, John Lin, founder and now chairman of Grasshopper, a Singaporean prop-trading firm, joins Wei-Shen on the podcast. They talk about his experience as a trader, why he left, and the projects he’s working on now.
4:00 John joins the podcast and talks about travel challenges during the pandemic.
8:00 John talks about his experiences in the open outcry trading pits, building a company from the ground up, and what led him to step back from his day-to-day responsibilities.
15:30 When it comes to technology, John says change is a constant, and it’s a reason why banks have struggled to keep pace with new innovations.
24:00 John next explains why he’s a believer in blockchain’s long-term adoption.
33:30 Since stepping back as CEO of Grasshopper, John’s joined something called Mastermind, which is a collection of innovative thinkers from an assortment of different fields. He discusses some of the more interesting projects that he’s been involved with through Masterminds.
44:30 To wrap things up, he talks about some of his passions, from wellness initiatives to digital collectibles.
https://www.thegrastaman.com/#
https://open.spotify.com/user/1213086788?si=hVN5c92URsCxOcp7VN-c1g
https://www.waterstechnology.com/technology/7722086/point-break-how-vendors-push-their-products-to-the-limit
https://www.waterstechnology.com/data-management/7721356/at-the-fringes-of-realism-agent-based-models-take-hold-among-quants
https://www.waterstechnology.com/data-management/7719291/regulation-wont-address-market-data-costs
https://www.waterstechnology.com/data-management/7719531/massive-land-grab-sps-ihs-markit-buy-creates-data-juggernaut-but-users-fear-price-hikes
https://www.waterstechnology.com/management-strategy/7720356/waters-wrap-sp-ihs-markit-and-the-land-of-giants-also-more-on-aml-tech
https://www.waterstechnology.com/data-management/7720701/sp-markit-its-not-over-yet
This week, two bank technology executives join the podcast to discuss what’s driving innovation in the capital markets during a pandemic, and the challenges that lie ahead. Before that, Wei-Shen incorrectly calls this Episode 222. In her defense, she's under two-week quarantine. Let's get to the show!
Joerg Landsch: Head of Innovation, Americas, Deutsche Bank Apoorv Saxena: Global Head of AI Technology, JP Morgan Chase
4:00 How did the pandemic change “innovation” projects in 2020? 10:00 How did AI development change this year? 16:30 How has cloud, API, and open-source adoption help banks navigate the challenges of 2020? (Some DLT and quantum computing talk in here, too.) 23:30 What were some of the key lessons learned during the pandemic? 28:30 Why is interoperability and breaking down data siloes becoming even more important? 33:30 What are the greatest challenges when it comes to keeping a team engaged when everyone is working remotely?
Wei-Shen and Tony take a look at some headlines involving ESG. Come for the headlines, stay for the snark.
This week, Wei-Shen and Tony discuss some headlines from across the industry.
2:30 Texas woos financial services firms located in New Jersey. (Dallas Morning News) https://www.dallasnews.com/business/technology/2020/11/09/nasdaq-and-other-trading-exchanges-to-meet-with-texas-gov-abbott-about-potential-move/#:~:text=The%20Dallas%20Morning%20News%20reported,the%20state's%20business%2Dfriendly%20environment.
11:00 Goldman moving staff to lower-cost cities around the US/World. (Business Insider) https://www.businessinsider.com/goldman-sachs-staff-low-cost-hubs-dallas-salt-lake-bangalore-2020-11
24:30 The best programming languages & platforms for data science in finance. (efinancialcareers) https://news.efinancialcareers.com/us-en/3004783/graham-giller-data-science-finance
David Hardoon, senior advisor for data and artificial intelligence at UnionBank of the Philippines, joins to discuss all things artificial intelligence and machine learning.
4:00 David talks about his previous role at the Monetary Authority of Singapore. What can you do vs. what should you do?
8:30 He explains how the accessibility of data and ML tools can lead to the convergence of ML algos.
15:00 How do firms get an edge? Hope is not a strategy.
18:00 Simulation is key in exploiting operational alpha.
27:30 How does adversarial AI play a part in this?
33:00 What should traders do to ensure authenticity?
40:00 David explains what operationalizing data and AI at UnionBank means.
This week on the podcast, Wei-Shen talks with Victor Alexiev, director and head of programs and strategic partnerships for Citi Ventures APAC. They talk about some of the challenges and opportunities within banks and how D10X—Citi Venture’s internal entrepreneurship program, which looks at moonshot projects—tackles them.
3:30 – Victor joins the podcast and gives an overview of Citi Ventures and its three pillars—investment, exploration, and learning. 10:30 – Then he delves into some of the projects D10X has worked on recently. 13:00 – Most of the solutions don’t necessitate using emerging technologies. 15:00 – Defining the problem comes first. 20:00 – Challenges and themes Citi Ventures and D10X are looking at. In Asia, Citi is interested in the lifecycle of tokenized securities. 28:30 – Victor explains how the team at D10X is expandable. 32:00 – The team is looking at advanced data analytics, ML, and NLP to mine external content for signals.
After a couple late postponements, Wei-Shen and Tony just spend the show having a conversation about Tony’s new pool cue and other nonsense (start of podcast), some conversation about the current M&A market (5:00), and then they get into politics (18:30). Enter at your own risk. (Editor’s note: This was recorded last week, but I—Tony—am lazy and took forever getting this posted…back soon this week with a guest.)
On February 3, 2020, it was publically announced that Bill Murphy—Blackstone’s CTO for almost a decade—would be leaving the firm at the end of March. Bill rejoins the Wavelength podcast—for a record fifth time—to discuss some of the lessons he learned while working at the private equity giant, and the next phase of his career. (2:00-47:00) At the backend of the podcast, Wei-Shen and Tony discuss Refinitiv’s plans going forward after the launch of Workspace (47:30-end).
https://www.waterstechnology.com/data-management/7692821/of-refinitiv-and-old-rivalries
3:30 Bill discusses his decision to join Cresting Wave. 7:15 For those who have fared well during the pandemic, what went right? 10:30 What are the dangers of making knee-jerk tech decisions to answer Covid-related needs? 13:30 When it comes to the buy v. build debate, are banks more wary of taking the lead on moonshot projects? 19:00 Do banks and asset managers risk falling behind if they hand too much off in the innovation space? 21:00 What interests Bill the most in genre of “innovation” and why is technical debt hindering the capital markets? 28:30 What does technical debt look like when it comes to machine learning and data analysis? 35:30 Working remotely v. working in the office—how will that dynamic change in a post-Covid world? 40:00 Blockchain? 41:30 ESG? 43:30 Quantum computing? 45:00 Deep learning?
Bill Murphy’s previous episodes:
https://www.waterstechnology.com/trading-tools/2461751/waters-wavelength-podcast-episode-22-blackstone-cto-bill-murphy
https://www.waterstechnology.com/trading-tools/3056376/waters-wavelength-podcast-episode-60-bill-murphy-blackstone-cto
https://www.waterstechnology.com/industry-issues-initiatives/3473326/waters-wavelength-podcast-episode-105-blackstones-bill-murphy-part-3
https://www.waterstechnology.com/technology/4078696/wavelength-podcast-episode-150-bill-murphy-of-blackstone-group
This week on the podcast, Wei-Shen talks with Hans Brown, head of enterprise innovation and chief information officer for corporate technology at BNY Mellon. The two delve into the topic of innovation and what that word means today compared to pre-coronavirus. Before that, Tony highlights two big stories posted on WatersTechnology.com from the past: Refinitiv’s new Workspace platform and what this rollout means for Eikon and Thomson One, and a deep-dive into Bloomberg’s Financial Instrument Global Identifier (FIGI).
The interview begins at the 5:00 min mark.
https://www.waterstechnology.com/data-management/7689651/refinitiv-begins-move-away-from-eikon-thomson-one-with-debut-of-workspace
https://www.waterstechnology.com/data-management/7690251/bloombergs-figi-a-case-of-red-light-green-light
Once again, Wei-Shen and Tony are poaching a panel from the inaugural WatersTechnology Innovation Exchange. This week, the conversation centers around data: lessons learned from the coronavirus pandemic; why banks are increasingly embracing the cloud; a look at whether or not disaster recovery will change after Covid; and our panelists wrap it up by looking into their crystal balls and predict one major trend that will develop in 2021.
Skip to the 5:00 mark if you don't want to hear about Tony's birthday weekend and just want intelligent conversation about data.
Michael Ruttledge, chief information officer and head of technology services, Citizens Bank
David Wright, chief data officer for North America, Commerzbank
Andrew Foster, chief data officer for the Americas, Deutsche Bank
This week, Wei-Shen and Tony step aside and turn the podcast over to a panel of AI experts. Last week, executives from Bank of America, Prudential, FactSet, and University College London were on a panel at the inaugural WatersTechnology Innovation Exchange. They talked about a range of topics pertaining to AI and machine learning, including issues around explainability, where banks struggle to implement AI, and the buy-v-build debate.
https://events.waterstechnology.com/innovation-exchange
Laura Hamilton, global head of treasury technology, Bank of America
Michael Natusch, global head of AI, Prudential
Emine Yilmaz, department of computer science, University College London (UCL)
Ruggero Scorcioni, principal machine learning engineer for cognitive computing, FactSet
This week on the podcast, Clare Flynn Levy, founder and CEO at Essentia Analytics, joins to talk about her shift from the buy side to going “native”. Before that, Wei-Shen and Anthony talk about the WatersTechnology Innovation Exchange, which starts on September 9. To register for the three-week virtual event, use this link: https://events.waterstechnology.com/innovation-exchange/book-now
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Clare joins the podcast and explains the reason for starting Essentia Analytics and what it means to “go native”. (5:30)
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Using analytics to trust your gut, or let you know if your gut is wrong. (15:00)
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How can understanding behavioral biases help push active managers forward? (16:30)
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Clare discusses how AI biases play into the fund management process. (32:00)
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For those on the buy side not using behavioral analytics, what’s holding them back? (38:00)
Since it’s the end of August, Tony and Shen—mainly Tony—ramble incoherently about Covid tests and influencers. Come September, we’ll be back with guests and (hopefully) informative conversations about fintech. This one is more about laughs and fun.
This week’s podcast is something of a preview for next month’s WatersTechnology Innovation Exchange. Tony, Wei-Shen, Max Bowie, and Joanna Wright got together for a Microsoft Teams video call to help promote the event, but the conversation was good (and long) so we decided to put the full thing up on the podcast. Max kicks things off talking about how banks might look to turn their office spaces into something of a WeWork for fintechs (8:30). Joanna has been writing a lot about ESG of late, both from a regulatory perspective, as well as looking at actual use cases, so she delves into how ESG is being used in today’s markets (14:00). Wei-Shen looks at innovation in the APAC region and how Asia may be ahead of North America and Europe when it comes to tools that allow employees to work remotely (19:00). Finally, Tony asks some follow-up questions of the three editors (26:00-55:00).
To register for the Innovation Exchange, which will be held over the course of three weeks—September 9-22—click here: https://events.waterstechnology.com/innovation-exchange/book-now
https://events.waterstechnology.com/innovation-exchange
https://www.waterstechnology.com/management-strategy/7552636/space-exploration-how-will-banks-handle-unwanted-costly-real-estate-post-covid
https://www.waterstechnology.com/management-strategy/7666226/moonshots-shelved-banks-spend-on-home-working-tech
https://www.waterstechnology.com/data-management/7659301/a-look-at-how-ubss-concentrated-alpha-team-integrates-esg-data
https://www.waterstechnology.com/data-management/7535166/four-asset-managers-explain-how-they-incorporate-esg-data
https://www.waterstechnology.com/regulation/7650701/regulators-defend-esg-data-requirements
https://www.waterstechnology.com/data-management/7657196/hsbc-launches-esg-reporting-service
https://www.waterstechnology.com/regulation/7546186/esg-disclosures-will-be-a-data-sourcing-headache-for-the-buy-side
https://www.waterstechnology.com/technology/7521746/ping-an-nlp-takes-on-greater-importance-in-turbulent-times
https://www.waterstechnology.com/operations/7664921/bny-mellon-deutsche-bank-to-extend-fx-api-for-indonesia-and-india
This week, Wei-Shen and Tony talk about a recent story published on WatersTechnology (link below) where tech execs from UBS, Deutsche Bank, Societe Generale, and Nomura discuss where they're directing their IT budgets (2:00). The gist is that so-called innovative moonshot projects are being put on the backburner...Tony and Shen take a contrarian view. Also, what happens if banks cut back on their metropolitan office footprints (15:30)? To wrap things up, Tony and Shen discuss what their own personal moonshoots are (20:00).
https://www.waterstechnology.com/management-strategy/7666226/moonshots-shelved-banks-spend-on-home-working-tech
https://www.waterstechnology.com/management-strategy/7552636/space-exploration-how-will-banks-handle-unwanted-costly-real-estate-post-covid
This week, Wei-Shen and Tony share their thoughts on new alternative datasets relating to the pandemic, and how investment firms are taking advantage of it.
2:00 – Tony talks about how he’s putting together the August issue of the WatersTechnology magazine, focused on our coronavirus coverage. 4:00 – They discuss Jo Gallagher’s story on vaccine tracking data as an alt dataset, and how it can signal potential “winners” to investment professionals. (https://www.waterstechnology.com/data-management/7660636/vaccine-tracking-data-the-next-big-alt-dataset) 8:30 – Advancements in NLP and sentiment analysis has helped give these new datasets a leg up. 10:00 – Tony talks about geolocation data is used to monitor foot traffic in and out of hospitals. (https://www.waterstechnology.com/data-management/7534286/geolocation-data-spotlights-covid-recovery) 13:00 – Then, they discuss the privacy issues associated with geolocation data, and how many don’t realize the personal data they’re giving away. 19:30 – They wonder if government entities would regulate the use of wearing fitness trackers in the future.
This week on the podcast, Simon Maughan, Liquidnet’s head of trading alpha, joins (3:00-35:30) to discuss the current landscape in the agency-broking space and the buy side’s need for strong analytics in today’s trading environment. Then Wei-Shen and Tony jump back on (35:30) to discuss a documentary that they both watched, and somehow they try to connect it to the world of AML/KYC.
(Note: There's a bit of an awkward cut as Wei-Shen and Tony went longer than anticipated talking about a documentary, so we tacked that on at the end.)
3:00 Simon joins the podcast.
7:00 He first talks about the state of agency trading and cost-of-trade issues.
10:30 How have the needs of the buy side changed?
19:00 Over the past few years we’ve seen agency brokers use block trades to drum up business, employ nifty algos to attract clients, while incorporating transaction-cost analysis and other data points as value-adds. Is there a point where the road runs out on what an agency broker can offer?
23:00 He then explains the need to deliver the right information, at the exact point that it is needed, to the right person.
26:00 After the acquisitions of OTAS, Prattle, and RSRCHXchange, what were the greatest challenges in bringing those systems together?
30:00 The world of execution management and analytics is evolving; how can a firm like Liquidnet differentiate itself from the major execution and analytics providers?
33:00 To round things out, Simon talks about some of the lessons he’s learned during the pandemic.
This one is more of a therapy session for Wei-Shen and Tony. No tech on this one, folks.
On the show, Wei-Shen vents her frustration over Hong Kong’s third wave of coronavirus-related lockdowns (0:00-8:30). Tony vents his frustration over how the United States is handling the pandemic (8:30-12:00). Tony proceeds to ramble about the need for human contact…where he’s going this, no one really knows (12:00-15:00). Next they both talk about the need for empathy, and what that means…and Tony rambles some more (15:00-35:30). To finish things on a much lighter note, they seamlessly transition to a vastly more important topic: the TV show “Search: WWW” (39:00). (Editor’s Note: Stay for the last five seconds to hear Tony admit that he was rambling too much.)
This week Nikolai Larbalestier, head of cloud strategy at Nasdaq, joins Tony on the podcast. They discuss cloud adoption, Nasdaq’s cloud data service, and the impact coronavirus has had on attitudes towards the cloud.
3:00 – Tony talks about his new weekly free-to-read roundup article published on Sundays. (https://www.waterstechnology.com/technology/7654121/the-race-to-the-cloud-and-more-on-name-changes-reg-reporting-covid-data)
6:00 – Nikolai joins Tony on the podcast. They talk Nasdaq’s multi-cloud strategy and running workloads in the cloud vs. on-premise.
13:30 – Nasdaq’s cloud data service is taking its core, real-time data to the cloud. Nikolai explains the latency profile of streaming data in the cloud.
23:00 – Not all exchange technology is ready to go to the cloud. Nikolai talks about the technologies that will likely migrate in the next few years.
26:30 – How far can Nasdaq go with the cloud, and how can it prepare for the future state?
33:30 – Nikolai talks about the expansion of datasets through Cloud Data Service and new offerings that Nasdaq is working on to provide customers with easier access.
37:00 – The cloud has played an important role in helping Nasdaq deal with the volume spikes in February and March this year.
This week Gabriele Columbro, founder and executive director of Finos, joins the podcast. He and Wei-Shen discuss how the capital markets’ perception and attitudes towards open source have changed. Then they talk about the foundation’s expansion plans with a particular focus on APAC.
4:00 – Gab touches on the opportunities in the financial services industry for open source technology.
9:00 – Open source technology has shifted in recent years as adoption continues to increase.
14:00 – It’s much easier to be a good open source citizen as an individual. Corporations often come with strings attached.
19:00 – They discuss whether there is a difference between how the buy-side and sell-side use open source.
25:00 – Gab talks through how Finos is encouraging more buy-side members to join.
44:00 – They wrap up discussing projects Finos is working on, and the foundation’s expansion plans into APAC.
This week, Pete Cherecwich, president of asset servicing at Northern Trust, joins the podcast to talk about how outsourcing has bled into the front-office, as well as how perception towards outsourcing has changed. The last time he joined the podcast, Pete spoke about the challenge firms face offering convenience while ensuring those services are secure.
https://www.waterstechnology.com/data-management/4250291/wavelength-podcast-episode-160-peter-cherecwich-of-northern-trust
4:00 – Tony and Wei-Shen briefly discuss the interview with Pete.
9:30 – Pete joins the podcast and explains how firms see value in outsourcing technology.
14:00 – There can be positive and negative ripple effects from outsourcing non-core functions.
17:30 – Pete says outsourced trading uptake is driven by firms looking to strike a balance between costs and alpha generation.
20:30 – Covid-19 has changed the way people trade, and the concept of a physical trading floor.
29:00 – Pete talks about Northern Trust’s expansion plans.
34:00 – They wrap up talking about identifying the likelihood of blockchain adoption.
This week Sanjna Parasrampuria, head of Refinitiv Labs in Asia, joins Wei-Shen on the podcast to talk about unstructured data and the new SentiMine product.
1:30 – Wei-Shen and Tony talk about Josephine's breaking story on Deutsche Börse exiting its regulatory reporting businesses. https://www.waterstechnology.com/regulation/7564716/deutsche-boerse-to-exit-regulatory-reporting-business
6:00 – Sanjna joins Wei-Shen on the podcast and they discuss the work from home environment Sanjna has experienced at Refinitiv in Singapore.
10:00 – Unstructured data can be confusing. Sanjna explains that unstructured data could be categorized as anything that doesn’t fit into a generic excel spreadsheet.
20:00 – Then, Sanjna talks about being in a position to understand positive and negative sentiment behind unstructured data at Refinitiv. She also discusses the financial strain of a data lake.
24:30 – What are the challenges that unstructured data solution providers face when trying to service clients?
30:00 – They talk about how machine Learning techniques can be implemented on unstructured data.
34:30 – Sanjna explains the technology and thinking behind Refinitiv’s product, SentiMine, which is targeted at investment managers and investment bankers.
43:30 – They discuss when SentiMine will be available to a wider audience.
54:30 – Sanjna takes Wei-Shen through the technology supporting SentiMine.
To mark the 200th episode of the podcast, Wei-Shen and Tony bring back Dan DeFrancesco and James Rundle. Together they reminisce on the beginnings of the Waters Wavelength podcast, and how they tried not to screw things up too badly.
Then, they discuss how technology in the capital markets has evolved over the years, from the ‘Flash Boys’ era to the emergence of fintechs, blockchain, and cloud technology.
They wrap up by talking about TV series and movies they’ve watched in the past few months. Here’s to the next 200 episodes!
This week Marshall Saffer, vice president and head of Americas sales at Hazeltree, joins Tony on the podcast to talk about software development issues that have arisen since the start of coronavirus and controversies around Microsoft Excel.
2:30 – Wei-Shen and Tony discuss his recent article on the Stevens Institute of Technology, which is creating an artificial exchange aimed initially at the HFT crowd.
https://www.waterstechnology.com/trading-tools/7556791/stevens-institute-capco-lay-out-commercialization-efforts-for-new-artificial-exchange
9:30 – Marshall talks about his role at Hazeltree, which includes building out the sales organization around treasury management for buy-side firms. He then discusses some of the challenges of working remotely.
18:00 – Looking at software development from a sales perspective, Marshall says that Covid-19 has been the reason many projects were put on hold or delayed.
22:30 – Then, they discuss working with Excel, both on a personal and company-wide level. Despite new tools being deployed frequently, the industry still relies on Excel.
28:30 – Marshall explains how hedge funds should shine during volatility.
31:00 – Hazeltree acquired ENSO Analytics from CME Group back in 2019. Marshall talks about how the integration has been going since October.
Jennifer Peve, managing director of business innovation at the DTCC, joins to discuss two new projects the company is working on in the distributed ledger technology (DLT) space, and how the Trade Information Warehouse (TIW) replacement is coming along.
3:30 – Jennifer joins the podcast, and gives an overview of her role at DTCC.
6:00 – Next, she explains how the Project Ion and Project Whitney case studies came about.
https://www.waterstechnology.com/operations/7549201/dtcc-future-of-settlement-revamp-depends-on-industry-appetite
11:00 – Does the industry have an appetite for a full-fledged DLT revamp to optimize the settlement process in the public markets? What happens if the appetite isn’t there?
16:30 – What is the education component here?
18:00 – What are the next steps that will take place for Project Ion?
21:30 – Jennifer talks about Project Whitney being a whitespace opportunity for the DTCC and how tokenization plays a key role in digitizing the private market asset lifecycle.
25:30 – She walks through what some of the steps in the next six months will look like for Project Whitney.
27:00 – The DTCC’s other big DLT-related project is the TIW replacement. Jennifer explains where that project is at in light of the Covid-19 pandemic.
29:00 – There are many skeptics when it comes to blockchain, and some think current DLTs are watered-down versions of those platforms that were originally hyped. Jennifer gives her thoughts on how DLTs have evolved over the last four years.
This week, Benjamin Quinlan, CEO and managing partner at Quinlan & Associates, joins the podcast to talk with Wei-Shen about his new report Beyond The Buzz. They also talk about the value of "innovation labs".
https://www.quinlanandassociates.com/insights-beyond-the-buzz/
3:00 – Benjamin joins the podcast. He and Wei-Shen discuss “innovation” as a buzzword and what separates a good innovation head from a bad one. 8:30 – Then, they talk about companies such as Kodak, Nokia, Blockbuster, Blackberry, and Myspace that seem to have dropped off the map after being some of the biggest names in technology. How does this compare to similar big-names in capital markets? 12:00 – Benjamin points out how the pressure to innovate can be a problem for some companies who are pouring money into things like “innovation labs” that are yet to yield much reward. 21:00 – As we are seeing more and more partnerships between cloud providers and financial services firms, Benjamin discusses what this means for cloud providers based in Asia. 26:30 – Innovation labs need to be more focused on one part of the business to add value across the whole business. You cannot simply use the word “innovation” as a remit. 35:00 – In the fintech space, sometimes the hype exceeds the returns. Benjamin talks through his cynicism about buzzwords like blockchain and AI. 38:00 – Each firm has a different set of needs. How should start-ups set their selling strategies to investment banks, asset managers, and hedge funds? 43:30 – Lastly, Benjamin tells Wei-Shen how he is continuing to innovate in his day-to-day and business life during Covid-19.
This week, Gerard Francis, global head of enterprise data at Bloomberg, comes back on the podcast to talk with Tony about lessons learned during Covid, the acceleration of cloud usage, and making data more accessible. The last time he joined the podcast, Gerard spoke about the alternative data space. (https://www.waterstechnology.com/data-management/4275716/wavelength-podcast-episode-161-gerard-francis-of-bloomberg)
2:00 – Tony talks about his story on Trading Technologies' Echo Chamber and its goal of aggregating order flow on the TT platform. (https://www.waterstechnology.com/data-management/7548941/trading-technologies-unveils-new-futures-market-data-feed) 7:00 – Gerard joins the podcast. He and Tony start off talking about the experience of transitioning to a work-from-home situation. 10:00 – Then, they talk about how the Covid situation accelerates the importance of cloud, and the decisions Bloomberg has made to making datasets and services available in the cloud. 14:30 – Gerard explains the thinking behind Bloomberg Enterprise Access Point (BEAP) and making data more easily available to people. 17.30 – What were the pressure points that led to this? 20: 30 – Is there more emphasis on allowing customers to do what they want with data? 23:00 – Gerard talks about Data License+, the barriers of creating it in the past, and how the Polarlake acquisition in 2012 helped. (https://www.waterstechnology.com/data-management/7540596/bloomberg-debuts-data-license-plus-to-aid-data-management-during-covid-19) 26: 30 – What has changed financial institutions’ perception of the cloud? 29:00 – Were any adjustments made to Bloomberg’s licensing models during this environment? 30: 30 – Gerard discusses the different types of data that are valuable now, and how consolidation in the alternative data space is inevitable. 36:00 – They wrap up talking about personal lessons and takeaways from working from home.
This week, Wei-Shen and Tony discuss on how companies should be communicating ‘back-to-office’ moves to their employees. Is there a right way to do this, and if poorly communicated, what could it mean for staff morale? Companies should think about the full ecosystem before executing a full move back to “normalcy”.
Then, they dig a little deeper into how the work-from-home situation should mean for productivity levels. They also talk about the practicalities and health concerns in getting staff back into the office, especially in crowded cities.
Everyone is affected by this pandemic and physical distancing at varying levels mentally. How do we take care of our mental health during this time? They wrap up talking about how they deal with stress and what gives them joy. Next week, they’ll be back with a guest.
This week, Guy Warren, CEO of ITRS Group, joins Wei-Shen on the podcast. They discuss the importance of capacity planning and some of the capacity issues clients have been facing as a result of higher volatility. He also sheds light on what the future will look like for application development in a crowded market.
3:00 - Off the recent earnings season, Wei-Shen and Tony discuss how the likes of Morgan Stanley, BlackRock, and StateStreet are now portraying themselves more as technology companies.
https://www.waterstechnology.com/technology/7531841/morgan-stanleys-katherine-wetmur-on-the-banks-tech-investment-covid-19-response
https://www.waterstechnology.com/operations/7538871/blackrock-onboards-8-aladdin-clients-remotely
14:30 - Guy joins the podcast, and gives an overview of ITRS Group and capacity planning as a whole.
18:40 - He talks about the acquisition of Sumerian in 2018 and previous thoughts of building a capacity planning tool
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3669186/itrs-buys-capacity-management-firm-sumerian
23:30 – Then, they talk about the capacity challenges firms are facing at this time. He says that most companies are unaware their systems have a throughput limit.
27:30 – Guy explains how capacity thresholds are set, monitored, and at what point ITRS alerts their customers.
30:00 - How are capacity challenges addressed? Guy discusses elastic applications.
33:00 - What does the future look like for application development? What happens with existing applications?
35:30 - He talks about the ITRS capacity planner and how take-up has been as a result of Covid-19. Guy explains how people want to “Try before they buy.”
37:00 - Where have investment firms found their infrastructure inadequate to meet current trading volumes and demands?
40:00 - What are some new features ITRS is working on for the tool? Guy wraps up talking about cloud cost optimization.
This week, John Walsh, director of strategy and innovation at Refinitiv joins the podcast. Along with Tony, he discusses the regulatory challenges surrounding alternative data as well as the potential for implementation of alternative data in light of the coronavirus. He recently produced a research report titled A New Dimension of Data.
https://www.refinitiv.com/en/media-center/press-releases/2020/april/refinitiv-report-on-alternative-data
1:00 – Wei-Shen and Anthony Malakian talk about the upcoming 200th podcast episode. They discuss the stories recently published on the website, including a story on the programming language, Cobol. (https://www.waterstechnology.com/technology/7532056/on-cobol-and-legacy-systems-covid-19-turmoil-calls-for-change)
16:30 – John joins Tony on the podcast. They look at the alternative data space and some of the issues that have cropped up in the Covid-19 pandemic.
19:00 – John defines what alternative data means to him. Internally, it's the data that Refinitiv does not have commercially available.
20:30 – Tony asks how firms are trying to tackle this pandemic by using these unique data sets specific to the coronavirus?
25:30 – There is not one dataset that will solve every problem. It’s more of mixing, matching, and blending of datasets to be able to track the coronavirus. How do you manage that blending of datasets to work out which work well together?
30:00 – John talks about the main roadblocks when it comes to standards in the alternative data space.
35:00 – Then, he discusses where firms go wrong when incorporating alternative datasets.
40:00 – In a crowded space, John says data buyers are not going to deal with companies that do not take data rights seriously.
46:00 – They wrap up talking about whether Refinitiv's plans are changing and the adjustments needed in the current environment.
This week, George Ralph, managing director of RFA, a cloud and cybersecurity provider to the alternative investment sector, joins Wei-Shen on the podcast. He talks about some security challenges the Covid-19 situation has brought about, and how firms should be tackling them. Then, they discuss how the approach to BCP planning will change in the future, and some “quick fixes” firms can put in place to help prevent insider threats.
https://www.fsb.org/wp-content/uploads/P200420-1.pdf
1:30 – Tony and Wei-Shen delve into M&A activity in the ESG space, following Morningstar’s acquisition of SustainAnalytics. (https://www.waterstechnology.com/data-management/7529971/morningstar-wades-further-into-esg-space-with-sustainalytics-acquisition) How do the E, S, and G parts help firms understand the ripple effects of Covid-19? 15:30 – George joins the podcast on his birthday no less, and talks about some of the security challenges that the coronavirus pandemic has brought. And how IT teams and firms had to change their working models. 19: 30 – Then, they discuss BCP plans and how firms have to tweak them to fit the current situation, particularly for longer-term remote access. 27:00 – How are firms dealing with the insider threat risk? What processes and training can they put in place to prevent these risks? 32:30 – George talks about the importance of data flow, and addresses some quick fixes available. 34:30 – Are there security concerns when critical operating system updates can only be done on-site? 39:30 – How are firms dealing with concerns of migrating more critical workloads and data onto the cloud? 45:30 – Looking at a post-virus situation, George talks about how the approach to BCP will change. 48:30 – He wraps up by discussing RFA’s plans going forward.
This week, Richard Blore, CEO of KY3P, a company of IHS Markit, joins Tony on the podcast. They talk about the challenges of vendor due diligence, particularly during this tumultuous time. Then, they discuss some of the broader trends firms need to address, including automation, cyber resilience, and the possibility of some fintech startups running into cash flow issues.
3:30 – Wei-Shen and Tony talk about how machine learning models have performed leading up to the pandemic (https://www.waterstechnology.com/trading-tools/7524721/covid-19-tumult-tests-ai-fund-returns), and how this time is testing ground for these models, and also for emerging technologies. 11:30 – Richard joins the podcast and gives an overview of his career and how he stumbled into the capital markets. Before joining IHS Markit in late 2019, he spent 10 years at Goldman Sachs, and before that, at Coca Cola, International Aero Engines, and Rolls Royce. 15: 30 – Then, he explains how KY3P’s Significant Event Notification and Tracking (SENT) capability works. 19:00 – Richard talks about how for the Covid-19 outbreak, KY3P identified and asked six questions relating to the pandemic. He discusses some of the common pain points firms have. 25:30 – Tony and Richard review some wider trends that firms need to address. Will automation projects receive more attention and investment? 30: 30 – What are the unique challenges that fintech startups face in light of cash flow constraints? 32:30 – They talk about how firms should pay greater attention to cybersecurity issues when it comes to vendor due diligence. 37:00 – Richard says firms will need to stay closer to their core vendors and better understand the full supply chain of the organization. 39:30 – Then, he previews some projects KY3P is currently developing.
This week on the podcast, Ofir Gefen, head of Asia-Pacific at Swedish trading and technology provider Itiviti, talks with Wei-Shen about some of the coronavirus lessons Itiviti in Asia has provided for its other office locations. Then, they talk about how Itiviti has been handling migration projects from those coming off the Bloomberg SSEOMS solution, which is ending in April 2021. (https://www.waterstechnology.com/trading-tools/4314076/itiviti-looks-to-capitalize-on-bloombergs-sseoms-exit)
1:30 – Wei-Shen and Tony talk about how the podcast will be a platform for thought leadership, and where firms can speak about their ongoing projects. 5:00 – Ofir joins the podcast and talks about his background and some of his experiences from ITG, Ullink, and then at the combined entity Itiviti. 9:00 – Then, he talks about how Itiviti in Asia entered the BCP mode, following the coronavirus outbreak, and how Itiviti’s other offices could learn from example. 15:00 – Ofir gives his wide, and narrow view of how markets have been reacting to this pandemic, compared with the dotcom bubble in the early 2000s, and the global financial crisis in 2008/2009. 20:00 – How are clients looking to outsource, and in their efforts to automate, have their priorities shifted? 25:30 – The Bloomberg SSEOMS solution is coming offline in April 2021 (https://www.waterstechnology.com/data-management/4248511/bloomberg-plans-to-exit-sseoms-kyc-business-lines), and migration can take anywhere from one to eight months. Ofir cautions that some decisions, even during these turbulent times, can’t be put off. 33:00 – Ofir gives an update of how Itiviti has been handling Bloomberg SSEOMS migration projects, and the measures Itiviti has put in place to speed that process up. 42:00 – What is the worst that could happen, once Bloomberg’s SSEOMS service ends? 45:30 – Ofir talks about Itiviti’s plans and what it is investing in moving forward.
This week, Wei-Shen and Tony talk about BlackRock chairman Larry Fink’s recent letter to shareholders. They then wonder if some roles may be at risk following the coronavirus development, and how technology could play a part. Later, they chat about enhancements being made to the podcast, WatersTechnology, and themselves.
3:00 – Wei-Shen and Tony talk about Larry Fink’s letter to shareholders and how he positions BlackRock will be adapting to the coronavirus situation. 5:00 – Are ETFs technology? They delve specifically into fixed-income ETFs and what BlackRock will focus on following this situation. 11:00 – What is the buy-side doing to catch up in their technology transformation, particularly in this new environment? 13:00 – Are front-office roles at risk, and what about third-party vendors? 21:00 – Wei-Shen and Tony talk about how we’ll be enhancing the podcast, and our coverage on WatersTechnology. 25:30 – Then, they talk about how we should use this time also to improve and better themselves. 29:00 – Wei-Shen discusses some of the pitfalls of working out at home. 35:00 – Then, Tony talks about how people need to figure out a work-life balance while working from home. 37:40 – Wei-Shen decides to annoy Tony by suggesting he watch FRIENDS.
This week, Mazy Dar, CEO and co-founder at OpenFin joins Wei-Shen on the podcast. First, they talk about how the developing coronavirus (Covid-19) situation impacts the workforce, and how OpenFin is communicating with clients. Then, they discuss financial institutions’ adoption of the Financial Desktop Connectivity (FDC3) standards, and what’s holding them back.
1:00 – Wei-Shen and Tony talk about industry-scale project delays, such as ASX’s CHESS replacement (https://www.waterstechnology.com/technology/7511931/asx-reconsiders-chess-replacement-timeline-as-coronavirus-bites), and also the delay of deadlines for the CAT (https://www.waterstechnology.com/regulation/7506926/industry-given-cat-relief-due-to-coronavirus), due to the coronavirus (Covid-19). 7:00 – Mazy joins the podcast and talks about the working from home and schooling from home situation, and how OpenFin continues to communicate with clients throughout the disruption caused by Covid-19. 13:00 – Then, he discusses how cloud is becoming more topical as financial institutions start to realize how an on-premise approach can be problematic. 19:00 – Has OpenFin experienced any push backs in projects? Are clients focusing on other things? 25:00 – As interoperability (https://www.waterstechnology.com/trading-tools/4753016/for-the-app-interoperability-movement-2020-will-be-a-big-year)continues to seep into capital markets, how will OMS and EMS platforms of the future look like? 26:30 – Mazy elaborates on the state of adoption of the Financial Desktop Connectivity (FDC3) standards, and why some firms are holding back. 37:30 – Where are the opportunities for interoperability in the middle and back-office? 41:00 – What are some new innovations OpenFin is working on, following its last funding round? 46:00 – Mazy wraps up with the two things he’d like to see happen for interoperability this year.
This week, Kelly Mathieson, head of enterprise solutions, and Dan O’Prey, chief marketing officer of Digital Asset, join Tony on the podcast to talk about some of the issues facing blockchain in the capital markets. Before joining Digital Asset, Kelly spent more than two decades at JP Morgan, while Dan was the CEO and the co-founder of Hyperledger, the first permissioned ledger.
1:30 – Tony talks about the coronavirus (Covid-19) situation in New York, and how we should keep a positive mindset, amid the doom and gloom outlook. We will take on a slogan from the US Marine Corps: Improvise, Adapt, and Overcome. 9:30 – Dan and Kelly join the podcast and address the difficulty of cutting through the hype of blockchain. 15:30 – Then, Kelly talks about three themes she sees on how the technology is being used practically, versus the opportunity of learning and understanding it. 21:00 – When it comes to capital market blockchains, how have they evolved from the previous definitions and ideas of blockchain? 28:30 – Looking back, where could the capital markets have done better with communicating some of the potential issues about blockchain? 32:00 – Dan explains the ins and outs of smart contracts, and then, Kelly talks about how clients use the DAML programming language. 37:30 – Then, they talk about some of the major trends for blockchain and smart contracts 46:00 – How are firms pushing on their blockchain projects while making sure their existing systems are running well, as they deal with the strain brought on by Covid-19?
This week, Joanna Wright, our London editor, joins Wei-Shen on the podcast to talk about her feature on how transformer models are benefitting the field of natural language processing (NLP). Then, they talk about having fun at the workplace, and how companies can help provide a sense of fulfillment to their staff.
https://www.waterstechnology.com/technology/4870381/transforming-nlp-a-look-at-new-tools-being-used-by-banks
1:00 – Joanna shares why she thinks mobile phones are the worst thing to happen to our society in the past 20 years. 4:30 – Then, they talk about AI conversational agents (or chatbots) like Google’s Meena, and Mitsuku. 7.30 – They discuss why Google hasn’t released Meena to the public for now, and the issue of bias encoded within AI models. 12:00 – What is a transformer model, and how has it helped with the development of the NLP field? 18:00 – How are data providers like Refinitiv and Bloomberg using transformer models like BERT (Bidirectional Encoder Representations from Transformers)? 24:30 – What are some limitations that exist when using transformer models? 28:30 – They talk about an interesting link (https://daringtolivefully.com/have-fun-at-work) that Jo came across, and how it would be fun to beat our editor-in-chief Tony in a foam sword fight. 38:30 – Wei-Shen and Jo wrap up by discussing how employers could provide satisfaction and fulfillment to employees in other ways, instead of following a how-to-have-fun-at-work type of list.
This week, Wei-Shen and Tony talk about two features recently published on the website. The first, written by Wei-Shen, is on how video game technology can be applied in the financial industry and some of the challenges there. The second feature is written by Rebecca Natale, our reporter based in New York, calling out data mining for what it is, and the importance of having a plan when dealing with alternative data.
https://www.waterstechnology.com/technology/4858766/game-on-can-the-video-game-industry-teach-banks-something-about-visualization https://www.waterstechnology.com/data-management/4867276/data-mining-is-bullsht-an-examination
2:00 – Tony shares some of his thoughts on Bank of America’s approach to using gaming technology and the ongoing work on its prototype. 6:00 – Then, Wei-Shen talks about some of the similarities between professional gamers and traders. 10:30 – Where’s the balance between new edge technology and the risk of information overload? 16:00 – Then, they discuss Reb Natale’s feature on data mining and some of the existing challenges in approaching alternative data. 20:30 – Tony talks about how the buy-side is getting frustrated with promises from alternative data providers. 22:00 – Firms should have a plan, and talented people to work with alternative data, as well as the mindset of failing fast and moving on quickly. 23:30 – They talk about how humans have a natural need to make connections with data and how alt data providers take advantage of this. 26:30 – Wei-Shen and Tony wrap up chatting about their collaborative playlists on Spotify.
Mark Schlesinger, Broadridge’s CIO, joins the podcast to talk about Broadridge’s efforts in migrating its infrastructure to IBM Cloud, and how that will give the firm access to new capabilities to develop applications.
5:00 – What is The Broadridge Private Cloud? 9:00 – What does migrating a significant portion of Broadridge’s infrastructure to IBM Cloud mean to the firm, and its clients? 12:00 – What motivated this decision, and when will migrations happen? 18:00 – What are some of the new application development capabilities that IBM Cloud provides? Mark talks about the wealth platform, and the data intelligence platform that Broadridge will launch soon. 23:30 – A look into Broadridge’s blockchain efforts. 28:30 – Why is implementing a multi-cloud strategy easier said than done? 34:00 – Mark talks about his passion for squash and starting the day early.
This week, Tony and Wei-Shen talk about issues dealing with transforming the workforce while financial firms start to automate and digitize. They discuss some of the challenges firms face in upskilling existing staff. Later, they touch on the Coronavirus situation in Hong Kong.
1:30 – Wei-Shen and Tony start the podcast highlighting that registration for the North American Financial Information Summit 2020 (NAFIS) is now open. https://www.financialinformationsummit.com/na 3:30 – Then, they discuss Reb’s story (https://www.waterstechnology.com/management-strategy/4839456/the-retraining-conundrum-how-best-to-transform-a-workforce) on transforming the workforce. They address some challenges, both financial and non-financial firms facing in their efforts. 11:00 – Tony talks about how difficult it is to learn new skills and how it’s not as easy as it sounds. 17:00 – They get a little distracted and talk about the latest Korean drama series Wei-Shen is watching. 18:30 – Wei-Shen brings it back to the topic. It takes two to clap. Both the firm and the individual have to put in the work. 21:00 – Can firms prevent talent from leaving to potentially greener pastures despite giving them the toolkit to learn new skills? 24:00 – Wei-Shen speaks about the Coronavirus (Covid-19) situation in Hong Kong and some of the absurdities that have risen from it. 33:00 – They end the podcast by discussing what three items they would steal in such a situation.
This week, Tony and Wei-Shen talk about third-party resiliency and how interconnected systems are. They discuss how disruptive outages and vulnerabilities are to the industry and the implications on systemic risk.
https://www.waterstechnology.com/regulation/4818706/vendors-feel-heat-as-regulators-pile-pressure-on-third-party-resiliency https://www.waterstechnology.com/regulation/4813941/google-exec-regulators-insisting-on-multi-cloud-for-financial-firms https://www.waterstechnology.com/data-management/4515601/the-future-of-cloud-regulation-the-authorities-are-taking-notice
1:00 – Tony starts by talking about how new laws in Europe will require fintech firms to scrutinize their control frameworks to deal with system failures. 3:30 – The challenge of understanding third-party and fourth-party vendor relationships. 5:00 – They delve into the complexities of validating their relationships with third-party vendors, and beyond. 7:00 – This is where the fight begins. How much will vendors push back on revealing potentially sensitive and proprietary information to the regulators? 9:30 – If regulators are asking firms to adopt multi-vendor strategies, what are the cost implications? 13:00 –Tony and Wei-Shen then talk about how it’s the small errors that lead to major blow-ups, and how monitoring that is a huge challenge. 17:30 – They wrap up the podcast discussing their favorite Oscar-nominated films, who deserved to win, and what’s next on their watch list.
This week, Anthony is back on the podcast with Wei-Shen. They talk about the investment Swedish private equity firm EQT made in Rimes Technologies, as well as the two acquisitions the Chicago Board Options Exchange (Cboe) made this week. Then, they discuss some drawbacks of AI when looking at predicting market movements.
https://www.waterstechnology.com/management-strategy/4811986/rimes-wards-off-sale-speculation-with-investment-from-eqt https://www.waterstechnology.com/management-strategy/4812921/cboe-buys-hanweck-and-ft-options-in-dual-acquisition https://www.waterstechnology.com/technology/4798531/nomura-chief-warns-of-ais-limitations
1:00 – Tony joins the podcast to talk about this week’s acquisition and investment news, and issues with using AI as a predictability tool of market movements. 3:00 – Then, he cautions how M&A speculation stories generally, might be a play to perhaps make the valuation of a company look better, highlight the competition, et cetera. 9:00 – Tony explains why he finds it interesting that EQT invested in Rimes. 11:30 – Then, they talk about the conflict of interests that could arise if an exchange does acquire such a company like Rimes. 13:00 – Next, they discuss the acquisitions that CBOE recently made to boost its risk analysis capabilities. 20:00 – Tony and Wei-Shen then talk about whether AI could truly predict market movements. 28:30 – Could AI be like a shot of steroids to traders, if used correctly? 31:00 – Then, they talk about how the idea of time has been distorted by how we consume content, where we are sometimes more willing to binge-watch 8-hours of a TV series, but not as willing to watch a 3.5-hour movie. 36:00 – They wrap up the podcast by admitting how impossible it is to live without our mobile phones.
Sara Dillon, FactSet’s head of private markets, joins the podcast to discuss the private markets and how firms are looking to pull together this disparate information to glean trading insights. Prior to joining FactSet last year, she had spent 17 years at General Atlantic, most recently serving as chief research officer.
1:15 When we talk about the private markets and private markets data, what are we talking about?
2:00 What are the main challenges when it comes to capturing this information?
3:15 A real-world example of this data in motion.
5:00 How do you avoid the noise?
6:15 What’s the difference between private market data and the whole scope of alternative data?
7:45 Where can firms go wrong when incorporating this information?
9:00 Why are investors taking greater notice of this space?
12:30 What new data is available today that wasn’t available before?
13:45 How does the private markets group fit into the larger FactSet offering?
15:15 How is the industry pushing toward standardization?
16:30 What led Sara to join FactSet?
This week, Josephine Gallagher, UK senior reporter at WatersTechnology, joins Wei-Shen on the podcast. They talk about the feature Josephine wrote about the proliferation of deepfakes (https://www.waterstechnology.com/management-strategy/4780806/the-proliferation-of-fake-information), and what it could mean for the capital markets. As firms increasingly turn to new and unique alternative data sources such as sentiment scores, and web scraping, they need to ensure the data they plug into their systems is authentic.
1:00 – Josephine joins the podcast to talk about what interested her the most about deepfakes. 3:00 – Then, they discuss two well-known deepfakes and how it’s near impossible to spot signs of tampering. 5:30 – Josephine and Wei-Shen then talk about an example that NICE Actimize’s Robert Tharle made on how criminals used a deepfaked voice of a CEO to steal $250,000. 6:30 – Does that mean firms need to implement multi-factor authentication or multi-factor authorization? 9:00 – They discuss how some big tech firms like Facebook and Google are creating tools to detect manipulated forms of media, and what is involved in that. 11:00 – How will these firms address the issue of scalability? 16:30 – Although not directly impacted by deepfakes as yet, why should financial institutions seriously consider this issue? 18:00 – They wrap up the podcast by talking about their separate vacations to Turkey, including some close run-ins with the local dogs and cats.
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.
This week, Wei-Shen and Tony discuss the increase in data that firms will see coming to market as a result of 5G networks and IoT-connected devices. They talk about how firms might tackle this, following on from the current challenge firms face with alternative datasets. Then, they discuss some of the concerns surrounding the rollout of 5G and what that means for the future of financial firms and people.
2:00 – To start, Tony gives an overview of his 5G and IoT story. (https://www.waterstechnology.com/technology/4743391/5g-iot-are-you-ready-for-the-data-deluge) 4:00 – They discuss the vast amount of data that will come to the market as a result of 5G rolling out, coupled with more IoT-connected devices. 6:30 – Then, they question how firms will deal with this mountain of data coming in, as this is one of many key challenges firms deal with now? 9:00 – Is the key deciding when to fail when experimenting with noisy datasets? 13:00 – Will this mean we’ll see more consolidation in the industry? 15:00 – Tony breaks down some of the political, privacy, and potential health concerns 5G could bring. 21:30 – Then, they talk about whether there’s a need for New Year’s resolutions. 26:00 – Wei-Shen and Tony wrap up the podcast crooning to Max Bowie’s latest Christmas data song. (https://www.waterstechnology.com/data-management/4732271/let-it-snow)
This week, Wei-Shen and Tony talk about how firms experiment with AI and ML and how firms should be more specific when they talk about these techniques. Then, they discuss the issue of gender and industry working groups, and what that might mean for the future.
1:30 – First, they talk about Hamad Ali’s Wells Fargo story. (https://www.waterstechnology.com/data-management/4714551/wells-fargo-exec-banks-struggle-to-feed-hungry-ai) 7:00 – They discuss the need for failure when experimenting with machine learning. 15:30 – What’s the timeframe when it comes to implementation? 16:00 – Then they talk about the EDM Council’s formation of a Women in Data interest group 21:00 – What’s the ROI for these groups? 26:00 – Tony explains how he’s not ready for the next 20 years. 27:30 – They discuss changes the industry needs to make when it comes to managerial styles. 33:00 – Wei-Shen wraps up the podcast for 2019 with jolly holiday wishes. (aka, see you all in 2020.)
On the podcast this week, Wei-Shen and Tony briefly discuss the Waters USA conference. Then, Billy Hult, president of Tradeweb Markets, speaks with Duncan Wood, global editorial director for Infopro Digital, about the changing face of trading, how Tradeweb stacks up against the likes of tech companies like Bloomberg and Symphony, the dimming allure of exchanges, and much more.
3:00 – Billy joins the podcast with Duncan 7:00 – Billy and Duncan talk about Tradeweb post-IPO 14:30 – Next, they discuss Tradeweb’s expansion into new asset classes 18:30 – Duncan asks about how Mifid II’s best execution requirement creates challenges 21:00 – Which trends are having the greatest impact on the market structure debate 28:00 – What is the difference between an old-style exchange and an interdealer broker 32:00 – Billy responds to whether Symphony is a disruptive force 39:30 – To wrap it all up, Billy bravely answers Duncan’s random quick-fire questions
Prior to today, there have been two hosts of the Waters Wavelength Podcast: Dan DeFrancesco and Anthony Malakian. Now, we have a third: Wei-Shen Wong! Anthony, aka, Tony, will still co-host, but Wei-Shen, aka, Shen, will run the show from here on out. Here's to new beginnings!
This week, Shen and Tony discuss Waters USA, which will be held on Dec. 2-3 at 1 Liberty Plaza Convene in Manhattan. They discuss digitization, new jobs in data, and the problem with polls painting a broad stroke.
https://events.waterstechnology.com/watersusa
Giles Nelson, CTO of financial services for MarkLogic, joins the podcast to discuss data issues facing the capital markets, data warehousing, and Hadoop.
1:00 Giles Nelson joins the podcast. 2:00 Conventional approaches to managing data are stuck in the 1970s, according to Giles. 7:00 How to change hearts and minds. 15:00 Data warehouses—are they dead? 22:00 The balance between emerging technologies and legacy technologies. 26:00 Is the Hadoop hype gone, or just changing? 32:00 Why do firms need to be both innovative and think outside of the box, as well as stay responsible to not flush funds down the drain on a shiny new object.
This week, Jonathan Clark, CEO of Luminex, and David Hagen, Luminex’s head of product, join the podcast to look at some of the challenges and opportunities that traders on the buy side face in today’s evolving, increasingly-automated market (3:30). Also, at the start, Anthony gives an update on the Waters Asia event taking place this week.
This week, Rich Newman, global head of the Content and Technology Solutions (CTS) group at FactSet, joins to discuss this idea of open data and delves into the world of alternative data.
2:30 Open data: why is it gaining traction and why is that important? 8:30 The alternative data space is vast, to say the least, but what is actually providing value? 11:00 One-stop-shop data providers versus more niche specialists. 14:00 When FactSet went down the Open:FactSet road, where did it have to readjust its strategy? 17:00 With the data explosion that will result from 5G and IoT advancement, how do you prepare for the future? 19:45 Banks and asset managers are trying to figure out how to package their internal data—where are we at? 23:00 ESG: where is there real value, what are the challenges? 29:00 Rich is a cofounder of technology company Insyte, which FactSet acquisition in 2000. He explains why he’s stayed on with FactSet all these years later. 36:00 Which is better: Queens pizza or Boston pizza? (The answer is obvious.)
This week, Anthony and Josephine Gallagher, senior reporter for WatersTechnology, discuss the European consolidated tape and how it mirrors what we’re seeing in the US with the consolidated audit trail.
https://www.waterstechnology.com/trading-tools/4495891/platos-planned-platform-could-serve-as-precursor-to-european-consolidated-tape
https://www.waterstechnology.com/data-management/4520496/finra-cat-lays-out-security-plans
2:30 When the consolidated tape was first proposed, the idea was largely applauded. 5:00 No one wants to be responsible for building this thing. 7:15 There is some overlap with what we’re seeing with the consolidated audit trail (CAT). 10:00 A look at the next few deadlines/significant dates. (Brexit could throw this all off.) 17:00 Why it might make sense to have the Plato Partnership build the consolidated tape (though this is pure speculation). 20:30 Finally, to wrap things up, Jo tries to explain Brexit and what Boris Johnson is doing to Tony.
[CORRECTION: At the 8:10 mark, Anthony says that full production of the CAT is scheduled for April 2020. That is incorrect: the first phase of the CAT rollout, which will be for simple equities—not options or other complex instruments—is scheduled for April 2020. Full production is scheduled for 2022. We apologize for the error.]
Alison Singer, founder and president of the Autism Science Foundation, and Bryan Harkins, executive vice president at Cboe Global Markets, join the podcast (6:00) to discuss the Wall Street Rides FAR for Autism Research charity event, which was created by Bryan and his wife, Melissa. Alison and Bryan also talk about strides that have been made in the field of autism research and where more progress can be made. Before that, Anthony talks about plans for the podcast going forward and highlights some recent stories that might be of interest.
Wall Street Rides FAR for Autism Research https://wallstreetridesfar.org/
Hundreds Leave Fidessa After Ion Acquisition https://www.waterstechnology.com/management-strategy/4477556/hundreds-leave-fidessa-after-ion-acquisition
Plato’s Planned Platform Could Serve as Precursor to European Consolidated Tape https://www.waterstechnology.com/trading-tools/4495891/platos-planned-platform-could-serve-as-precursor-to-european-consolidated-tape
Real Estate as a Tradeable Asset Class Faces Data Hurdles https://www.waterstechnology.com/data-management/4492811/real-estate-as-a-tradeable-asset-class-faces-data-hurdles
The Secret Source: Machine Learning and Open Source Come Together https://www.waterstechnology.com/data-management/4507221/the-secret-source-machine-learning-and-open-source-come-together
Blockchain’s Standards Dilemma https://www.waterstechnology.com/technology/4506301/blockchains-standards-dilemma
The Future of Cloud Regulation: The Authorities Take Notice https://www.waterstechnology.com/data-management/4515601/the-future-of-cloud-regulation-the-authorities-are-taking-notice
Scotiabank Turns to Cloud GPUs for Risk Calculations https://www.waterstechnology.com/data-management/4465306/scotiabank-turns-to-cloud-gpus-for-risk-calculations
Quandl Uses Algos to Predict a Company's Future Earnings https://www.waterstechnology.com/data-management/4515291/quandl-uses-algos-to-predict-a-companys-future-earnings
At the beginning of August, PanXchange launched its industrial hemp exchange. Julie Lerner, founder and CEO of PanXchange, describes the thinking behind the venue and delves into the hemp market, looking at the challenges and opportunities that exist.
1:00 Julie talks about PanXchange and the market it serves. 3:00 She then explains why the 2018 Farm Bill was so important for the hemp industry and what this could mean going forward. 7:00 Then she provides projections for how this market is anticipated to grow. 8:30 What are the challenges when it comes to farming this commodity? 11:00 What are the challenges for trading this largely OTC commodity? 13:00 As the hemp market grows, alternative data providers will (hopefully) enter the market. 15:30 Blockchain has been thrown around as prime for the hemp market, but Julie does not agree. 19:30 What are the challenges that hemp farmers face? 22:00 Julie explains some of the lessons she’s learned after starting PanXchange.
This week’s guest is Keith Lubell, CTO for Berkery Noyes, an M&A investment bank based out of midtown Manhattan. When it comes to talking innovation, Keith is one of my favorites to chat with. While fully invested in the day-to-day issues of technology, he always has an eye on new advancements and techniques. For this conversation, we look at Facebook’s Libra token and how regulators are setting their sights on the so-called Big Tech companies. We also delve into both newer and older programming languages, and how finance firms are using them. And he examines how semantic data and technology are becoming increasingly useful.
Additionally, Keith has worked for the Department of Defense, was an unemployed musician and painter, and now heads tech for an M&A bank. To read about how all of those experiences are connected, click here: https://www.waterstechnology.com/trading-tools/2481052/tied-together-keith-lubell-berkery-noyes
2:00 Libra 14:45 Big Tech/Anti-Trust 18:50 AWS/Cloud Providers 29:00 Programming Languages 39:50 Semantic Data and Technology
Brian Lichtenberger, cofounder and CEO of 7Park Data, joins to talk about challenges facing firms as they look to incorporate alternative data into their investment and risk management processes. Topics include where firms go wrong from a data management and strategy perspective, the need to fail fast, consolidation, the company's recent acquisition, and what led him and Alex Nephew to start the data provider in the first place.
After the Soviet Union broke apart, Roman Ginis and his family left Ukraine and came to America. He earned a Ph.D. in computer science from the California Institute of Technology, and then landed engineering jobs at Intel, IBM and BAE Systems. From there, he moved to Wall Street as a junior quant at UBS, developing execution technologies and quantitative analytics for electronic market-making for the investment bank. That led to a job at Cubist Systematic Strategies, the quant trading arm of Point72 Asset Management.
After seven years at the hedge fund, he shipped off to create a startup called Imperative Execution, the parent of IntelligentCross, a dark pool that uses AI to improve match times on a security-by-security basis to reduce market impact. Imperative Execution is backed by a consortium of investors, including Point72.
Ginis talks about his career, the challenges of creating a startup, and how the world of trade execution is evolving.
Anthony Malakian and Jo Wright walk through some of the changes that have taken place at WatersTechnology and what it will mean for the podcast—all good things…we hope!
Tony Amicangioli, founder and CEO of HPR, formerly known as Hyannis Port Research, joins the podcast to chat about his career. Amicangioli has had an interesting ride in the world of technology. A graduate of MIT, he was at BBN Technologies, one of the leading firms behind the development of the internet. Switches, gateways, routers and mobile networks—he was in the vanguard for those, as well. He created his own companies—Zetari and Hyannis Port Research—and worked at cutting-edge tech firms like Juniper Networks and Lime Brokerage.
For the podcast, he talks about the lessons that he’s learned when it comes to building a company. We also talk about how the so-called “Race to Zero” conversation has changed. Additionally, we look at the arms race for cloud supremacy unfolding between Amazon Web Services, Google Cloud Platform, IBM Cloud and Microsoft Azure, and what that might mean for capital markets firms over the next decade. To that last point, this outtake was very interesting—and it’s something that banks that are fully embracing the public cloud need to consider:
“Just like it was with mainframes and mini-computers, when they used to build those large computers that took up half the floor of a building … nobody ever thought we’d see this little desktop [computer at people’s desks] that would just obliterate that market. … I think there’s a very similar effect coming in cloud computing where people often confuse technology with how they deliver it. … The pendulum will swing back and there will be private clouds—that’s a prediction I make. The technology package has nothing to do with the ability to deliver that technology locally. So for the banks, they need to be really cognizant of this because if I’m right … there will be a downsized version [of what happened] with the desktop computer.”
And Tony is putting his money where his mouth is, as they say: “That private cloud, as it relates to the latency-centric aspects of technology providers in the financial space, this is my second bite at that apple [as it relates to the cloud explosion of] 2000, and I am 100% committed to building out what would be tantamount to a private—we’ll call it, or a financial services-centric—cloud-based infrastructure.”
This week, John Ramsay, chief market policy officer of IEX Group, the parent of the Investors Exchange (IEX), talks about the US Securities and Exchange Commission’s (SEC’s) Transaction Fee Pilot and why his company is supporting the regulator’s efforts, even as the likes of the New York Stock Exchange, Nasdaq and Cboe Global Markets are taking the SEC to federal court over the proposal.
0:45 John Ramsay joins the show. 3:00 John delves into the thinking behind the Transaction Fee Pilot. 7:00 The big US stock exchanges are taking the SEC to federal court. John does not think their legal claim is valid. 14:00 Fragmentation is exacerbating the problem. IEX is one of those startups that have entered the market. John contends that IEX’s proposition is different than others. 17:15 Dark pools are not part of the pilot. Is that a problem? 20:00 The largest exchanges contend that the average total cost to trade is lower on their exchanges than it is to trade of IEX. John disagrees. 22:45 He also does not think that the court will side with the exchanges. 25:00 What is ahead for IEX?
[To read the counter-argument, follow this link to hear NYSE's Stacey Cunningham's take on the TFP: https://www.waterstechnology.com/management-strategy/4298346/nyse-president-sees-tech-as-key-to-big-boards-next-evolution]
This week, Gerard Francis, global head of enterprise data at Bloomberg, re-joins the podcast to discuss the alternative data space.
1:45 Why did the company launch the data website Bloomberg Enterprise Access Point?
3:45 Is there room for consolidation in the alt data space, or is the universe only going to continue to grow?
8:00 What types of alternative data have the most room for growth, and how are firms incorporating these datasets?
12:00 Is geolocation becoming more commoditized? How can it be blended with other forms of alt data?
13:00 How do you go about validating an alt data provider?
16:00 What are some of the challenges when it comes to using environmental, social and governance data and where is there room for improvement in regards to standardization and reporting requirements?
18:30 Will sell-side firms ever be able to monetize their internal data?
20:00 How is Bloomberg evolving as a data provider?
22:30 What does the company’s product roadmap look like for 2019?
Pete Cherecwich, president of Corporate & Institutional Services (C&IS) at Northern Trust, joins the podcast to examine the challenges that firms face today when trying to offer convenience through technological innovation, while also making sure that these services are secure—the old security-versus-convenience debate, but on an enterprise scale. Also, Bloomberg intends to exit two key businesses and WatersTechnology has a new reporter.
Pete Cherecwich 1:00 Pete joins the podcast 2:30 Security versus convenience 4:00 The problem with trying to monetize internal data 5:30 Navigating convenience and functionality 10:00 Changing the culture and organization 13:30 The problem with tech disintermediation 15:30 The blockchain question 18:30 Is an industry data utility the right answer? 20:30 GDPR 23:00 Security best practices 24:30 Northern Trust is partnering with Bloomberg to offer custodial data 27:00 C&IS’ product roadmap for 2019
https://www.businesswire.com/news/home/20190326005582/en/Northern-Trust-Drives-Front-to-Back-Office-Integration-Asset
https://www.waterstechnology.com/data-management/4080856/northern-trust-aims-to-automate-institutional-transfer-agency
https://www.waterstechnology.com/technology/4047886/northern-trust-plans-wider-blockchain-rollout-in-2019
In the News 30:00 Some big, exclusive news: Bloomberg intends to exit its Sell-Side Execution and Order Management Solutions (SSEOMS) and its Know-Your-Customer (KYC) businesses, which includes Entity Exchange and Entity Intelligence.
https://www.waterstechnology.com/data-management/4248511/bloomberg-plans-to-exit-sseoms-kyc-business-lines
36:00 Introducing WatersTechnology’s newest reporter, Rebecca Natale!
This week, Simon Hazlitt calls in from London (11:00 min mark) to discuss where firms can get tripped up when migrating to the cloud. Hazlitt is the cofounder of Majede Asset Management. He retired from the firm at the end of 2016, but this year he decided to launch a cloud consulting business called Supl.
This conversation comes on the heels of a deep-dive feature written by Anthony (5:30). People are learning that moving to the public cloud is not as simple as flipping a switch. Anthony spoke with executives from Blackstone, Bank of America, Northern Trust, Trading Technologies, Numerix and more to find out some of the lessons they’ve learned along the way. Click here to read: https://www.waterstechnology.com/technology/4224076/lessons-learned-from-early-public-cloud-adopters
Additionally, for the April issue of WatersTechnology, Josephine Gallagher sat down with the FCA's Nausicaa Delfas to discuss how the regulator is preparing for any number of potential Brexit outcomes (2:30). Click here to read: https://www.waterstechnology.com/regulation/4229241/fca-executive-director-nausicaa-delfas-steering-the-brexit-ship
This week, Anthony and James discuss some of the biggest stories to come out of this year’s FIA Boca event, including Christopher Giancarlo’s thoughts on tech at the CFTC (5:00), the slow evolution of the crypto space (9:00), and the DTCC’s progress on its new blockchain-driven Trade Information Warehouse (12:45). Additionally, the CAT NMS committee has proposed yet another delay in the rollout of the Consolidated Audit Trail (CAT) and the Australian Securities Exchange is trying to get the industry excited for its still-to-be-launched CHESS-replacement blockchain (19:45). Then, at the end, Anthony and James jibber-jabber about how Democrats are positioning themselves for the 2020 election.
https://www.waterstechnology.com/data-management/4208366/cftc-chair-says-agency-is-finally-getting-resources-to-bolster-tech
https://www.waterstechnology.com/regulation/4219956/cat-nms-committee-proposes-five-month-delay-to-broker-reporting
https://www.waterstechnology.com/technology/4207121/dtccs-blockchain-powered-trade-information-warehouse-set-for-late-2019-launch
https://www.waterstechnology.com/data-management/4208496/asx-offers-free-blockchain-settlement-to-lure-early-adopters
On the podcast, Anthony and James look at a wide range of topics this week:
1:00 The winners of this year’s Women in Technology and Data Awards were announced on Friday. 2:45 The April issue of Waters magazine will feature a redesign: James explains what this will mean for subscribers. 8:15 Finra was named the plan processor of the Consolidated Audit Trail (CAT). 11:00 James is heading down to FIA Boca this week and he previews what he’ll be covering. 17:45 A very long discussion about the best show to hit the air in 2019: True Detective, Season 3.
Gil Mandelzis joins the podcast this week. Gil founded Traiana back in 2000 and eventually became CEO of EBS BrokerTec. In 2017 he cofounded another startup called Capitolis. He talks about the differences in the startup world today versus two decades ago and looks at some of the challenges facing the FX market. But before that, some news.
In the News: 1:00 The Members Exchange (MEMX) names Jonathan Kellner as its inaugural CEO. What might this mean for the startup? https://www.waterstechnology.com/management-strategy/4177991/jonathan-kellner-to-lead-memx
READ: Challenging US Exchanges Will be Uphill Battle for MEMX, Experts Warn https://www.waterstechnology.com/management-strategy/4082911/challenging-us-exchanges-will-be-uphill-battle-for-memx-experts-warn
3:15 State Street Corp. names Lou Maiuri as COO. What does this say about State Street’s acquisition of Charles River Development? https://www.waterstechnology.com/management-strategy/4178351/lou-maiuri-named-coo-of-state-street
READ: Questions Raised on State Street and Charles River’s Boston Wedding https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3774631/questions-raised-on-state-street-and-charles-rivers-boston-wedding
Gil Mandelzis 6:15 Gil joins the podcast and talks about his career. 11:00 Gil explains why he decided to create another company and he looks at some of the differences in starting a company in 2000 versus today. 25:15 How did the idea of Capitolis come about and what market is it looking to serve? 43:30 A look at some of the biggest trends in the FX world. 50:00 How might artificial intelligence, crypto and blockchain technologies change the capital markets?
https://www.waterstechnology.com/trading-technologies-and-strategies/3528306/mandelzis-led-fintech-capitolis-raises-29-million-targets-trade-finance
Martin Boyd, global head of FIS’s institutional and wholesale business unit, which represents the legacy SunGard suite of services, joins to discuss everything from fintechs to regulation to machine learning to cloud. Before that, though, Anthony and James provide their takeaway after writing extensively about the Consolidated Audit Trail (CAT). CAT 2:15-18:00 Anthony and James look at the train wreck that is the Consolidated Audit Trail.
https://www.waterstechnology.com/regulation/4152906/cats-tale-how-thesys-the-sros-and-the-sec-mishandled-the-consolidated-audit-trail
https://www.waterstechnology.com/regulation/4166596/cats-future-still-cloudy-as-nms-committee-declines-to-name-new-processor
Martin Boyd 21:00 Martin Boyd joins the podcast and first looks at the state of the fintech community. 25:30 How does FIS try to interact with that fintech community? 29:30 Where are there still opportunities for fintechs to make an impact? 32:00 A look at how artificial intelligence comes into play. 34:30 How does the regulatory environment drive tech spend? 39:30 Cloud is becoming much more important. 42:00 Where will innovation come from in the next few years?
Bryan Cross, head of UBS Asset Management’s Quantitative Evidence and Data Science team (QED), joins the podcast to talk about why the firm created the unit in 2018 and examines the alternative data space.
3:00 What led UBS Asset Management to create the QED group? 6:00 Active versus Passive, and how alternative data fits in. 9:00 It’s still early days in the alternative data industry. 13:30 Which sectors of alternative data are most useful? 18:30 How does AI help to distill this information? 21:00 Talent and culture…what are the lessons learned when building this group? 27:30 Bryan talks about his career path and gives advice to up-and-coming data scientists. 31:00 Some book recommendations.
Lars Ottersgård, head of market technology for Nasdaq, joins to discuss what he sees as being the biggest tech trends in the capital markets for 2019 and beyond.
1:15 Lars takes a quick look back at highlights from 2018. 2:30 He then breaks down what he thinks some of the key tech trends will be for 2019 and beyond. (Cloud will continue to be big.) 6:00 He also thinks that 2019 will be the year for real blockchain use-cases. 9:00 A look at Nasdaq’s recent acquisitions and the company’s tech roadmap. 11:30 Will we see greater consolidation in the alternative data space going forward? 13:00 Lars explains why they are already looking at quantum computing advancements. 15:30 When it comes to AI, what are the most exciting trends that could yield new advancements in 2019? 18:00 Lars tells us his favorite things to do in Stockholm.
First (1:00), the final phases of initial margin rules are expected to capture over the next two years more than 1,000 buy-side and sell-side firms, which technology providers see as potential customers—what are the tech challenges? Then (12:00), James discusses his profile of Robert and Richard Michaud of New Frontier Advisors and why it’s important for technologists to understand investment theory. Finally (22:00), Anthony and James ramble on about comedy and the 1st Amendment.
https://www.waterstechnology.com/technology/4103001/tech-releases-surge-ahead-of-initial-margin-deadlines
https://www.waterstechnology.com/management-strategy/4089301/rebel-math-robert-and-richard-michaud-new-frontier-advisors
Adam Sussman, head of market structure and liquidity partnerships for Liquidnet, joins the podcast to talk about the Members Exchange (MEMX), which is a proposed new venue for trading US stocks that is backed by a consortium of financial firms: Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*Trade, Fidelity Investments, Morgan Stanley, UBS, TD Ameritrade, and Virtu Financial.
https://www.waterstechnology.com/management-strategy/4082911/challenging-us-exchanges-will-be-uphill-battle-for-memx-experts-warn
https://www.liquidnet.com/expert-insights/is-it-live-or-is-it-memx
2:00 Does the US need another equities venue?
5:00 Might this be a play by these firms to get the established trading venues to lower their fees?
10:00 There aren’t any human names attached to this project yet, should that raise red flags?
13:00 From a tech standpoint, are there any barriers for entry into the exchange marketplace?
18:00 Moving forward, if this exchange gets off the ground, how will it add liquidity?
19:30 Prediction: In three years will the Members Exchange exist?
21:00 Why does Adam think the first letter of the CEO’s first name “will be J. Maybe R.”
23:00 Adam also gives an update on Liquidnet’s integration of OTAS Technologies.
26:30 And finally, what was it like switching from the consultancy world to the end-user world?
This week Bill Murphy, chief technology officer of Blackstone Group, joins to discuss his firm’s migration to the public cloud and what he views as being best practices for going to the cloud. This is Bill's fourth time on the show. Here are the links to his previous conversations.
https://www.waterstechnology.com/industry-issues-initiatives/3473326/waters-wavelength-podcast-episode-105-blackstones-bill-murphy-part-3
https://www.waterstechnology.com/trading-tools/3056376/waters-wavelength-podcast-episode-60-bill-murphy-blackstone-cto
https://www.waterstechnology.com/trading-tools/2461751/waters-wavelength-podcast-episode-22-blackstone-cto-bill-murphy
1:45 Where is Blackstone in its cloud migration journey? 4:30 Where is the industry as a whole when it comes to cloud adoption? 6:30 How can you “do the cloud wrong”? 8:00 As these platforms become more mission critical for everyone, how concerned are you about outages? 12:00 Beyond price, what other factors come into play when choosing between Amazon, Google or Microsoft? 16:00 What does Blackstone’s three-year cloud roadmap look like? 18:15 What were some of the lessons learned as Blackstone went down this path? 22:00 How do you build in an efficient governance layer to prevent cloud sprawl? 25:00 How do you incorporate new technologies into the overall cloud strategy? 26:30 When you start, what gets migrated first? 30:00 What’s new after the Refinitiv acquisition? 32:00 New Year’s resolutions.
Anthony and James discuss the trends that they think will dominate the headlines in 2019:
https://www.waterstechnology.com/data-management/4045791/the-best-longform-stories-of-2019
Artificial Intelligence (2:00) Blockchain (3:00) Back to AI (4:00) Cloud (6:00) Regulation (9:00) Alternative Data (14:00) Quantum Computing (16:45) M&A (17:30) Market Data Fees (22:00) WatersTechnology (24:00) The Best Longform Outside of WatersTechnology (28:00)
Trashed: Inside the Deadly World of Private Garbage Collection, Kiera Feldman (ProPublica)
https://www.propublica.org/article/trashed-inside-the-deadly-world-of-private-garbage-collection
Blood Will Tell, Pamela Colloff (ProPublica)
https://features.propublica.org/blood-spatter/mickey-bryan-murder-blood-spatter-forensic-evidence/
“I Killed Them All”, Jessica Garrison (Buzzfeed)
https://www.buzzfeednews.com/article/jessicagarrison/martinez-hitman-cartel-black-hand-mano-negra-contract-killer
Inside Palmer Luckey’s Bid to Build a Border Wall, Steven Levy (Wired)
https://www.wired.com/story/palmer-luckey-anduril-border-wall/
Palantir Knows Everything About You, Multiple Writers (Bloomberg Businessweek)
https://www.bloomberg.com/features/2018-palantir-peter-thiel/
The White Darkness, David Grann (New Yorker) — Great book, too.
https://www.newyorker.com/magazine/2018/02/12/the-white-darkness
America Beyond Detention, Multiple Writers (Observer)
https://www.texasobserver.org/america-beyond-detention/
How Goop’s Haters Made Gwyneth Paltrow’s Company Worth $250 Million, Taffy Brodesser-Akner (NYT Mag)
https://www.nytimes.com/2018/07/25/magazine/big-business-gwyneth-paltrow-wellness.html
Jose Mourinho’s Last Stand, Sam Borden
http://www.espn.com/espn/feature/story/_/id/25145480/jose-mourinho-last-stand
Japan’s Rent-a-Family Industry, Elif Batuman (New Yorker)
https://www.newyorker.com/magazine/2018/04/30/japans-rent-a-family-industry
The Maraschino Mogul’s Secret Life, Ian Frazier (New Yorker)
https://www.newyorker.com/magazine/2018/04/23/the-maraschino-moguls-secret-life
A Kingdom of Dust, Mark Arax (California Sunday Magazine)
https://story.californiasunday.com/resnick-a-kingdom-from-dust
How an Ex-Cop Rigged McDonald’s Monopoly Game and Stole Millions, Jeff Maysh (The Daily Beast)
https://www.thedailybeast.com/how-an-ex-cop-rigged-mcdonalds-monopoly-game-and-stole-millions
With James away in London, Wei-Shen Wong, Asia editor for WatersTechnology, calls in from Hong Kong to give her perspective on trends unfolding in the Asia-Pacific region. They talk about blockchain (3:15), cryptocurrencies and—separately—tokenization (14:15), various forms of artificial intelligence and automation efforts (20:00), the proliferation of cloud usage in the region (25:30), and the feud that unfolded between India and Singapore earlier this year and what’s ahead for the two nations (28:00). They wrap things up by admitting to their favorite Netflix shows that bring them shame (35:30) and Wei-Shen talks about some of the stories she’s working on for 2019 (48:30).
https://www.waterstechnology.com/operations/4014326/tokenization-the-flip-side-of-the-coin
https://www.waterstechnology.com/exchanges-trading-venues/3969216/custody-seen-as-cryptos-next-major-battleground
https://www.waterstechnology.com/data-management/4007716/deep-learning-the-evolution-is-here
https://www.waterstechnology.com/exchanges-trading-venues/3610416/singapore-exchange-hits-back-at-indias-data-pull
https://www.waterstechnology.com/market-data-data-analytics/indexes-ratings/3585711/indias-data-takeaway-leaves-index-derivatives-in-a-pickle
This week, Anthony and James talk about some of the themes and discussions at our flagship Waters USA conference, which was held in New York City on December 3.
Then, James sits down with Raymond Zenkich, president and chief operating officer of crypto insurer BlockRe, to talk about some of the challenges of offering insurance products in such a new and risky market.
2:00 James and Anthony revisit some of the themes from this week’s conference, including where fintech companies get it wrong while trying to attract bank funding.
4:00 One of the highlights was Cathy Bessant, global chief operations and technology officer at Bank of America, being interviewed on-stage by editor-in-chief Victor Anderson.
7:00 A new way of looking at artificial intelligence, beyond the hype cycle, was evident at the conference. [For a very deep dive into how firms are using deep learning in the capital markets, click here.]
9:30 While people are coming around to using one (or more) of the big cloud providers, there are still challenges when it comes to data governance and hidden fees.
11:30 Have pitches for the New Year, send 'em over.
BlockRe
13:00 James and Raymond Zenkich go over what BlockRe brings to the market.
15:00 What are some of the key challenges facing the market?
21:00 How do you go about assessing risk and setting coverage in a market that can lose billions in value overnight?
25:00 What kind of technology has BlockRe been developing to handle these issues, and who is advising it?
30:00 How do you monitor this rapidly changing market?
33:00 A look at BlockRe's risk assessment tool.
After a brief break, Anthony and James are back. This week they look ahead to Waters USA, the December issue of Waters, and Brexit.
1:00 Waters USA will be held on Monday, Dec. 3, at the Convene on W 46th Street in Manhattan. Anthony first looks at some of the highlights—cloud, artificial intelligence, alternative data, regulation, blockchain—for the all-day conference. If you are an end-user, this event is free to attend; vendors will have to pay a fee, but there will be tons of senior executives from end-user firms both in attendance and speaking.
Click here to register: http://events.waterstechnology.com/watersusa/book-now
Click here to see the agenda: http://events.waterstechnology.com/watersusa/agenda
8:30 James and Anthony give their thoughts on what they hope to hear from speakers at the event and why this is an important tech conference for even non-techies to attend.
17:00 James gives a look at the December issue of Waters magazine.
23:00 Finally, James gives his thoughts on recent developments pertaining to Brexit, while Anthony just nods his head and talks about how dumb it is to have a referendum for something this important.
This week, Anthony and James look at three news stories. First, a group of central securities depositories are exploring how their roles are translatable to crypto-asset infrastructure. Next, the Depository Trust and Clearing Corp. is moving to the next phase in its project to “re-platform” its credit derivatives processing utility using blockchain technology. And finally, IHS Markit officially unveils TradeServ to the world. And outside of the news, they look at how both banks and bank robbers are using artificial intelligence to defend and attack.
This week, Anthony and James first take a look at the fight brewing between the exchanges and the trading firms over market data fees, with the Securities and Exchange Commission (SEC) serving as the referee (2:00). Then they caution listeners about believing everything you read when it comes to crypto journalism (11:00). They wrap things up by talking about their favorite underrated movies of all-time (22:00).
https://www.waterstechnology.com/exchanges-trading-venues/exchange-data/3949191/the-exchange-data-fee-debate-trick-or-treat
https://www.politico.com/story/2018/11/01/sec-cryptocurrency-910135
https://www.waterstechnology.com/awards-rankings/3954271/buy-side-technology-awards-2018-all-the-winners
Rick Lane, CEO of Trading Technologies, joins the podcast to discuss the challenges of completely shifting from a monolith, hard-install platform to a software-as-a-solution (SaaS) delivery basis. He also talks about Chicago’s burgeoning institutional crypto scene. But before that, Anthony and James hit on stories coming out of Sibos, as well as the alternative data space.
In the News
1:45 A quick look at this year’s Sibos event, which was held in Sydney. You can find our Sibos coverage here: https://www.waterstechnology.com/topics/sibos
4:30 A quick look at the alternative data marketplace after WatersTechnology published a 6,000-word examination of the space. This article will be free to read until Oct. 30: https://www.waterstechnology.com/market-data-data-analytics/3938811/the-new-oil-rush-an-examination-of-the-alternative-data-market Rick Lane
8:00 Rick Lane joins the podcast. 9:30 First he explains the thinking behind the move from X_Trader to the TT platform, which is delivered via a software-as-a-service model. 16:00 Why did they go down the build path, as opposed to buying a solution (or solutions) and piecing them together. 24:00 How will the recently-launched TT OMS help underpin future deployments? 27:00 With all the consolidation in the OEMS space, will TT become acquirers in the future? 28:30 What mistakes were made and what lessons were learned during this process? 32:45 Why did Trading Technologies get involved in the crypto space? 36:00 Why has Chicago become the epicenter for institutional crypto development? 37:00 He wraps things up by looking at the recently announced partnership with TradeStation.
This week, Scott Mullins, worldwide financial services business development lead at Amazon Web Services (AWS), joins the podcast to discuss how capital markets firms are embracing public clouds, how they will look to differentiate themselves as costs come down while capacity increases, and how clouds can help in the evolution of artificial intelligence (AI) tools. But before that, Anthony and James look at how Orbital Insight will deploy a platform-as-a-service (PaaS) model and how Trading Technologies will launch an order management system (OMS) in 2019.
In the News
2:30 As Orbital Insight expands the number of retailers it tracks and adds geolocation data to its offering, it will eventually deploy a PaaS model for do-it-yourself geospatial analytics.
https://www.waterstechnology.com/connectivity-networks/data-delivery-technologies/3922846/orbital-insight-expands-telemetry-footprint-considers-new-delivery-service
7:30 Trading Technologies has announced the 2019 launch of an OMS designed for sell-side traders.
https://www.waterstechnology.com/trading-technologies-and-strategies/oms-ems/3922821/trading-technologies-preps-oms-launch-for-2019
AWS
14:00 It’s taken some time, but capital markets firms are fully embracing public cloud offerings, most notably with AWS, Microsoft Azure, Google Cloud Platform and IBM Cloud. What’s changed?
17:30 What’s the end state for capacity and cost? As capacity increases and cost decreases, how will cloud providers differentiate themselves?
20:00 NYSE Technologies and Nasdaq FinQloud both tried to create cloud platforms specific to the capital markets, but they never quite took hold. Why weren’t capital markets firms able to create something on their own?
22:30 Where do firms go wrong when creating a cloud strategy?
26:30 How are firms deploying the cloud across the front, middle and back offices?
29:30 Should public cloud providers be labeled as Systemically Important Financial Market Utilities, similar to a clearinghouse?
33:00 How can a cloud environment help in the development of machine learning?
27:30 What’s down the road that might be revolutionary as it pertains to the cloud?
This week, Anthony and James look at key themes that arose at several conferences from around the globe over the last two weeks: Brexit and how it will impact Mifid II, disillusionment with blockchain, and data quality challenges.
2:00 Shocking, there are major data challenges relating to Mifid II, according to the chairman of the Autorité des Marchés Financiers (AMF) Robert Ophéle. Get this: there’s a lot of regulatory arbitrage, the data quality being reported “leaves much to be desired” and they may need to enact “a number of legislative fixes.”
https://www.waterstechnology.com/reference-data-data-management/data-governance/3908211/financial-watchdog-mifid-ii-data-quality-difficult
10:30 Another shocker, some exchanges are not quite finding value stemming from their blockchain proofs-of-concept. Fortunately, we have Nouriel Roubini to speak some truth to power.
https://www.waterstechnology.com/trading-floor-technologies/3908021/exchanges-still-seeking-blockchain-uses
https://www.banking.senate.gov/imo/media/doc/Roubini%20Testimony%2010-11-18.pdf
17:00 And the more things change, the more they stay the same: firms still struggle with data quality and data governance, even as they look to explore new tools, such as machine learning, and new streams of information, such as alternative data.
https://www.waterstechnology.com/operations/3908456/experts-warn-on-data-quality-for-ai-projects
https://www.waterstechnology.com/market-data-data-analytics/data-consumers/3909501/for-buy-side-esg-alt-data-are-necessary-cost-to-recapture-alpha
31:00 From a non-industry perspective, it’s Mental Illness Awareness Week and Anthony relates it back to a new book about Abraham Lincoln. To lighten things up a bit, James recommends some sci-fi books.
If you are so inclined, you can donate to MIND, the mental health charity, or the Brain & Behavior Research Foundation, which awards grants to those making advancements in the understanding of numerous mental disorders.
https://www.mind.org.uk/
https://www.bbrfoundation.org/
This week, Octavio Marenzi, co-founder and CEO of Opimas, joins the podcast to look at how capital markets firms are incorporating web-scrapping tools in their investment processes, and examines some of the key challenges they face. But before that, with the Blackstone-led consortium’s acquisition of Thomson Reuters’ Financial & Risk business closed, Anthony and James talk about what might be ahead for the newly renamed Refinitiv.
2:30-11 A look at Refinitiv.
11:30 In a recent report, Marenzi and his colleague Anna Griem looked at the web data extraction market. He explains why they thought this would be an interesting sector to examine.
13:00 What information are hedge funds, asset managers and others trying to find, and what types of tools are they using?
16:00 One major trend in the space is a move away from building internally and toward spending with third-party companies.
18:00 What are the common causes of these projects going awry?
24:00 Looking at the internet as the ultimate dataset and examining some of the legal implications—including the General Data Protection Regulation (GDPR)—that could hinder the market’s development.
28:00 Who are the vendors in the space?
This week, Eric Bernstein, president of Broadridge’s asset management solutions business, joins the podcast to discuss some of the challenges that buy-side firms in the Asia-Pacific (APAC) region are facing, as they try an incorporate emerging technologies amid a fragmented regulatory environment. Before that, Anthony and James talk about two companies that are changing course.
1:00 IHS Markit has decided to take MarkitSERV, its post-trade processing business, off the market. Anthony and James look at potential reasons for the decision.
10:15 Algomi is shifting its focus toward its Alfa platform. It’s been a series of ups-and-downs for the vendor, and Anthony and James examine what this next move can move
19:30 Eric joins the podcast. As buy-side shops try to incorporate new technologies, including artificial intelligence (AI) and blockchain, what have been some of the main challenges?
21:00 How have data needs changed?
22:30 Eric breaks down the fragmented regulatory environment in APAC.
28:30 He then looks at how firms in Asia are embracing the cloud and fintech sandboxes.
31:30 He then gives his views on blockchain, and what its development will look like going forward.
38:00 And then a look at AI.
40:45 The importance of having a single source of data.
This week, Anthony and James first look at Nasdaq’s $190 million bid for Cinnober Financial Technologies (1:00-9:30) and then they examine what Wall Street has learned in the 10 years since the collapse of Lehman Brothers (9:30-22:30). Contrary to some, they think that the industry has learned many lessons since September 2008. They wrap things up by taking a peek at New York University (NYU) offering a major in cryptocurrencies and blockchain technology and why that’s a sign of a larger problem (22:30-33:00).
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3863826/nadsdaq-makes-190-million-bid-for-cinnober
Gerard Francis, global head of enterprise data for Bloomberg, joins Anthony Malakian on the podcast to discuss data fragmentation issues in the capital markets.
Bloomberg announced this week the launch of Enterprise Access Point, an online open data and linked data platform that provides normalized reference, pricing, regulatory and historical datasets for Bloomberg Data License clients. Toward the end, they get into the product itself a bit more, but the point of this podcast is to look at the underlying trends that led to the launch of Enterprise Access Point and, specifically, the challenges firms are facing when it comes to data fragmentation.
1:15 Gerard joins the podcast and gives a quick primer on Bloomberg’s Enterprise Data business.
2:15 Why is data fragmentation becoming more of an issue in today’s environment?
6:00 The cost of data.
7:30 The difference between dirty data and quality data.
10:00 Examples of challenges that arise when data fragmentation becomes an issue.
12:00 The rise of the Chief Data Officer (CDO).
14:30 As the number of datasets available continues to increase, firms need to improve the firm’s data acquisition and usage culture.
16:30 The need to get the data model right and a look at some new methods/techniques being used for data modeling.
19:15 Where should firms direct their investments in terms of data management and data governance?
22:00 What was the genesis of Enterprise Access Point?
25:30 How does the solution work and what data will be available?
28:00 As alternative data becomes more prevalent, how are company’s looking to help users better handle this flood of information?
30:00 Who are the prime candidates to take advantage of Enterprise Access Point?
This week Anthony and James dig into IHS Markit's new cloud-based TradeServ platform, which will eventually replace MarkitSERV's DSMatch platform, and host MarkitWire, Markit Trade Manager, among others. Since the rollout is also connected to the Depository Trust & Clearing Corp.'s (DTCC) new Trade Information Warehouse (TIW), which will be built using blockchain technology and is expected to be rolled out in 2019, they then take a look at blockchain projects in the industry, including some thoughts from Nasdaq. (2:00-13:30)
Finally, they close the show with a rant about the stupidity of the past week in politics. (14:00-end)
IHS Markit Overhaul: https://www.waterstechnology.com/connectivity-networks/3845446/ihs-markit-overhauls-derivatives-nerve-center-with-tradeserv-launch
DTCC Blockchain: https://www.waterstechnology.com/infrastructure-technologies/3845566/dtcc-blockchain-platform-scheduled-for-early-2019-launch
Nasdaq Profile: https://www.waterstechnology.com/people/3845756/nasdaqs-twin-pillars-brad-peterson-and-lars-ottersgard
The September issue of Waters will mark our 25th anniversary as a publication. For it, Anthony and James spoke with over three-dozen senior executives in technology to hear their thoughts as to which technologies and enhancements will transform the capital markets over the next quarter century. For the podcast, they provide some takeaways from those discussions. Check out the September issue of Waters for a full look back at advancements in the space over the previous 25 years and look ahead at what's still to come.
This week, Josephine Gallagher, European reporter for Waters, calls in from London to talk with Anthony about the exchange-traded funds (ETF) marketplace. After speaking with experts from Goldman Sachs Asset Management, Vanguard, State Street Global Advisors and more for her August feature, she explains how technology is playing a greater role in this space, how alternative data and robo advisors are changing the sector, and whether or not Bitcoin ETFs will become a reality in the near future (hint: probably not.) And, being that Josephine is from the Republic of Ireland, she explains Gaelic Athletic Association (GAA) sports like Gaelic football and hurling to a bewildered Anthony.
https://en.wikipedia.org/wiki/Gaelic_Athletic_Association
https://www.waterstechnology.com/industry-issues-initiatives/3779766/etfs-priming-the-5-trillion-pump
https://www.waterstechnology.com/industry-issues-initiatives/3755246/bitcoin-advocates-seek-to-navigate-etf-maze
https://www.waterstechnology.com/trading-technologies-and-strategies/3769671/traders-urge-caution-on-potential-bitcoin-etfs
Kathryn Guarini, vice president of IBM Industry Research, and Bob Sutor, vice president of IBM Q strategy and ecosystem for IBM Research, talk with Anthony about advancements that have been made in the quantum space and explore what might be ahead.
2:45 Bob starts off by explaining where we are today with quantum development, how we got here and what some of the next benchmarks might be.
6:00 With over 94,000 individuals having used IBM Q’s environment, Kathryn examines why people in the financial services industry are starting to get interested in the topic.
8:00 Bob provides what he believes is a realistic timeline for a commercial quantum computer.
11:15 Then Bob explains how providers in the quantum computing space are both working together and competing against one another, at the same time.
13:00 Kathryn points to Monte Carlo simulations and intraday analytics as being areas that could potentially be improved by a quantum computer.
15:45 While some have posited that quantum computing could potentially break a blockchain’s security measures, Bob thinks those predictions are unjustified. But, the industry does need to think about new ways to encrypt information.
22:00 Banks and asset managers already are coping with clunky, legacy infrastructure technologies. Kathryn and Bob explore how firms are already thinking about improving their existing infrastructures to capitalize not only on quantum advancements, but new technologies, in general.
29:45 To the above topic, Kathryn provides insight into how firms are looking to combine QC with advancements in the field of machine learning.
33:30 While much of this discussion was more theoretical and forward-looking, Bob gives a look into what IBM Q currently has on its development roadmap.
38:30 If you’re interested in experimenting with a quantum computer, here’s how.
Greg Skibiski, co-founder and CEO of Thasos Group, a startup that provides geospatial data to the hedge fund industry, joins the podcast to discuss the alternative data sector and provides insights into some of the challenges, trends and use cases for this information.
Beginning-1:45 Greg Skibiski joins the podcast and gives a quick recap of what Thasos has rolled out. 1:45-3:40 What are the biggest trends driving this explosion we’re seeing in the alternative data space? 3:40-5:30 How has hardware in the alt data space improved to allow for the increased use of this data? 5:30-8:15 When you look at a potential dataset to explore, what are the prerequisites you look for? 8:15-10:00 Why are so many players—from startups, to the biggest vendors, to the banks themselves—trying to get into this space with their own offerings? 10:00-12:30 For those concerned about privacy, how do you make sure that no personally identifiable information is shared with clients? 12:30-15:05 Do you provide context around the data, or do you just provide the data and let the client use it as they see fit? 15:05-17:55 Have advancements in machine learning and deep learning pushed this space forward, or is it still mainly driven by data scientists looking at the data? 17:55-23:00 How would a hedge fund use this information to gain an edge? 23:00-24:45 Do you see a day when alternative data will be viewed in the same regard as fundamental data? 24:45-29:30 Do you see a period of consolidation among providers coming in the near future, or is it still very early days? 29:30-31:30 As far as your ability to collect data, to what extent do new laws affect your roadmap? 31:30-End Can this data be used in the future to create alternative financial products?
Last week, Anthony and James discussed the announcement that State Street was buying Charles River Development. Well, a week later, and after speaking with over a dozen industry sources, they are back to dig deeper into this significant acquisition (2:15). But first, they look at some recent developments in the bitcoin ETF space, which is a topic they broached two weeks ago. This time, though, they dig into a story written by Josephine Gallagher that quotes executives from Goldman Sachs and Vanguard to get the institutional side of the industry’s thoughts (16:00).
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3774631/questions-raised-on-state-street-and-charles-rivers-boston-wedding
https://www.waterstechnology.com/trading-technologies-and-strategies/3769671/traders-urge-caution-on-potential-bitcoin-etfs
https://www.waterstechnology.com/industry-issues-initiatives/3760866/wavelength-podcast-episode-130-state-street-buys-charles-river
https://www.waterstechnology.com/industry-issues-initiatives/3748626/wavelength-podcast-episode-129-interdealer-broker-troubles-bitcoin-etfs
https://www.waterstechnology.com/industry-issues-initiatives/3755246/bitcoin-advocates-seek-to-navigate-etf-maze
Big news today, as it was announced that State Street is buying order management system (OMS) giant Charles River. Anthony and James give their initial thoughts, though a longer, well-reported feature will be coming next week. They also discuss the alternative data space and, specifically, climate change data.
1:30 Holy crap… State Street is buying Charles River for $2.6 billion. 4:00 What are some of the immediate concerns? 9:00 What will happen with the rest of the OMS space?
11:00 Climate change data—an inside look at how the likes of Man Group, UBS, Deutsche Bank, Axa Rosenberg and the European Bank of Reconstruction and Development are using these datasets.
https://www.waterstechnology.com/market-data-data-analytics/3746441/end-of-days-data-climate-content-heats-up
23:15 There’s a problem facing the quant research field, as new studies are finding that a lot of discoveries that were taken as fact cannot be replicated. Our colleague on Risk.net, Faye Kilburn, spoke with a wide array of people and one thing she heard is that the combination of machine learning tools with alternative data is exasperating the problem.
https://www.waterstechnology.com/market-data-data-analytics/data-consumers/3752886/fools-gold-data-mining-digs-up-explosive-errors
29:00 A more thoughtful World Cup recap, this time without a litany of beeps.
This week, Anthony and James take a look at the tumultuous interdealer broker space and where it stands after John Phizackerley’s ouster at TP Icap (2:00). They then briefly discuss the latest bitcoin exchange-traded fund (ETF) filing and whether these instruments will become a reality in the near future (8:00). And finally, James gives a quick 30-second recap of Croatia’s victory over England in the World Cup semifinals that sounds a bit like Morse Code (17:55).
Editor’s Note: The longer feature on bitcoin ETFs will run on WatersTechnology.com on Monday, July 16.
Phil Christianson, director of product management at Eze Software, joins the podcast to discuss ways in which firms of all types and sizes can improve their use of the Agile methodology (12:15-29:00). But before that, Anthony and James first look at House Bill 4785 and explain why it could be a problem for the construction of the Consolidated Audit Trail (2:00-10:00) and James gives his bold prediction for England’s football team as it heads in to the quarter finals against Sweden on Saturday (10:00-12:15).
This week’s podcast is new and improved thanks to a large investment to improve the sound quality of the show. Let us know what you think. Also on the show, Anthony and James discuss Digital Reasoning’s soon-to-be-released Cognition platform (3:30) and give a preview of the July issue of Waters (11:00). Additionally, Anthony goes off on a convoluted rant about the Supreme Court (16:15) and then James tries to pretend that he knows something about the World Cup (25:45).
https://www.waterstechnology.com/market-data-data-analytics/3719941/digital-reasoning-readies-public-release-of-model-training-platform
On the podcast this week, Anthony and James first look at recent Brexit developments and examine how tech providers—and, specifically, Approved Publication Arrangement (APA) operators—are dealing with the looming 2019 Brexit deadline (1:15). They then provide a quick update in the fight between the Singapore Exchange (SGX) and the National Stock Exchange of India (NSE) (8:30). They hit on an important Supreme Court decision involving fourth-amendment rights and cellphone data (13:45) before transitioning to Tuesday’s primary elections in the US (18:30). They wrap things up by looking at some of the early results from this year’s World Cup (29:15).
https://www.waterstechnology.com/risk-management-performance-reporting/3709301/bloomberg-eyes-amsterdam-for-trading-and-reporting-platforms
https://www.waterstechnology.com/exchanges-trading-venues/3707136/sgxs-indian-products-live-for-now
On the podcast, Anthony and James read the tealeaves after William Hinman, head of the division of corporation finance for the Securities and Exchange Commission (SEC), said that “current offers and sales of ether are not securities transactions,” and what that could mean for cryptos, including bitcoin, going forward (2:45). Then they shift their attention to the concept of privacy and how lawyers (including James’ wife!) are addressing the issue today, and what that could mean for capital markets firms going forward (10:00). Finally, they wrap things up by giving their World Cup predictions and what that could mean for world peace in the future (23:00).
This week on the podcast, Anthony and James first look at the London Stock Exchange’s outage that resulted from “technical issues” with its auction system, and why the industry should expect more glitches—across the world—in the future. Then they turn their attention to both failed blockchain projects and projects that were announced last year that have actually gone fully live. They wrap the show up talking about the state of mainstream magazines (because we all know that Waters magazine is the finest magazine covering fintech in the world).
Outages 1:45 What happened at the LSE? https://www.waterstechnology.com/exchanges-trading-venues/3685356/issue-with-auction-system-led-to-lses-morning-blackout 5:00 The regulators are starting to care more about outages. https://www.waterstechnology.com/exchanges-trading-venues/3529391/nyse-fined-14-million-by-sec-for-reg-sci-violations 6:00 Why we should expect more outages across the industry.
Blockchain 8:15 First, a look at some of the failed blockchain projects that have dotted the capital markets. 11:30 Some cold water on the idea of blockchain for clearing. 14:00 But there have been some bright spots in the blockchain space, right?
Misc 18:30 What’s happened to Esquire? Why is California Sunday Magazine so good? Why is James promoting one of our competitors? We have answers (and possibly a job opening for a news editor).
https://www.waterstechnology.com/trading-technologies-and-strategies/3681751/markets-learn-painful-lessons-as-blockchain-grows-up
https://www.waterstechnology.com/industry-issues-initiatives/3683991/northern-trust-pushes-forward-with-private-equity-blockchain
https://www.waterstechnology.com/trading-floor-technologies/3683731/clearing-executives-remain-skeptical-on-blockchain
https://www.waterstechnology.com/organization-management/3672916/flush-with-cash-paxos-plans-precious-metals-blockchain-launch-next-week
On the podcast, Wei-Shen Wong, Waters’ Asia editor, joins to discuss the dispute unfolding between the Singapore Exchange (SGX) and India’s National Stock Exchange (NSE) over index licensing.
Before that, though, Anthony and James look at how the European Securities and Markets Authority (Esma) has come down on reporting platforms, saying that the data they make available to the public is often not exactly in line with what the regulator wanted when it rewrote Europe’s trading rulebook.
Esma v Reporting Platforms
2:00 What is the problem that Esma is looking to address?
3:15 What is Esma asking reporting platforms to do?
4:30 What are the main concerns for the reporting platforms?
6:00 What are politicians and market participants saying?
https://www.waterstechnology.com/regulation-compliance/3672661/apas-under-pressure-as-esma-cracks-down-on-data-tangle
NSE v SGX
10:30 Wei-Shen joins and begins by laying out the groundwork for how we got to this point, which started with the Securities and Exchange Board of India (Sebi) asking the three main exchanges in India to terminate their existing market data licensing agreements with foreign partners.
https://www.waterstechnology.com/regulation-compliance/3672661/apas-under-pressure-as-esma-cracks-down-on-data-tangle
16:00 The resolution to this fight might have roots in a case that was settled a few years ago in the United States.
https://www.waterstechnology.com/exchanges-trading-venues/3610416/singapore-exchange-hits-back-at-indias-data-pull
17:30 What happens next?
18:00 Sebi’s decision is viewed by some as a political move and by others as a last resort. Either way, there are concerns all around that its decision will not achieve the desired results.
20:00 What are the greatest concerns going forward?
22:30 MSCI is also not pleased about Sebi’s decision.
Misc 24:00 Wei-Shen and Tony discuss their summer plans.
This week, Chris Isaacson, the chief information officer of Cboe Global Markets, joins the podcast to discuss the exchange operator’s mass migration of its futures and options exchanges to a brand-new technology base. Ever since Cboe acquired Bats in 2017—and, as Chris tells James, even before the ink was on the page—the plan had been to move to Bats’ proprietary technology, and the firm completed its latest migration on May 14th with the C2 Options Exchange. Chris discusses the challenges of moving an entire exchange’s the base while keeping it running, and looks ahead to the big project in 2019, when Cboe will be moving its flagship options exchange to the new foundation.
Before that, though, a quick look at the General Data Protection Regulation (GDPR), which went live on May 25.
GDPR 2:15 GDPR is now live—here’s what you need to know. 6:15 Who will be the first to get hit with a fine? 7:30 A rule that snuck up on everyone. 9:45 What this means for the future.
https://www.waterstechnology.com/regulation-compliance/3429116/gdpr-the-next-big-regulation
Chris Isaacson 11:30 An update on Cboe’s tech migration after the Bats acquisition. 15:15 What were the particular challenges involved in these migrations? 18:15 Why was it important to make the decision to switch to Bats’ tech right at the beginning? 20:00 What’s next? 22:30 New trading terminals to be rolled out on the floor of the exchange later this year.
Wavelength Podcast Episode 121: An Examination of CQRS; Coinbase’s Institutional Play
This week, Dave Remy, the chief technology officer for Linedata’s asset management vertical, and Chris Condron, principal software architect in the asset management unit, join the podcast to discuss developments in the CQRS-ES space. For those not in the know, CQRS is a data architecture pattern that stands for Command Query Responsibility Segregation, and ES is Event Sourcing. While that might not jump out as being the sexiest of topics, it’s actually a very interesting development in the tech world that is seeping into the capital markets. Dave and Chris discuss the benefits and challenges of the pattern and provide their insights as to how firms can start to experiment with it.
But before that, James gives an update on some big news coming out of the crypto space and then at the end, Anthony and James pick an easy target to make fun of—the MTA.
https://www.waterstechnology.com/exchanges-trading-venues/3642886/crypto-markets-continue-breakneck-pace-of-development
Cryptocurrencies
0:00-4:00 An update on the Waters Rankings, and other housekeeping notes.
4:00-10:00 Coinbase is launching Coinbase Markets to appeal to institutional investors. While encouraging, there’s still a worry that development is being pushed forward too quickly.
CQRS-ES
11:00 CQRS: What it is—a brief history of the pattern and how it got started in algorithmic trading.
15:15 How does blockchain—and distributed-ledger technology as a whole—play into the CQRS space?
17:30 How can CQRS add risk and complexity if not monitored closely?
21:30 What are the main drivers of CQRS? (Hint: cloud, microservices, open-source and blockchain are big drivers.)
25:00 Vector clocks are important.
26:00 Examples of how the pattern has been beneficial to the Linedata offering.
28:00 For companies that are just starting to look at CQRS, what are the pitfalls to avoid?
30:00 From a talent-acquisition perspective, what does the landscape look like?
31:30 In a nutshell, what are the benefits?
Misc
Anthony and James rant about the looming L train shutdown.
This week, Anthony and James examine the issue of clearinghouse management and the risk of non-default losses at a center counterparty clearinghouse (CCP). Essentially, how do these entities manage operational risks around cyber-attacks, fraud or disaster recovery. Futures Commission Merchants (FCMs) argue that they shouldn’t be responsible for risk they don’t introduce into the clearinghouse; CCPs argue that the whole point of a clearinghouse is to mutualize risk.
This topic is coming to a head because earlier this year the European Parliament proposed rules on how these should be managed, the first time anyone’s really codified it. Under this, the CCPs have to contribute 25 percent of what they put into the default fund—known as their “skin-in-the-game”—to cover these risks, before they dip into member money that is meant to be there to guarantee trades.
James discusses the main issues involved, how serious a non-default loss could be versus something like a member default, why everyone should care about this issue, and what we can expect going forward. Anthony just basically listens and nods.
The conversation starts at about the 3:45 mark and goes to about 17:00, where they transition—naturally—to a discussion of horror films.
On the podcast, Anthony and James examine the M&A space, specifically as it pertains to acquisition-hungry SS&C and its aborted bid for Fidessa. They also hit on all the features that have gone live in the last week and then have a discussion about data privacy and how much people are willing to give away.
0:00-4:30 Housekeeping notes and how to apply for this year’s Waters Rankings.
4:30 SS&C chief executive Bill Stone says the tech giant is still interested in making deals even after it declined to bid for Fidessa. But first, what’s going on with the Fidessa-Temenos-Ion saga now?
9:00 SS&C has cash to spend—will it spend it, should an attractive target present itself?
12:30 What can DST expect from being part of the SS&C family?
14:15 Some reckless speculation as to which company SS&C might look to gobble up next.
20:45 A look at the features that have gone live in the past week. (See below for links.)
30:00 A discussion about data (and DNA) privacy in an era where people don’t care about privacy.
May Features
May Cover Story: Charles Walters, Halcyon Capital Management https://www.waterstechnology.com/people/3610436/the-hedge-fund-doctor-charles-walters-halcyon-capital-management
Wary Brokers Sound Alarm on Mifid II's RTS 28 https://www.waterstechnology.com/regulation-compliance/3608711/wary-brokers-sound-alarm-on-rts-28
Bond Trading Takes Steps to Resolve Voice and Screen Conflict https://www.waterstechnology.com/regulation-compliance/3610411/bond-trading-takes-steps-to-resolve-voice-and-screen-conflict
India’s Data Takeaway Leaves Index Derivatives in a Pickle https://www.waterstechnology.com/market-data-data-analytics/indexes-ratings/3585711/indias-data-takeaway-leaves-index-derivatives-in-a-pickle
Market Cops Turn to Crime-Fighting Robots https://www.waterstechnology.com/trading-technologies-and-strategies/3602931/market-cops-turn-to-crime-fighting-robots
The Philosopher’s Drone: AI on a Social-Sciences Foundation https://www.waterstechnology.com/industry-issues-initiatives/3595126/the-philosophers-drone-ai-on-a-social-sciences-foundation
Mind the Governance Gap: Data Key to SEC Modernization Compliance https://www.waterstechnology.com/regulation-compliance/3585716/mind-the-governance-gap-data-key-to-sec-modernization-compliance
Anthony calls James from Raleigh, North Carolina, where he’s spending his vacation, to talk about happenings from the past week. Included is a look at both RTS 27 and RTS 28 in Europe, how exchanges are using AI to monitor their markets and how some are worried that so-called Big Tech providers like Google might start taking aim at the financial markets and squeeze out some of the more traditional players in the space. (See ‘The Lineup’ section below for more detail.)
Then, at the end, a special pullout from a recent webinar that provided something of a “State of the Union” for the Consolidated Audit Trail (CAT) rollout in the US. Here are the speakers from the webinar, which was moderated by James:
Tom Sporkin, Partner Buckley Sandler
Joshua Beaton, CAT Program Manager and Head of US Regulatory Reporting CTB/Executive Director, Morgan Stanley
Nathan Call, Director of RegTech Solutions, Protegent, Global Financial Services, FIS
The Lineup 2:00 Exchange executives are not happy about requirements stemming from RTS 27.
https://www.waterstechnology.com/regulation-compliance/3608831/in-broadsides-and-brush-strokes-traders-call-for-lighter-regulatory-touch
4:30 RTS 28, on the other hand, has its own set of challenges as the deadline hits Monday.
https://www.waterstechnology.com/regulation-compliance/3608711/wary-brokers-sound-alarm-on-rts-28
7:15 Will Big Tech in the US and UK take aim at the financial marketplace similar to what we’ve seen in China?
https://www.waterstechnology.com/infrastructure-technologies/3610346/amid-rumors-google-denies-plans-to-enter-financial-markets
8:30 In that vein, Microsoft made some big announcements this past week—is it a sign that they’re worried about IBM and Google’s advancement in the public-cloud sector?
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3604791/bny-mellons-eagle-inks-microsoft-cloud-partnership
12:30 Gemini Exchange is partnering with Nasdaq Smarts for surveillance. James takes a look at how exchanges are using AI to monitor for cheaters.
https://www.waterstechnology.com/trading-technologies-and-strategies/3602931/market-cops-turn-to-crime-fighting-robots
14:00 James previews what the CAT webinar is all about.
16:45 The webinar pullout begins. The discussion looks at how the US Securities and Exchange Commission has been oddly silent up to this point. Tom Sporkin (Buckley Sandler) spoke first, then Nathan Call (FIS) second, and then Joshua Beaton (Morgan Stanley). To listen to the full webinar, which is about 45 minutes long, click here.
https://webinars.on24.com/InfoproDigital/Getting_ahead_of_CAT
On the podcast, Anthony and James take a look at some of the topics that will be discussed at this year’s North American Innovation Summit, including artificial intelligence (AI), chatbots and fintech disruption.
To hear the full interview, listen in the player above, or you can download it.
0:30 The North American Innovation Summit—register today.
2:30 Why are artificially intelligent tools gaining in popularity?
5:00 Some examples of AI being used in the capital markets.
12:00 Some thoughts on quantum computing.
15:30 Will chatbots become prevalent on the trading floor?
24:00 The benefits and challenges that fintechs offer.
26:45 What risks and opportunities do banks face by being so active in setting up innovation labs?
31:45 James tells us about his favorite dive bars in London.
On the podcast, Anthony and James first discuss the potential Temenos-Fidessa deal and what the entry of SS&C Technologies and Ion Investment Group means for Fidessa going forward (4:15). Then they turn their attention to bitcoin, but rather than look at it as an investment vehicle, they examine some of the byproducts of bitcoin, such as the energy it takes to mine for these coins and some of the real-world impact that’s already had, particularly in Tony’s old college town of Plattsburgh, NY (11:30). They also hit on the Anthony Joshua-Joseph Parker fight (30:30), and they give some TV picks to watch over the weekend (33:30). Also, the Women in Data and Technology Award write-ups are now live online and we have also posted a longer feature where eight of our winners give advice for advancement in what is a male-dominated world.
This week, Anthony and James look at CME Group’s potential acquisition of NEX Group, with a focus on what this deal entails from a trading-platform perspective, how it might affect the fintech venture capital space, and how Brexit plays into this deal (2:00-11:00) and then Anthony talks about this weekend’s fight between Anthony Joshua and Joseph Parker (11:00-19:00).
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3558686/nex-ceo-sees-opportunity-for-opportunities-after-cme-deal
Fresh off his trip down to Florida for the FIA Boca conference, James Rundle talks to (a very jealous) Anthony Malakian about some of the key topics of discussion from the event.
2:00 FIA Boca is increasingly becoming a tech conference. 4:00 How the DTCC plans to evolve in a post-blockchain world. 6:30 What other blockchain/DLT stories came out of Boca? 8:00 Cryptocurrencies were getting the most play at the conference. 13:15 Artificial intelligence is also increasingly becoming a point of interest for even non-technologists. 15:30 People are excited about the Financial Desktop Connectivity and Collaboration Consortium (FDC3). 18:00 The Commodity Futures Trading Commission is not happy about the European Commission’s clearing proposals. 23:30 Data security, data privacy, and Facebook-Cambridge Analytica.
Jesse Lund, head of blockchain solutions for IBM’s Financial Services unit, joins the podcast to discuss the evolution of blockchain.
2:30 Jesse gives a quick look at the IBM Blockchain Platform.
5:00 Real use cases for blockchain in the capital markets.
8:30 How do cryptocurrencies come into play with blockchain’s development?
12:00 Which sectors are the most ripe for blockchain adoption?
15:30 Can distributed ledgers help with the development of industry utilities?
18:00 What are some of the lessons learned during proofs-of-concept?
21:00 What are some of the next steps in blockchain’s development?
24:00 What needs to happen to improve blockchain’s processing times?
26:30 What skills will be necessary for the jobs of the future?
After a bit of a lackluster performance last week (apologies), Anthony and James return with renewed vigor to discuss fintechs. We know, we know… you’ve heard this conversation before. Well, our hosts point to several news events to highlight what they believe is a true sea change in the fintech discussions. That goes on for about 36 minutes, and then they ramble about the Oscars. We do recommend the first 36 minutes.
1:30 Check out this profile of JPMorgan Asset & Wealth Management CIO Mike Urciuoli. https://www.waterstechnology.com/people/3524061/hurricane-mike-urciuoli-storms-jpmorgan-awm
3:30 A quick look at the SEC handing out its first Reg SCI fine. https://www.waterstechnology.com/exchanges-trading-venues/3529391/nyse-fined-14-million-by-sec-for-reg-sci-violations
Fintech Disruption 4:30 European authorities have published a wide-ranging strategy designed to formalize the bloc’s response to and efforts in the fintech sector. https://www.waterstechnology.com/industry-issues-initiatives/3530876/europe-unveils-fintech-action-plan
8:00 Is it fair to be cynical about the EC’s motivations behind this report?
13:00 How does S&P Global’s acquisition of Kensho Technologies play into this fintech movement that we’re seeing? https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3529321/sp-global-makes-550-million-bet-on-ai-with-kensho-buy
19:00 Fintechs are playing a major role in some of the big acquisitions we’ve seen this year. https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3522716/the-big-crunch-traditional-techs-great-contraction
20:00 Also, consider that Tradeworx and Icap made moves over the last year to focus more on being technology companies. https://www.waterstechnology.com/trading-technologies-and-strategies/3524056/the-curious-case-of-the-trader-vendor
21:30 And, Howard Edelstein is getting into the fintech game, as are Gil Mandelzis and Tom Glocer. https://www.waterstechnology.com/people/3522406/fintech-luminary-edelstein-signs-on-as-biocatch-ceo
https://www.waterstechnology.com/people/3522406/fintech-luminary-edelstein-signs-on-as-biocatch-ceo
25:00 Retail tech is playing more into the capital markets. https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3532121/industry-partnership-to-target-desktop-app-interoperability
30:00 As more and more fintechs pop up, it’s creating a crowded marketplace and unforeseen workflow challenges. A new industry group is looking to tackle those challenges. https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3532121/industry-partnership-to-target-desktop-app-interoperability
36:00 Changing topics, Anthony and James quickly give some of their thoughts on this year’s Oscars ceremony.
And before you go, check out all the winners from the inaugural Women in Data & Technology Awards. https://www.waterstechnology.com/awards-rankings/3529056/women-in-technology-and-data-awards-2018-all-the-winners
This week, Anthony and James look at some of the challenges that utilities face getting off the ground and look at whether or not emerging technologies like artificial intelligence and blockchain can help their efforts to gain momentum (3:00). They then hit on some of the features from the latest issues of both Waters and from Inside Data Management (14:30). Finally, they chat about the upcoming Fifa World Cup (20:30).
https://www.waterstechnology.com/regulation-compliance/3523881/emerging-tech-could-help-push-utilities-forward
This week it was announced that Temenos is set to buy Fidessa, in yet another major acquisition in the capital markets space during the first two months of 2018. Victor Anderson phones in from London to chat with James Rundle about the deal and what it might mean for M&A going forward into 2018. Victor—who has been covering this space for over 16 years—has some funny anecdotes about Fidessa employees, past and present.
2:45 Victor joins and explains why he’s not too surprised by this recent pairing. 5:30 Some examples of past successful acquisitions. 8:00 While Fidessa being bought isn’t surprising, what about the fact that it’s Temenos doing the acquiring? 12:45 Is there a risk of Fidessa losing its London fintech heritage? 18:00 The market seems to be splitting between massive all-singing, all-dancing corporations and startup fintech firms. Does that mean that there’s no room for mid-sized vendors? 24:30 Victor has a few funny stories to tell about Fidessa, and certain fintech figures who appeared on Top of the Pops.
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3514481/fintech-fever-grips-ma-with-fidessa-acquisition-offer
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3514486/fidessa-and-temenos-a-bold-move
On Wednesday, the Commodity Futures Trading Commission (CFTC) had a meeting of its Technology Advisory Committee (TAC). Anthony and James look at three keys themes that arose during the day-long discussion.
1:00 A quick reminder to enter the Sell-Side Technology Awards. 2:00 Anthony provides some metrics around previous TAC meetings, which have once again become rare occurrences. 5:00 US regulators are falling behind other countries in the fintech space, according to some. 11:00 The TAC gave little insight as to Regulation Automated Trading’s fate. 17:00 One commissioner says that the cryptocurrency industry should form a self-regulatory organization. James examines whether that’s a good idea or not (hint: not). 22:00 Sometimes Anthony and James like to use the podcast to get some things off their chest. In this case, they talk about gun control in America. Feel free to skip their meandering conversation.
Dan Schleifer, co-founder and CEO of charting specialist ChartIQ, joins the podcast to discuss some of the challenges that he and fellow co-founder Terry Thorsen faced when they created the company out of a barn in Charlottesville, Virginia, in 2012.
1:00 Dan talks about some of the early growing pains. 3:00 Did you know that, not only did they start out of a barn (just like Markit), but that the barn had been renovated previously by the Dave Matthews Band to be a recording studio? 5:00 Some more advice on traps to avoid early on. 7:00 Oh, and the long sales cycle—always remember that. 9:30 What were the advantages in starting in a suburban area, as opposed to New York or London? 11:30 What about finding talent outside of tech hubs? 14:00 Why is the fintech sector becoming more viable—relatively speaking—than it was a decade ago? 17:30 Is the market becoming so flooded with niche firms now that having a startup grow into a Wall Street giant is impossible? (Dan managed to hold out saying, “ChartIQ for the greatest charts,” or some variant for 21 minutes!) 22:00 There is still disintermediation between systems, so there’s room for specialists and the need to create workarounds to make sure everything talks together—in case you’re sitting at your desk listening to this and wondering if you, too, can create a startup. 23:30 Dan talks about being weaning off social media. 32:15 The best mentally-friendly releases on TV.
Inside Data Management editor Max Bowie—who has been covering the data space for 15 years—joins the podcast to give his insights as to what the Thomson-Blackstone tie-up could mean for the industry going forward. Then, naturally, they talk about the best breweries and beer bars in Brooklyn and Queens.
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3482206/thomson-reuters-blackstone-agree-20-bn-financial-risk-unit-spin-off
2:00 To start, a quick update as to the specifics of the deal. 3:45 Amid the uncertainty that this acquisition brings, Max gives his initial impressions as to what some of the main questions will be going forward. 7:00 Then, some speculation as to whether some of the pieces of Thomson Reuters’ Financial & Risk business unit will get sold off, or built upon. 8:30 Some examples of big acquisitions that went sour and some examples of big acquisitions that worked out. 11:45 What happens to the companies that Thomson Reuters is invested in, such as Tradeweb and some fintechs. 13:15 Should companies like FactSet, Standard & Poor’s, Morningstar, Activ Financial and SIX Group, among others, be excited or concerned by this deal? 19:45 For companies orbiting around the Eikon terminal with plug-in services (think: Symphony) should they be concerned? 22:45 Anthony, James and Max turn their attention to beer and, specifically, the best new breweries and bars in Queens and Brooklyn.
Anthony and James examine a new report about how the buy side is lagging behind when it comes to blockchain development, and how K-12 education is lagging when it comes to teaching coding.
2:30 A new report takes a deep-dive examination of distributed-ledger technology (DLT) development on the buy side.
https://www.waterstechnology.com/infrastructure-technologies/3459571/buy-side-bands-together-on-blockchain-vision-in-landmark-paper
5:00 Hasn’t the sell side always taken the reins when it comes to new, industry-wide technologies? For example: cloud. Why should the buy side be proactive when it comes to DLT?
12:00 What should be the way forward for buy-side firms as they start to get into the business of blockchain?
13:30 Schools in America are failing at teaching kids how to code early in their education development. Why is that a problem?
25:30 The problem with movie critics.
For the third time ever—a record!—private equity giant Blackstone’s chief technology officer Bill Murphy joins the podcast. Anthony and James joined him at Blackstone’s new offices in midtown Manhattan to hear about what went into building the space and the benefits gained. To listen to his two previous appearances on the podcast here:
https://www.waterstechnology.com/waters/opinion/2461751/waters-wavelength-podcast-episode-22-blackstone-cto-bill-murphy
and here: https://www.waterstechnology.com/exchanges-trading-venues/3056376/waters-wavelength-podcast-episode-60-bill-murphy-blackstone-cto
1:00 In April, Blackstone’s innovations team moved into its new office on the 22nd Floor at 601 Lexington Avenue. Murphy explains the move and how they went about designing the space.
3:00 The key to sound: While the trend is going toward open-floor plans, Murphy explains the need for “quiet,” hence why they build “little neighborhoods,” as he calls them.
8:00 Blackstone is growing in size and complexity, and they will be hiring in 2018. So, Murphy talks about how they built the space with growth in mind.
9:45 Murphy gives his thoughts on why having generalists and people who can move between teams is important.
15:00 Is there a danger of creating an environment for the innovation team that is almost too sequestered away from the business side at Blackstone?
18:00 Looking at trends—in 2018, AI will continue to advance.
25:00 The value of recording conversations with friends and family—which is not as creepy as it sounds.
On the podcast, Anthony and James first examine how regulators and market participants are increasingly warning that the complexity of artificially-intelligent tools could hold hidden risk. The then look at SS&C Technologies’ acquisition of DST Systems and what it could hint at for M&A in 2018.
2:30 A discussion about how regulators should begin dealing with AI. 17:00 SS&C gobbles up DST Systems after buying DST Global Systems in 2014.
https://www.waterstechnology.com/trading-technologies-and-strategies/3469436/artificial-intelligence-from-winter-to-spring
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3469306/ssc-technologies-acquires-dst-systems
On January 3, the revised Markets in Financial Instruments Directive (Mifid II) officially went live. Anthony and James take a look at some of the key challenges and concerns ahead. Then, for those interested in entering the inaugural Women in Data & Technology Awards, they provide something of a FAQ. Finally, Tony rants and raves about how people not shoveling their sidewalks is a sign of society’s decay.
Mifid II 2:30 Mifid II is live: A health check as to how it’s going. 4:15 What happens over the next few months? 6:00 A quick history. 8:30 Are regulations too slow to keep up with tech? (Hint: Yes.) 10:15 Are we done with big, bulky regulations like Dodd-Frank and Mifid II? (Hint: No.) 12:00 A look at the global nature of regulation, and the problems that creates.
Women in Data & Technology Awards 15:00 How to apply for the Women in Data & Technology Awards.
Misc 19:45 Tony rants about people who don’t shovel their sidewalks. (Note: Strong language is used… liberally.)
Anthony and James go through their favorite pieces of longform journalism from 2017. These stories appeared in publications other than WatersTechnology.com. To read the best of Waters in 2017, you can read those here:
https://www.waterstechnology.com/people/3451351/2017-a-year-in-profiles
https://www.waterstechnology.com/industry-issues-initiatives/3464501/waters-wavelength-podcast-episode-101-the-top-10-stories-of-2017
https://www.waterstechnology.com/industry-issues-initiatives/3456881/best-of-2017-the-top-trends
Weinstein’s Complicity Machine New York Times https://www.nytimes.com/interactive/2017/12/05/us/harvey-weinstein-complicity.html?src=longreads
Harvey Weinstein’s Army of Spies Ronan Farrow (New Yorker) https://www.newyorker.com/news/news-desk/harvey-weinsteins-army-of-spies?src=longreads
London Bridge is Down Sam Knight (The Guardian) https://www.theguardian.com/uk-news/2017/mar/16/what-happens-when-queen-elizabeth-dies-london-bridge
PPE, the Oxford Degree that Runs Britain Andy Beckett (The Guardian) https://www.theguardian.com/education/2017/feb/23/ppe-oxford-university-degree-that-rules-britain
Left Behind Sarah O’Connor (Financial Times) https://www.ft.com/content/b6dbf34e-c987-11e7-aa33-c63fdc9b8c6c
How the Sandwich Consumed Britain Sam Knight (The Guardian) https://www.theguardian.com/news/2017/nov/24/how-the-sandwich-consumed-britain
America Beyond Detention Texas Observer https://www.texasobserver.org/america-beyond-detention/
Dwayne Johnson for President Caity Weaver (GQ) https://www.gq.com/story/dwayne-johnson-for-president-cover
Deliverance From 27,000 Feet John Branch (NY Times) https://www.nytimes.com/interactive/2017/12/18/sports/everest-deaths.html?_r=0
The Baby in the Plastic Bag Bernt Jakob Oksnes (Dagdablet) https://www.dagbladet.no/spesial/the-baby-in-the-plastic-bag/
The Fallout From Sportswriting's Filthiest Fuck-Up Jeff Pearlman (Deadspin) https://deadspin.com/the-fallout-from-sportswritings-filthiest-fuck-up-1797691830
What Bullets do to Bodies Jason Fagone (HuffPo) http://highline.huffingtonpost.com/articles/en/gun-violence/
A Most American Terrorist: The Making of Dylann Roof Rachel Kaadzi Ghansah (GQ) https://www.gq.com/story/dylann-roof-making-of-an-american-terrorist
How Fake News Turned a Small Town Upside Down Caitlin Dickerson (NY Times) https://www.nytimes.com/2017/09/26/magazine/how-fake-news-turned-a-small-town-upside-down.html?_r=1
Emilia David, US reporter for Waters, joins Anthony and James to look at the 10 biggest topics and the news stories built around these trends.
1:45 Before the list, an update on next year’s Women in Technology and Data Awards.
3:30 (10.) Market Structure: ECB to Examine Closer Target2 and T2S Integration https://www.waterstechnology.com/operations/clearing-settlement/3427426/ecb-to-examine-closer-target2-and-t2s-integration
5:45 (9.) T+2: T2 Settlement Begins in US Markets https://www.waterstechnology.com/industry-issues-initiatives/3419486/t2-settlement-begins-in-us-markets
9:00 (8.) Brexit: Tech Challenges Loom as Europe Eyes London’s Clearinghouses https://www.waterstechnology.com/operations/clearing-settlement/3386981/tech-challenges-loom-as-europe-eyes-londons-clearinghouses
10:50 (7.) Cybersecurity: SEC Company Information Database Attacked https://www.waterstechnology.com/organization-management/3425396/sec-company-information-database-attacked
14:15 (6.) Quantum Computing: JPMorgan and Barclays Join IBM Q Network https://www.waterstechnology.com/industry-issues-initiatives/3462511/jpmorgan-and-barclays-join-ibm-q-network
18:15 (5.) Artificial Intelligence: IBM Takes Aim at Regtech Space Using Cognitive Technology https://www.waterstechnology.com/regulation-compliance/3387156/ibm-takes-aim-at-regtech-space-using-cognitive-technology
20:50 (4.) Blockchain: Blockchain Not Yet Ready to Power T+0 Settlement https://www.waterstechnology.com/industry-issues-initiatives/3417141/blockchain-not-yet-ready-to-power-t0-settlement
24:15 (3.) Mifid II: Esma Says Mifid III Not in the Works https://www.waterstechnology.com/regulation-compliance/3452396/esma-mifid-iii-not-in-the-works
26:00 (2.) Consolidated Audit Trail: Industry Tight Lipped on CAT Status as Deadline Hits https://www.waterstechnology.com/exchanges-trading-venues/3447016/industry-tight-lipped-on-cat-status-as-deadline-hits
28:30 (1.) Bitcoin: CFTC Warns on Bitcoin Futures as Exchanges Ready Contracts https://www.waterstechnology.com/exchanges-trading-venues/3456011/cftc-warns-on-bitcoin-futures-as-exchanges-ready-contracts
32:15 A quick book review: The Three-Body Problem, by Cixin Liu.
37:15 Miya and James review Star Wars Episode VIII. [Spoiler Alert]
For Episode 100, Anthony and James welcome back the creator of the Waters Wavelength podcast, Dan DeFrancesco, who now writes for Waters’ sibling publication, Risk.net as the publication’s commodities reporter. [Editor’s note: This episode was recorded in a conference room close to the street, we apologize for any disturbance of background noise. Dan is a busy man and we had to fit him in, so we blame him entirely.]
2:45 - 8:45 Dan has been covering developments in the bitcoin futures space very closely for Risk and he provides a lay of the land.
https://www.risk.net/commodities/5371031/fcms-look-to-top-up-initial-margin-on-bitcoin-futures
10:00 Dan and Anthony take a stroll down memory lane and look back at the reasons for starting this podcast and the value of using a podcast to reach readers.
18:45 Finally, what to binge on during the last few weeks of December.
On the podcast—which was recorded on Wednesday—Victor Anderson, editor-in-chief of Waters, joins Anthony and James to discuss some of the major themes from Monday’s Waters USA event in New York, including the rise of fintechs and women in technology.
1:45 How should we define fintechs?
4:00 Fintech startups: What challenges do they face?
11:00 Large banks: How do they go about embracing the nimbleness and innovation of fintechs?
17:30 Women in Technology and Data: Key themes taken from the breakfast briefing at Waters USA and a look ahead at next year’s awards program.
21:15 Keys to innovation and innovation centers—and are banks technology firms?
30:30 A rant about Brexit.
40:00 Trends for 2018.
On the podcast, Wei-Shen Wong joins Anthony and James. Wei-Shen, who is based in Hong Kong, covers Asia for Waters and Inside Data Management. The trio discuss some of the biggest topics affecting APAC, including cryptocurrencies, Mifid II, foreign expansion and disaster recovery. They also look at two of the bigger news events from the week: Xavier Rolet stepping down at the London Stock Exchange, and Nasdaq’s plan to enter the bitcoin futures market.
3:00 Xavier Rolet out in LSEG shake-up. 6:45 Nasdaq plans bitcoin futures for 2018 that will track 50-plus reference prices. 9:00 Wei-Shen breaks down how various APAC countries are getting into the cryptocurrency game. 17:00 She then gives her insights on how firms in the region are preparing for Mifid II. 23:00 Next she examines some of the challenges that exist for non-APAC firms looking to set up shop in Asia. 24:30 Wei-Shen is also working on a story looking at disaster recovery in APAC and how it compares to the US and Europe. 28:45 Finally, the three reporters discuss the TV series that they’re currently watching. After months of effort, Anthony finally breaks James.
Since it’s the week of Thanksgiving in the US and there’s little news to be found, this week on the podcast we’re going to do a “Best Of” episode from interviews we’ve conducted on the podcast over the last six months.
(3:00) First we have Bryan Harkins, head of US equities and global FX at Cboe Global Markets, talking about the firm’s acquisition of Bats and how the exchange is attempting to launch a bitcoin futures contract.
(6:50) Next, Oliver Harris, head of JPMorgan’s In-Residence Program, explains why the bank launched this fintech accelerator, and he gives two specific success stories to come out of the program.
(17:45)Batting third, Marc Andrews, vice president of Watson Financial Services Solutions for IBM, explains how cognitive computing can help answer some of Mifid II’s regulatory challenges and then gives his thoughts on if an all-encompassing industry utility for AML/KYC is on the horizon.
(23:30) Finally, Neal Pawar, chief technology officer at AQR, talks about the impact and growth of open-source projects in the capital markets and how his nearly $200 billion hedge fund is using these increasingly popular technologies to both improve its offering and to attract talent.
On the podcast, Anthony and James talk about how the Consolidated Audit Trail (CAT) is facing pushback, but the US Securities and Exchange Commission (SEC) ain’t having it. They then turn their attention to the idea that big tech companies like Google and Apple could eventually challenge traditional asset managers for business. They wrap things up by giving their thoughts on the best albums to be released in 2017.
2:00 Industry Tight-Lipped on CAT Status as Deadline Hits 10:30 Big Tech May Take a Bite out of Asset Management 18:30 The Best Music of 2017
https://www.waterstechnology.com/exchanges-trading-venues/3447016/industry-tight-lipped-on-cat-status-as-deadline-hits
https://www.waterstechnology.com/industry-issues-initiatives/3446596/big-tech-may-take-a-bite-out-of-asset-management
On the podcast, Anthony and James look at four of the bigger stories from the past week before turning their attention to politics. Strap in.
1:45 A quick round-up of upcoming events 3:30 BNP Paribas Gets into 40 Act Business with Janus Henderson Deal 8:10 Chicago Catches Crypto Fever with Barrage of Bitcoin Developments 13:15 R3, SIA Partner for Faster Blockchain Deployment 14:45 IHS Markit Sets Sights on Post-Trade Derivatives Automation 18:15 Politics
https://www.waterstechnology.com/operations/clearing-settlement/3443751/ihs-markit-sets-sights-on-post-trade-derivatives-automation
https://www.waterstechnology.com/infrastructure-technologies/3443066/r3-sia-partner-for-faster-blockchain-deployment
https://www.waterstechnology.com/exchanges-trading-venues/3444861/chicago-catches-crypto-fever-with-barrage-of-bitcoin-developments
https://www.waterstechnology.com/trading-technologies-and-strategies/3445401/bnp-paribas-gets-into-40-act-business-with-janus-henderson-deal
https://www.waterstechnology.com/regulation-compliance/3429111/technology-takes-aim-at-post-trade-black-holes
On the podcast, Anthony and James examine the CME’s entrance into the bitcoin space and then take a look at the Financial Stability Board’s (FSB) report that delves into artificial intelligence (AI). Anthony then waxes poetic about his beloved Houston Astros.
1:55 A quick preview of Waters USA in December. 3:05 CME plans to launch futures on bitcoin in Q4 2017. 13:10 The FSB put out a report expressing concern about the proliferation of AI in the capital markets. 22:00 The Houston Astros are World Series champions… and that means Anthony gets to run his mouth.
http://events.waterstechnology.com/watersusa
https://www.waterstechnology.com/exchanges-trading-venues/3440966/cme-brings-bitcoin-into-mainstream-with-futures-launch
https://www.waterstechnology.com/regulation-compliance/3441391/fsb-warns-artificial-intelligence-could-present-systemic-risks
This week on the podcast, Anthony and James look at the October conference scene, with recaps of Sibos in Toronto, Risk USA in New York, and Sifma in Washington DC. They wrap things up by looking at the World Series and the Yankees’ shocking decision to not re-sign Joe Girardi as manager.
2:00 James talks about Sibos and how the disruptors (fintechs) have been disrupted (by the banks). 4:15 James then gives his opinion as to whether or not it’s worthwhile to attend Sibos. (Sydney 2018!) 6:00 On to Risk USA, where—lo and behold—risk managers are learning about the importance of technology and data! They also talk about how banks all of a sudden DO want to be tech companies! (My, how things change.) 10:00 An interesting story from Risk USA: Vendors may have over-promised and under-delivered on their ability to provide accurate information for the fixed-income market, risk officers say, ahead of a looming go-live date in December 2018. 18:00 Down in DC, SEC chairman Jay Clayton heard from industry participants on the need to delay the Consolidated Audit Trail’s implementation. 22:00 Finally, they wrap things up by looking at the Houston Astros’ mighty run to the World Series and the New York Yankees’ shocking decision that that Joe Girardi will not be coming back as manager.
https://www.waterstechnology.com/industry-issues-initiatives/3439211/sibos-2017-disrupting-the-disruptors
https://www.waterstechnology.com/industry-issues-initiatives/3439391/vendors-accused-of-over-promising-on-liquidity-rule
https://www.waterstechnology.com/industry-issues-initiatives/3438216/industry-adds-voice-to-calls-for-cat-delay
https://www.waterstechnology.com/industry-issues-initiatives/3438626/london-stock-exchange-releases-accelerator-tool-for-cat
On the podcast, James pretends like he actually did some work during a trip to Toronto this week, by sharing some excerpts from his interviews at the annual Sibos conference. First up, Alan Marquand, director of strategy at CLS, tells James about the risk-mitigation utility’s move into blockchain early next year. Next, James speaks with Paula da Silva, head of transaction services at SEB, about balancing innovation with the need to keep crucial business units running. Finally, William Carter of the Center for Strategic International Studies tells the audience at Sibos about one particularly unfortunate bank CEO’s encounter with Russian intelligence.
3:50 Why CLS is running a technology play with blockchain. 5:50 Partnerships and business cases, from da Silva. 8:20 Carter talks about how firms can’t rely on the government to protect them.
You can find all of James’ articles from Sibos—including exclusive stories covering blockchain, AI, cybersecurity and robotics—here.
https://www.waterstechnology.com/organisations/sibos
On the podcast, James gives a preview of his trip to Toronto to cover Sibos. Then, he and Anthony look first at some recent M&A activity in the compliance/AI space, and then look at how some fully-live blockchain projects are finally starting to trickle into the market. Finally, Anthony—a lifelong fan of the Houston Astros—rants about why fans of the New York Yankees are the absolute worst.
2:00 A preview of the WatersTechnology Innovation Summit, which is on November 15—not November 28—like Anthony said on the podcast. 3:45 James previews his Sibos trip. 6:00 A look at M&A in the capital markets and, specifically, for regulation and compliance. 16:15 Is blockchain finally maturing with real, fully-live implementations? 19:30 Anthony explains why the Yankees suck.
This week Anthony and James were at the Buy-Side Technology North American Summit, which was held in midtown Manhattan on October 5. The second half of the podcast is a snippet from a panel that featured chief compliance officers talking about some of the biggest topics in the regtech space. But before that, Anthony and James talk about the chat clash between Symphony and Bloomberg.
Symphony/Bloomberg 2:15 Anthony and James have a laugh at the timing of Bloomberg’s announcement that it is unbundling its chat service from its terminal. 4:20 Why is Bloomberg doing this? 6:00 A look at Symphony’s offering. 7:20 A death blow? 9:00 James and Anthony read some tea leaves.
CCOs and Regtech 14:15 Would you trust machine-learning tools to interpret regulations or other legal data? 17:05 How soon until compliance is less reactionary and more proactive? 19:20 How have cyber threats changed a CCO’s job? 23:15 A question from the audience: If your firm has real-time data for trading are you not setting yourself up for some expectation for why you’re not doing this in real-time for compliance?
[Editor’s note: The recording of this panel was cut up to save time, and to take out parts that were out of context if you weren’t there live.]
Order of speakers at the start of the panel: Joseph Lodato (global head of compliance and surveillance technology—Guggenheim Partners), Craig Peretz (chief compliance, operating and financial officer—Sierra Global Management), Bruno Piers de Raveschoot (chief operating officer, regtech—Rimes), Adam Reback (chief compliance officer—J Goldman & Co).
Oliver Harris, head of JPMorgan’s In-Residence program, joins the podcast to discuss the fintech space, how these firms are proving disruptive, and how the bank is adjusting its strategy as a result. Also, James and Anthony discuss developments pertaining to the Target2-Securities platform. Finally, the two nerd out on TV and sports.
Oliver Harris 3:10 Oliver joins the podcast and defines how JPMorgan views the fintech space, and how it has evolved in recent years. 5:15 He next explains how the JPMorgan’s in-residence unit plays into the bank’s broader fintech endeavors. 10:30 Next, he looks at two specific success stories to come out of program. 15:45 What’s in it for the bank? 20:00 Oliver gives his thoughts on machine learning and blockchain.
T2S 22:15 What is the T2S platform and how did we get here? 25:45 While this is the final migration phase from the original plan, it’s not the end of T2S’s growth. 27:00 Have there been any tangible benefits stemming from the first implementation in 2015? 28:45 What’s next?
Misc. 30:00 We’re tired of having to be inundated with political conversation, even in traditionally non-political spaces, so no political conversation here. Which leads us to… 32:30 James reviews the first episode of Star Trek: Discovery. 37:30 Anthony recaps the Gennady Golovkin-Canelo Alvarez fight.
Bryan Harkins, head of US equities and global FX at the CBOE, joins the podcast to discuss how the merger with Bats Global Markets is going, some of the projects underway at the exchange, and how people can join the Wall Street Rides FAR bike tour, which will raise money for autism research. Then, James and Anthony discuss the recently announced hack at the Securities and Exchange Commission (SEC), the European Commission’s call to give the European Securities and Markets Authority (Esma) greater powers, and James’ love of sci-fi.
Bryan Harkins 2:00 Just over six months since the acquisition of Bats by CBOE, Bryan talks about how the integration is going. 4:00 A look at how the exchange is attempting to launch a bitcoin futures contract. 6:00 CBOE has introduced anonymous FX deliverable forwards trading. 8:30 Following the acquisition, what’s the strategic plan for Bats and CBOE moving forward? Are they going to remain a pure markets business, or is there interest in expanding to other areas, like listings? 11:00 Big data and analytics—where’s the investment heading? 15:30 Bryan talks about why he and his wife started Wall Street Rides FAR. 19:45 Information about how people can join the ride.
SEC 21:15 SEC chairman Jay Clayton says an intrusion of its Edgar database may have provided the basis for illicit trading. 24:00 Anthony ties the hack to the CFTC’s proposed “source code” provision in Reg AT. 25:45 What this could mean for the SEC going forward.
Esma 27:30 Esma has received the greatest share of new capabilities under the proposal from the European Commission. 29:00 Why does the regulatory body need more money? 30:30 The EC also had some bizarre thoughts on fintechs and ESG. 32:45 What’s the timeline for this proposal?
35:15 Finally, James is a sci-fi nerd.
Links: http://wallstreetridesfar.org/
https://www.facebook.com/wallstreetridesfar
https://twitter.com/wsridesfar
https://www.linkedin.com/company/11248015/
https://donatenow.networkforgood.org/1429607?code=ASF+Website
http://www.waterstechnology.com/regulation-compliance/3425081/esma-gains-sweeping-new-powers-in-commission-review
http://www.waterstechnology.com/organization-management/3425396/sec-company-information-database-attacked
On the podcast, Anthony and James first preview Waters’ first-ever fintech event, before discussing James’ trip to Chicago. Then they look at how phase-three firms are preparing to comply with Standard Initial Margin Model (SIMM) guidelines for the mandatory exchange of initial margin on non-cleared derivatives trades. Finally, they wrap things up by discussing all things European soccer.
1:00 A look at the inaugural London Fintech Innovation Summit and why you should care. 6:15 James talks about his trip to Chicago to cover the SS&C client conference: the hunt for talent, regulation, rebalancing and disaster recovery prove to be areas of interest for many in attendance. 14:00 New initial margin rules that will go live next year. 17:30 A Brit talks about the English Premier League and Champions League, with a focus on Chelsea—yet another reason to dislike James.
http://www.waterstechnology.com/events/3422546/waterstechnology-unveils-inaugural-london-fintech-innovation-summit
http://www.waterstechnology.com/trading-technologies-and-strategies/oms-ems/3422606/ssc-advent-targets-order-creation-with-genesis-release
http://www.waterstechnology.com/regulation-compliance/3422071/to-help-phase-3-firms-comply-with-initial-margin-rules-acadiasoft-releases-open-source-code
On the podcast, James first interviews Joakim Strid, head of European surveillance at Nasdaq, about how the exchange is incorporating machine learning into its surveillance program. They then discuss how AI is set to change surveillance as a whole in the years to come. After that interview, Emilia David, US reporter for Waters, joins James and Anthony to discuss how T+2 came about in the United States. Then finish things up by discussing must-watch TV for the fall now that Game of Thrones is over.
Nasdaq & Machine Learning 2:30 Joakim first talks about how Nasdaq is using machine learning to surveil its Nordic marketplace. http://www.waterstechnology.com/exchanges-trading-venues/3420051/nasdaq-boosts-surveillance-with-machine-learning
5:15 He then looks at how the machine-learning algorithms work. 7:30 Why are machine-learning techniques useful when compared to existing techniques? 8:45 Joakim explains the genesis of the project. 10:45 Finally, he looks at what the possible future of machine learning holds for the surveillance sector.
T+2 14:00 What were the roadblocks keeping T+2 from being a reality in the US? http://www.waterstechnology.com/industry-issues-initiatives/3414776/settling-down-how-the-us-finally-embraced-t2
15:30 Why was this transition so difficult? http://www.waterstechnology.com/industry-issues-initiatives/3419486/t2-settlement-begins-in-us-markets
18:15 How long until T+1? T+0?! http://www.waterstechnology.com/industry-issues-initiatives/3417141/blockchain-not-yet-ready-to-power-t0-settlement
23:30 TV shows you should start watching today.
On the podcast, Anthony and James first talk industry issues as they look at the New York State Department of Financial Services' new cybersecurity regulation, which hit a major milestone on Tuesday and has another big deadline looming. Then, because it's a slow week, they shift gears and explain the things that PR people do that drive them crazy. Finally, of course, they discuss the Game of Thrones season finale and Anthony gives his final thoughts on the Floyd Mayweather-Conor McGregor fight.
3:00-12:00 A rundown of the NYSDFS Cybersecurity Regulation and broader cyber issues
14:00-30:00 PR Dos and Don’ts, Part III
31:00-38:00 Game of Thrones Finale Recap
38:00-End Recap of Floyd Mayweather-Conor McGregor
The podcast is back and with an even better sound as the gang tests out proper recording equipment. First, Wei-Shen Wong joins the podcast to talk about quantum computing. After that, James and Tony look at a possible emerging trend: the combination of the investment book of record (IBOR) and blockchain technology. They then rant about the most recent episode of Game of Thrones and finish up by discussing Saturday’s Floyd Mayweather-Conor McGregor “fight”.
Quantum Computing 3:35 Wei-Shen Wong calls in from Hong Kong to discuss her feature examining quantum computing. 5:05 What differentiates quantum computing from today’s traditional high-performance computers? 7:30 Which areas of finance could QC impact over the next few years? 9:30 What security problems will this revolution pose for all firms? 12:15 What’s colder than cold? Well, quantum computing... 15:00 What’s the time horizon for quantum computing? 17:00 Wei-Shen talks about the challenges of reporting on such a complex topic. 18:15 Wei-Shen finishes up giving some recommendations for restaurants to check out in Hong Kong.
IBOR & Blockchain 21:00 IBOR IS BACK, BABY! 22:20 A recap of the IBOR space. 23:45 Why are people once again getting excited about IBOR and how does blockchain play into this space? 24:55 Blockchain is still in the proof-of-concept/theoretical stage. Is the industry moving too fast on this?
Game of Thrones & Fight Night 27:00 A Game of Thrones rant. 46:10 What not to do if you watch the Mayweather-McGregor fight at someone’s house.
This week James and Anthony take a look at how the systematic internalizer regime is shaping up, and then examine the regtech sector. They wrap things up by delving into the most recent episode of Game of Thrones and then talk politics.
Systematic Internalizers 1:20 What is a systematic internalizer (SI) and how are banks and large buy-side firms are gearing up to become SIs? 3:45 Moving forward, how will the SI market develop between the various banks and liquidity providers? 6:00 Are there any potential risks or concerns over this eventual explosion of SIs?
RegTech 7:30 A quick look at capital market IT spending in 2017. 9:45 Why the regtech sector is poised for growth. 12:30 Who are some of the players in the space?
Miscellany 15:30 The weekly Game of Thrones recap begins. 22:45 Then, naturally, an examination of why Nazis are bad.
Anthony returns to the podcast after a short vacation, and he and James discuss how capital markets firms are embracing the environmental, social and governance (ESG) sector. They then take a look at Regulation Systems Compliance and Integrity (Reg SCI) and examine whether or not the SEC is truly focused on the new mandate. Finally, they once again give their thoughts on the latest episode of Game of Thrones.
2:30 A primer on the ESG space, and why it’s unique. 4:30 Why invest in a company with high ESG standards? 11:15 When considering ESG investment, it’s important to look at peer groups.
15:15 This past week, Sen. Mark Warner (D-Va.) expressed his concerns over the SEC’s transparency—or lack thereof—when it comes to Reg SCI. 18:15 Does the SEC have their act together to be able to properly enact Reg SCI? 20:15 Internet of Things-related challenges will make Reg SCI all the more important in the future.
23:35 James says that Sunday’s episode of Game of Thrones was one of the greatest episodes of TV ever. Anthony is sad that the White Walkers still haven’t come to wipe out the Starks.
This week Anthony is away on vacation so it’s up to James and Waters’ US reporter Emilia David to take the helm. They first look at the fintech space before moving on to Brexit movements and Game of Thrones.
1:00 Fintech and regulation—a primer. 02:30 Are sandboxes there to help fintechs, or to protect against them? 04:00 Miya and James examine whether it’s actually incumbent tech providers who might need more scrutiny. 07:20 They discuss Brexit, and how Frankfurt is emerging as a clear winner. 09:00 But what happens to London? 11:00 The guys try—and largely fail—to tackle the age-old question of whether German purity laws or American innovation produces better beer. 12:00 Miya and James wrap it up with the now-weekly post-mortem on this week’s Game of Thrones episode.
This week there were several big announcements surrounding bitcoin and digital currencies. Anthony and James delve into those stories and look at James’ all-encompassing feature—which was published on Thursday—that looks at some of the issues hindering the cryptocurrency space. James next gives a breakdown of the FCA’s announcement that it will phase-out the Libor benchmark and what it will mean for the industry. They then talk about the dramatic scene that played out in the US Senate in the wee hours of Friday morning, and end things by discussing episode two of Game of Thrones.
1:00 First, an amusing story about how James got “scooped” by the SEC. 3:30 A quick tutorial on how digital currencies are traded. 6:00 A look at the biggest challenges facing adoption. 9:30 Circuit breakers and order limits—are those the solutions? 11:00 What does the SEC announcement mean for future bitcoin investment? 14:00 The CFTC approves LedgerX Bitcoin CCP. 16:00 FCA puts Libor on notice for 2021 phase-out. 20:00 What’s the tech component of this announcement? 21:45 POLITICS! (Be forewarned.) 31:30 GAME OF THRONES! (Spoiler alert.)
This week, Anthony and James look at two major announcements coming out of IBM and then turn their attention, once again, to the review of the Markets in Financial Instruments (Mifid II) and how the Financial Conduct Authority (FCA) is concerned about industry preparedness as January draws near. They end things by giving their thoughts—sans sophistication—on the first episode of Game of Thrones’s seventh season.
1:00 The Waters Rankings winners have been announced.
1:30 LSE partners with IBM on blockchain.
6:30 IBM debuts full encryption with z14 mainframe release.
9:30 A broader discussion of how IBM has been aggressively targeting the financial services sector in 2017.
13:00 FCA worried by lack of readiness for Mifid II reporting.
16:30 Questions remain around Legal Entity Identifier (LEI) rules.
18:30 A quick bar recommendation (hence, why all the cursing).
19:30 A recap of Sunday’s Game of Thrones season premiere (with apologies to Ed Sheeran).
This week, Anthony and James look at Anthony’s feature on the proliferation of JavaScript frameworks. They then discuss the CFTC’s announcement this week that it is going to conduct a review of its swaps data reporting rules. Finally, they wrap things up by discussing Donald Trump Jr., and his disclosure of emails linking him to a Russian lawyer. While James is basically a socialist, Anthony is a conservative—and even he is losing his mind about where his country is heading, politically speaking.
1:00 A quick update on next week’s Waters Rankings announcement, and the Mifid II event in London. 1:45 How the JavaScript feature came about. 3:45 The problem: Too many frameworks and libraries to choose from 8:00 The balancing act of keeping both young and older programmers happy and engaged. 10:00 Lessons learned for CTOs. 12:25 The CFTC announcement and what it means. 14:00 What the revision process will look like. 15:00 A timeline of what is supposed to come next, though James and Anthony are skeptical. 18:00 A rant on Donald Trump Jr., and the state of political discourse in the United States.
This week James and Anthony look at recent regulatory developments in Europe as the Financial Conduct Authority (FCA) has releases its long-awaited study of the asset management industry and the UK, and final policy notes relating to Mifid II. They next turn their attention to this month’s Waters magazine cover story—a profile of Cheyne Capital’s Josh Jacobson—and examine how some vendors are entering the behavioral analytics space.
1:55 James gives an overview on recent FCA announcements and guidelines. 4:45 Change is coming for the way asset management is done in the UK. 7:00 Timeline for Mifid II developments going forward. 11:00 James and Anthony switch gears and look at this month’s cover story on Josh Jacobson. 13:45 What’s the case for behavior analysis of portfolio managers and traders. 18:30 James rants about Major League Soccer (MLS).
This week, Michael Radziemski joins Anthony and James on the podcast to discuss tech evolutions taking place in financial markets. Radziemski has 30 years of experience in the industry, with stints at Bankers Trust, Citigroup and Lord Abbett, where he was chief information officer from 2003 to 2016.
1:30 Radziemski looks at the problem of convenience overshadowing need in technology. 4:00 How has the industry evolved in his time as a technologist? 6:30 How do you take advantage of new tools such as machine learning without creating spaghetti infrastructures—and where do firms tend to fail when implementing new technologies? 10:30 The industry’s infrastructure isn’t up to snuff, according to Radziemski, but that’s also helping to drive public cloud infrastructure adoption. 13:00 How has the public cloud space evolved? 18:30 What skills do developers need to have in today’s environment? 22:45 Radziemski’s predictions for the top three trends in 2018: Robotic process automation; Machine learning; Public cloud adoption.
On the podcast, Viral Shah, co-founder and CEO of Julia Computing and a co-creator of the Julia programming language, talks with Anthony about the launch of Julia 0.6, what’s expected of Julia 1.0, and how finance and insurance firms are using the language for research and risk modeling. Then, Anthony and James take a look at how machine learning and alternative data are starting to be paired, creating both interesting use cases and, perhaps, overblown hype. Next, they turn their attention to digital currencies and how they’re filtering into the buy side. Finally, they discuss the recently released trailer for the upcoming season of Game of Thrones.
Julia Language (1:25) A quick update on this year’s JuliaCon conference. (2:10) Then a look at Julia 1.0, which could be released later this year. (2:40) This week, Version 0.6 was released. Viral talks about enhancements made with this rollout. (3:30) With Julia Computing receiving $4.6 million in seed funding from General Catalyst and Founder Collective, Viral talks about how that investment will help drive open-source contribution and get the language to 1.0. (5:30) A preview of the product types that Julia Computing will look to offer the finance and insurance industries.
AI and Alternative Data (7:45) James and Anthony look at the pairing of machine-learning techniques and alternative data. (8:55) Can this combination prevent Flash Crashes? (10:45) What are the potential benefits? (12:45) Hype machine and noise.
Digital Currencies (15:15) First James talks about digital currencies and the Quantave announcement. (16:00) A look at the regulatory space—or lack thereof—when it comes to these instruments. (18:00) Do you—the listener—have some thoughts?
Game of Thrones (19:00) The new Game of Thrones trailer is out (!!!) and the guys talk about some theories for the new season. (23:45) Anthony and James give some book recommendations.
This week, Anthony and James delve into regtech and also take a look at how employee privacy may be diminishing due to new cognitive technologies being used in surveillance. They next turn their attention to clearinghouses in London and how new EU rules could force them to relocate to the Eurozone. Finally, they talk about how Anthony was incredibly wrong in saying that a Floyd Mayweather-Conor McGregor fight would never happen.
Regtech (2:00) The evolution of the regtech space. (3:15) What is cognitive computing? (4:20) How cognitive tools are infiltrating the surveillance space. (8:00) With the advent of cognitive tools, employee privacy could diminish. (16:00) An examination of the AML/KYC vendor landscape.
Clearing (21:00) What has the European Commission done that’s caused such a fuss in regards to clearing? (23:45) Why is this such a big deal for Europe? (25:30) What is the impact first for banks and those who use clearinghouses—and second, for the clearinghouses? (27:15) What has the market reaction been?
Bonus (29:00) A quick look at the upcoming Floyd Mayweather-Conor McGregor fight and how Anthony was very, very, very wrong in predicting that the fight would never get made.
On this edition of the podcast, new co-host, James Rundle, joins Anthony Malakian to discuss Thursday’s UK general election and the effect it could have on the fintech sector in London and Europe. After that, Anthony chats with Sell-Side Technology deputy editor John Brazier to discuss the integration of Barclays’ Point IP into Bloomberg’s Port portfolio analytics platform.
The UK General Election (0:00-3:10) First, Anthony introduces James—who has taken over as Waters’ news editor and deputy editor of Buy-Side Technology—and gives a reminder that voting on the Waters Rankings closes Friday, EOD. (3:30) Speaking of votes, James gives a primer on why the election was called. (5:30) A quick examination as to why the polls show the race getting closer. (8:00) Point: Why Brexit could potentially hurt the burgeoning fintech sector in London. (11:00) Counterpoint: Why Brexit might not hinder the London fintech scene in the long term. (12:30) What effect might the Brexit negotiations have on talent acquisition? (17:45) How the isolationist movements sweeping through Europe and the US will hurt the movement of talent. (22:40) A prediction on the UK general election.
The Bloomberg Point-Port Integration (24:00) Anthony calls John, who is based out of London, to talk about why fixed-income traders are concerned about Bloomberg’s acquisition and integration of the Point platform’s intellectual property. (27:45) How Mifid II might play into a firm’s decision to stay with Bloomberg or switch to another option. (29:40) With the consolidation that the industry is seeing in the portfolio analytics space, is there reason to believe that this consolidation could be better for fixed-income traders in the long run, or create unwanted challenges. (32:05) Finally, John gives some thoughts on what the election and Brexit could mean for London’s fintech sector.
http://www.waterstechnology.com/trading-technologies-and-strategies/3373991/bloombergs-acquisition-of-barclays-point-any-port-in-a-storm
http://www.waterstechnology.com/awards-rankings/3368226/waters-rankings-2017-voting-closes-friday
http://www.waterstechnology.com/industry-issues-initiatives/3374001/brexit-offers-london-banks-opportunities-for-a-new-start-with-cloud-api
This week on the podcast, Anthony is joined by Waters reporter Emilia David to discuss her feature that looked at technology adoption in the municipal bond market. And since the summer has finally arrived, Anthony and Emilia look at the summer movies they’re most interested in seeing.
Here are the timestamps, in case you want to jump around:
(0:00-2:05) The intro offers a reminder to vote in this year’s Waters Rankings, and also we announce our newest addition to the Waters team, who will be joining next week.
(2:15) Before they look at the technology platforms permeating the market, they first give a primer for the municipal bond market.
(3:50) The two greatest challenges facing the muni space: rising interest rates and the potential for more debt being issued to help launch infrastructure projects across the US.
(7:30) From a technology perspective, what advancements are helping to drive automated adoption?
(9:30) The muni space is still very voice driven—as muni traders tend to be set in their ways—but they are missing out on finding bonds that they normally wouldn’t have looked at had they used an electronic platform.
(11:50) To that point, the generational difference in the space is still a limiting factor.
(15:10) Like we’re seeing with corporate bonds, is there room for artificial intelligence and machine learning in the sector? Or still too soon?
(17:10) Some believe that the market is in for a lot of turmoil over the next few years. Will that lead people to rely more heavily on automated practices or will these platforms prove ineffective, thus setting the tech push back?
(18:15) Anthony and Emilia close things out by looking at the summer movies they’re most interested in.
Earlier this week, Waters’ sibling publication, Inside Data Management, hosted its annual North American Financial Information Summit (NAFIS). During the event, Stephen Morse, former head of global financial data partnerships at Twitter, spoke to the audience about how traders are mining data created through social media—and, specifically, through Twitter—to find a trading edge. After Anthony gives some information on how to vote in this year’s Waters Rankings, Stephen’s presentation will be played in full. See below for timestamps:
(0:00-2:30) Info on the Waters Rankings (2:35) The start of Stephen’s presentation (4:00) A look at the trends driving alternative data adoption and the types of data that’s increasingly being used (6:40) A look specifically at social media data (7:15) Then a look at Trump’s tweets moving markets (8:30) Information that matters specifically for capital markets usage (10:45) Some examples of crowd-sourced estimates data (12:10) Some usage examples of sentiment analysis and volatility analysis (16:35) Examples of consumer conversation for product/brand movements (19:25) Examples of breaking news and event detection using Twitter (25:35) Quick QA
Earlier this week it was announced that Liquidnet had acquired OTAS Technologies, a vendor that had made its name in the analytics and artificial intelligence fields. To discuss what the deal means for users, as well as some of the broader trends in the market, Adam Sussman, head of market structure for Liquidnet, joins Anthony on the podcast.
(0:00-2:40) Some information about the Waters Rankings and next week’s North American Financial Information Summit.
(2:40) Adam joins via phone.
(3:30) Adam talks about how this deal will bring together Liquidnet’s Virtual High Touch trading platform with OTAS’s analytics platforms.
(4:35) How the pairing will improve decision-support capabilities for traders.
(5:35) How will it help buy-side firms to better monitor performance and algo usage?
(7:45) Why did Liquidnet go with OTAS over other analytics providers?
(9:05) For OTAS users, will they have full access to the tools they were previously using with the vendor? And what will integration look like?
(12:15) More generally, what does the buy side want when it comes to analytics platforms and alternative data today compared to previously?
(14:55) How is artificial intelligence and machine learning playing into what you can deliver to traders?
http://www.waterstechnology.com/awards-rankings/3368226/waters-rankings-2017-voting-now-open
http://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3367956/update-liquidnet-acquires-otas-technologies
http://www.financialinformationsummit.com/na
This week on the podcast, Anthony is once again joined by Dan (last time…at least for a while!) to welcome this week’s guest: Neal Pawar, AQR’s chief technology officer. AQR, which manages $187.6 billion as of March 31, 2017, is in the midst of a major buildout, upgrading different parts of it infrastructure, front to back, as the firm looks to continue its growth. To answer these enhancements, the need for talent has become increasingly important. Here are topics Pawar hit on during his time on the podcast:
(1:45) Neal starts off looking at the fight for talent at colleges in the Northeast. (3:45) A look at how fintechs are disrupting the finance space. (6:20) What he looks for when hiring an engineer/programmer. (9:35) Programming languages they’re most interested in (Python, Pandas, Scala). (11:05) Ways to keep talented, experienced technologists. (13:45) The impact and growth of open-source applications. (14:55) The ethos of contributing back into open-source projects. (17:25) The future of open-source and how to develop a legal/compliance framework. (19:45) Why AQR has its engineers sitting side-by-side with the research department. (26:35) Lessons learned as AQR has grown in size. (28:00) To wrap things up, Neal, Dan and Anthony talk about soccer (Neal is a huge Liverpool supporter) and how they think the English Premier League will shape out (Anthony gives a stupid prediction about Manchester United).
This week, Marc Andrews—vice president of Watson Financial Services Solutions for IBM—sits down with Anthony and Dan to discuss how the company is using the famed Watson platform in the financial services space.
1:00 How to enter your company for this year’s Waters Rankings. 3:00 Marc talks about why IBM focused on regulatory compliance, first, for the financial sector. 4:45 The difference between artificial intelligence and augmented intelligence. 6:45 How IBM breaks down its regulatory services. 8:00 Mifid II uses cases for cognitive learning. 10:30 Is an industry utility for AML/KYC on the horizon? 13:30 Other potential benefits for cognitive learning in the trading lifecycle. 17:00 Cognitive technology’s ability to diagnose an issue based on different “symptoms”. 20:00 A preview of Watson’s AML/KYC solution, which will be rolled out later this year. 23:40 Will cognitive machines take over the regulatory process at banks?
This podcast is dedicated to co-host Dan DeFrancesco, who, starting Monday, will move over to Waters’ sibling publication, Risk, where he’ll write about the commodities sector. To start, Dan discusses his new remit and Anthony talks about how the podcast will progress going forward (0:40). Dan then touches on his three favorite stories, which we’ve put in front of the paywall for all to read, including his feature on the Consolidated Audit Trail (9:00), the struggle to find talent (12:30) and two cover stories (16:30) that particularly stand out for him.
While we will miss Dan, the Podcast will continue uninterrupted. Tune in next week to hear IBM’s Marc Andrews talk about how the company is using Watson to improve surveillance and compliance needs.
The guys open things up talking about how the Waters Rankings are now open for entry and describe the (very easy) process for getting listed (1:00). Next, they delve into how Hollywood portrays technologists and traders on TV and in film, whether these characters are accurate to real life, and what that means for talent acquisition (3:00). Finally, they talk about the films that they’re most excited to go and see (22:00).
The guys open things up discussing Anthony’s feature that looked at the public cloud sector and how the likes of AWS, GCP, IBM Cloud and Azure are trying to differentiate themselves in the capital markets space (1:00). They then discuss what the continued adoption of artificial intelligence means for jobs (18:28). The guys wrap things up talking about the United Airlines fiasco (26:15) and New York offering free tuition for its state schools (32:20).
Dan and Anthony chat about some of the hottest topics at this year’s North American Trading Architecture Summit. They open things up discussing the keynote address by Deutsche Bank’s Jim Adams, which examined financial firms’ use of open source and the need for collaboration (1:18). Dan and Anthony then talk about the C-level panel and its focus on cybersecurity (11:40). They also share some conversations they had at the conference with attendees about their thoughts on the future of artificial intelligence and machine learning (17:20). To wrap things up, the guys look at the recent flurry of stand-up acts on Netflix (24:45).
The guys open things up talking about four acquisitions that occurred over the past month. Dan and Anthony first talk about FactSet-BISAM Technologies (2:50), Numerix-TFG Financial Systems (7:21), Broadridge-Message Automation (10:05) and Trumid-Electronifie (13:09). The conversation then turns to Burton-Taylor’s research on industry data spend in 2016 (19:09). They wrap things up talking about the NCAA tournament (26:15) and the upcoming baseball season (29:45).
Dan and Anthony open things up discussing the former’s feature on shadow IT, looking at the pros and cons that come with developing technology project outside of the IT department’s jurisdiction (1:00). They then chat about Anthony’s trip to Florida for FIA Boca, including CFTC acting-chairman J. Christopher Giancarlo’s impassioned speech (15:00). Anthony wraps things up talking about his distaste for South Beach (21:30).
Dan is joined by Emilia David, WatersTechnology US staff writer, to discuss a recent DTCC conference she attended. They open things up to talk about Emilia’s story regarding the benefits of implementing automation across the entire organization as opposed to in silos (1:45). Emilia then shares some other highlights from the panel, including blockchain, cloud computing and regulators’ relationships with fintech firms (9:15). They wrap things up discussing Winter Storm Stella and how to deal with snow in the city (18:15).
Dan and Anthony are joined by Bill Murphy, chief technology officer of Blackstone and the Waters Wavelength podcast’s first-ever guest. The guys talk to Bill about technical debt (legacy systems that build up over time) and how firms can effectively handle it (1:56). They wrap things up discussing how the NBA playoffs are shaping up (22:00).
Dan invites Gabriel Woo, VP of innovation at RBC, onto the podcast to discuss some of the recent announcements the Canadian bank has made about artificial intelligence (2:45). Later on, Dan and Anthony welcome on former WatersTechnology editor and current Risk.net writer James Rundle to discuss the recent breakdown in the London Stock Exchange-Deutsche Börse merger (25:30). The guys wrap things up discussing soccer and the success James’ beloved Chelsea is enjoying this season (34:10).
Dan opens things up explaining why he’s not recording the podcast from Canada (:34). Then he and Anthony discuss colleague Aggelos Andreou’s story on organized trading facilities (OTFs) and how their implementation will affect the European marketplace (2:10). US staff writer Emilia David then joins the podcast to talk about her story looking at the rise of request-for-quote (RFQ) trading platforms for exchange-traded funds (ETFs) and if it’s sustainable (11:55). The trio wraps things up talking about some plays and musicals they’ve recently seen (23:20).
Dan and Anthony decide to switch things up, using Dan’s column this week as a jumping off point to have a wide-ranging debate about what kind of impact artificial intelligence will have on our day-to-day lives in the future (1:50). They wrap things talking about the likelihood of a Floyd Mayweather-Conor McGregor boxing match (25:20).
Dan and Anthony open things up talking about phishing emails and how Dan was almost hacked (2:08). They then take a look at the recent trend in the industry of large and small vendors partnering up and debate if that’s a trend to keep an eye on (11:15). They wrap things up discussing the Super Bowl (16:30), including Lady Gaga’s halftime performance (23:20), and breweries they both visited over the weekend (24:20).
Dan and Anthony take a look at four recently-published features that appeared in Waters and Inside Data Management that analyze Mifid II, which comes into effect January 2018. They start by discussing two pieces regarding the reporting requirements for the buy side (1:35). The guys then take a look at what kind of clock synchronization will be needed for the regulation (11:15), and the impact Mifid II will have on the Asia-Pacific region (15:45). Anthony then gives his take on the recent SCOTUS nomination (19:55), and the guys wrap things up talking about their favorite Super Bowl prop bets (29:00). This week's podcast is sponsored by SmartStream.
Dan welcomes onto the podcast Sean Belka, the director of Fidelity Labs, to discuss virtual and augmented reality (VR/AR). They talk about the differences between VR, AR and mixed reality (2:30) and the potential benefits each have (7:25). Belka also discusses specific VR/AR projects Fidelity Lab has participated in (10:20) and what needs to occur for widespread adoption of the technology to happen (19:20). Dan and Sean wrap things up discussing how the growth of VR/AR speaks to the further consumerization of technology (21:50). Then, back with his co-host Anthony, Dan tells a story about a recent altercation he had on the subway (23:50). The guys wrap things up debating alternative facts (31:15) and the Super Bowl (38:15). This week’s podcast is sponsored by SmartStream.
Dan and Anthony open things up discussing the podcast’s one-year anniversary (:30). They then get into Thesys being selected to build the Consolidated Audit Trail (1:20). Dan talks about seeing CFTC chairman Timothy Massad and CFTC commissioner Christopher Giancarlo both making keynote addresses at Sefcon VII (10:15). Anthony then examines his natural language processing feature (13:45). The guys wrap things up talking about Jeff Bagwell’s election into the Baseball Hall of Fame (21:45) and the NFL playoffs (28:50).
The guys open things up discussing when they can officially celebrate the one-year anniversary of the podcast. They then jump into the future of the source code provision of Regulation AT, in addition to the proposed rule as a whole, following the resignation of CFTC chairman Timothy Massad (3:08). They then look at the broader regulatory picture for 2017, specifically the impact to the buy side in the US and Europe (12:38). They wrap things up discussing the controversial Trump dossier that was released (24:25) and predict the length of Trump’s presidency (35:55).
Dan sits down with newly-appointed Nasdaq CEO Adena Friedman (1:15), who discusses Nasdaq’s use of artificial intelligence for market surveillance (3:50) and potential implementations she sees for blockchain (7:22). She also gives an update on Nasdaq’s Extended Life Order (11:30) and discusses how she sees exchanges evolving in the coming years (16:15). Friedman wraps things up talking about how she became a black belt in taekwondo (20:10).
With a lack of big news occurring over the holidays, Dan and Anthony decide it’s time to revisit some of the biggest dos and don’ts for PR people (1:15). The guys also discuss what their plans are for the holidays (15:45).
Dan welcomes on Victor Anderson, WatersTechnology editor-in-chief, to give a preview of what the biggest topics are for 2017. Victor starts things off by talking about his background and his first role with what was, at the time, Risk/Waters (1:00). He talks about how finance has changed throughout his career (8:00). Victor then goes through the 10 biggest trends he believes will have an impact on financial technology in 2017 (14:53). To wrap things up, Victor tells some war stories from his worst cycling crashes (39:50).
Dan is joined by Max Bowie, the longtime editor-in-chief of Inside Market Data and the current editor of Inside Data Management (IDM). He talks with Dan about launching IDM and what current subscribers of Inside Market Data and Inside Reference Data can expect going forward (1:25). He then talks about the features in the December issue (6:05) of IDM and previews his story for the January issue around the management of alternative data (10:55). The guys wrap things up discussing their favorite holiday cocktails and beers (18:25).
Dan and Anthony recap Waters USA by looking at a topic the C-level panel was deeply interested in: talent acquisition (2:00). The guys debate whether the issue is as big as some in the industry make it out to be. They also discuss a presentation by Tom Hardin, a trader-turned-FBI-informant, about insider trading (16:33). Dan then discusses virtual reality and its potential use cases within financial services (22:45). Finally, they wrap things up looking at this year’s Grammy nominations, which were recently released (30:15).
Anthony is joined by Viral Shah, Jeff Bezanson and Stefan Karpinski, three of the creators of the Julia programming language (4:50). They discuss what type of questions were brought up at Julia Day for Finance (10:00), which was held Wednesday in New York, and what should and shouldn’t be expected for the release of Julia 1.0 (14:10). Anthony then asks the trio about concerns some have brought up about the language regarding its maturity (16:22) and the chance that other languages such as Python or R could eventually offer similar speeds as Julia (20:15). He also asks how Julia will aim to help firms weed through the massive amounts of data they are dealing with (23:55) and if the programming language can be used as a recruiting tool for attracting young programmers (28:45). Finally, the founders discuss use cases for Julia outside of finance and economics (31:45).
Dan and Emilia discuss consulting and outsourcing services provider Capgemini’s accelerator program for fintechs and how it differs from others in the space (1:16). They also discuss Thanksgiving, and Emilia gives an outsider’s perspective on the American holiday (8:40).
Dan and Anthony discuss fintechs, regtechs and whether there is a difference between the two or if it’s simply a marketing ploy (1:05). They then talk about UK day trader Navinder Singh Sarao pleading guilty to spoofing and whether the case was overblown (15:40). Dan then explains how the Consolidated Audit Trail, which gained regulatory approval this week, could alleviate some of these issues, despite having its own problems (22:10). The guys wrap things up talking about the NFL (26:05).
Dan and Tony talk about the results from the US presidential election and how the capital markets will be affected going forward (2:14) They also give an update on CFTC’s Reg AT proposal following a vote that was held last week (19:52).
Dan and Emilia open things up discussing the latter’s feature on US treasuries platforms (1:10). They then talk about Dan’s profile of Bats Global Markets CIO Chris Isaacson, who will take over as CIO of CBOE Holdings following the completion of its acquisition of Bats (8:23). They close things out debating the merits of Accenture’s editable blockchain (14:40). Finally, Anthony jumps on at the end to quickly talk about the Chicago Cubs winning the World Series (22:40) and his thoughts on the final days before the US Presidential election (29:28).
Dan chats with Suresh Kumar, chief information officer at BNY Mellon, about why financial firms need to be more open and willing to share with one another via open source (2:30). He also discusses when he believes financial firms will begin contributing back into open source (14:30). Suresh then talks about the best way to tackle the ongoing stream of regulations (16:50) and gives advice to firms about the importance of having your voice heard with regulators (22:07). Dan and Anthony wrap things up discussing the start of the NBA season (24:50) and a feature in Outside magazine about the feral cat situation in Hawaii (30:05).
Dan and Anthony recap the North American Buy-Side Technology Summit 2016. They open things up debating the merits of the Reg AT’s source code proposal (2:25), before switching to the how some firms have changed their approach regarding the buy-versus-build discussion (12:45). The conversation then turns to MiFID II and whether firms are actually worried about the deadline or just stalling (18:15). They also talk about why they enjoyed the event’s blockchain panel so much (23:20). The guys wrap things up talking about the US presidential election (26:00) and the MLB playoffs (28:15).
Dan, Anthony and Emilia discuss their three-part series looking at the state of blockchain and distributed-ledger technologies in financial services. Anthony first explains the basis for the special report (3:30). The group then discusses part one (6:50), which looks at banks’ adoption of digital currencies; part two (14:45), which looks at the money backing blockchain firms; and part three (20:15), which looks to debunk the hype around blockchain. The trio also discusses why blockchain is so attractive to financial services (28:00). Finally, they wrap things up talking about the second presidential debate (34:15).
Dan welcomes on Bruno Campenon, Americas head of custody and clearing services for BNP Paribas Securities Services, to discuss CME Clearing’s recent approval of the French bank to serve as a custodian for US Treasury and federal agency securities (6:15). He then talks about what differentiates the firm in the custodian space (9:30). Bruno explains a new service around the recently implemented uncleared swap margin rules (15:30) and the impact new capital requirements will have on custodians (18:00). He also chats with Dan about BNP’s interest in blockchain (20:45), his previous roles at NASA, IBM and Chanel (27:23), and extraterrestrial life (34:10). Dan and Anthony wrap things up talking about the MLB playoffs (36:13).
Dan and Anthony open things by briefly talking about this year’s American Financial Technology Awards (:13) before jumping into the CBOE-Bats deal (3:31). They then switch gears to chat about a panel Anthony attended at the Chicago Trading Technology Summit that discussed using machine learning to sort through social media’s “noise” (13:10). The guys wrap things up discussing the first presidential debate (19:05).
Dan and Anthony open things up discussing Thomson Reuters’ acquisition of Redi Holdings (:50). They also look at how this may or may not affect Bloomberg (6:45). Anthony then gives some highlights from the Chicago Trading Technology Summit (13:30). The guys wrap things up discussing their airplane woes (19:00), airplane etiquette (23:34) and some great meals they both had while traveling this week (29:00).
Dan is joined by his colleague Emilia David to talk about their respective September features. Emilia talks about her story examining the future of trading turrets (1:34), including the hybrid model (3:00), the difference in wants between young and old users (4:28) and some interesting tidbits that didn’t make it into the story (7:20). Dan then discusses his case study on SmartStream’s acquisition of Credit Suisse’s fee management platform (9:10). He explains the timeline of events (10:43) and why Credit Suisse decided the platform would make for a good utility (11:50). Dan and Emilia then talk about Netflix’s “Stranger Things” (13:20) and how parts of “The West Wing” still ring true today (18:50). Finally, Dan wraps things up talking with Anthony Malakian about Week 1 of the NFL (23:12).
Dan sits down with Andy Ross, CEO of CurveGlobal, an interest rate derivatives venture between LSEG, CBOE and seven dealer banks, ahead of its go-live date on Sept. 26 (2:50). Andy talks about why he decided to take the job (5:05), what made him the best candidate for the role (8:00) and what it’s like managing a firm that’s a consortium of two exchanges and seven banks (9:25). He also discusses the reason behind pushing back the launch date from May to Q3 (11:45), what have been the biggest hurdles leading up to the go-live date (13:00) and the immediate timeline for CurveGlobal following its launch (17:40). He wraps things up discussing his favorite football (soccer) team and the difference between cricket and baseball (18:35). Dan and Anthony then discuss their time at the US Open (20:45), what is considered a good gift (25:30) and a preview of the NFL season (32:18).
Dan talks with IEX president Ronan Ryan about his new role at the exchange (2:10), how the phase-in period has gone (2:45) and the exchange’s short- and long-term goals (5:00). Ronan then discusses how IEX will be scalable despite not having some traditional revenue streams exchanges typically have (8:45), what he feels is misconstrued about the firm (11:45) and his thoughts on competitors launching new features that mirror some of IEX’s (17:07). Finally, he talks about his time as Fairfield University’s mascot, Lucas the Stag (20:30), and what actor he’d want to portray him if “Flash Boys” ever gets made into a movie (23:20). Dan and Anthony wrap things up discussing some takeaways from the interview (26:55) and the new non-cleared margin rules (29:40).
Dan is joined by Edward Woodford, co-founder and CEO of Seed Commodities Exchange (Seed CX), which was recently granted SEF registration from the CFTC. Edward explains the origins of Seed CX (3:30), the difference between hemp and marijuana (5:19), regulations surrounding industrial hemp (7:22), what separates Seed CX from other SEFs (13:43), whether the exchange is interested in offering new products (16:50) and what its next steps are (20:15). Anthony and Dan then discuss the overall status of SEFs (22:54) and emerging agricultural markets (31:57). They close things out discussing director Werner Herzog’s latest move, “Lo and Behold: Reveries of the Connected World.” (33:20)
Dan and Anthony open things open chatting about the problem with debating high-frequency trading and the defenders of both sides of the argument (:49). They then discuss each of their August features, with Dan starting things off recapping his discussion with RBC’s head of technology and operations, Bruce Ross (7:00). That’s followed by a look at Anthony’s story on the growing trend of blending ETFs and active mutual funds (12:20). Inspired by a recent Twitter hashtag, the guys share their seven favorite movies (18:11). To wrap things up, the two discuss the Ryan Lochte saga (26:35) and debate whether Michael Phelps, Usain Bolt and Katie Ledecky did or did not take steroids (29:35).
Dan talks to Vijay Luthra, global head of infrastructure engineering and operations at Northern Trust, about the disruption of data centers through emerging technologies (2:48). Vijay details some infrastructure projects taking place at Northern (5:23), shares his thoughts on the public cloud (12:42) and explains how the firm balances between being innovative with its data centers while still making sure they are reliable and secure (15:45). He also talks about some of his favorite eateries in Silicon Valley (18:01) and about what he does during his regular trips out west(20:13). Vijay wraps up by giving advice to firms looking to disrupt their own data centers (27:17). Afterwards, Dan and Anthony catch up by discussing their recent vacations (29:13) and the Olympics (31:20).
Dan welcomes Paul Chou and Zach Dexter, CEO and CTO, respectively, of the bitcoin trading and clearing platform LedgerX, on the podcast to discuss the recent hack at Bitfinex that saw over $60 million worth of bitcoins stolen from the Hong Kong-based exchange. The guys review the overall hack (3:40), talk about multi-signature systems (5:50) and debate the merits of cold storage and hot wallets (9:45). They also look at how the breach could impact future regulations (12:40) and institutional firms' willingness to get involved in bitcoin going forward (18:50). They wrap things about with a discussion about why Paul and Zach can't enjoy watching shows like "Mr. Robot" and "Silicon Valley" (26:50).
With Dan away on vacation, Anthony enlisted the services of his dad, Larry Malakian, to help with the podcast. Larry spent over 40 years building and running data centers for companies like Equitable (now Axa), Cigna and Avon. For the podcast, he discusses the importance of getting a diverse array of feedback when facing a problem (~6:30), his "favorite" outage war story (~15:00), his greatest disaster recovery success (~17:00), his thoughts on his son being a journalist (~23:30), leadership qualities (~26:30) and food etiquette when in Asia (~30:00).
Dan and Anthony open things up looking at brokerage Eclipse International's decision to remove trading turrets in favor of Cloud9's platform (1:00). The conversation then turns to Sifma's recently submitted comment letter about the Consolidated Audit Trail (8:55). The guys then chat about the Republican National Convention (16:50) and break some news about the future of the podcast (26:03).
Wei-Shen Wong, WatersTechnology's new Hong Kong-based reporter, talks about her first feature for the site, which looks at how different regions in Asia are approaching regulatory oversight of fintechs (3:00). Wei-Shen discusses the difference between Singapore, Hong Kong and Japan's approach to fintech regulation. She then talks to Dan about her first trip to the US, and what she's checked out so far (15:15).
Dan and Anthony open the podcast reminiscing over the fact it's the show's 25th episode. They then discuss their July features. They start with Dan's story of user experience projects at large banks and asset managers (2:40). The two then switch gears to talk about Anthony's profile of the buy side know-your-customer (KYC) space (14:05). The guys also talk about the recent news involving Hillary Clinton and Donald Trump, and the overall state of the US presidential election (20:40). Finally, they talk about Kevin Durant signing with the Golden State Warriors (28:29).
Dan and Anthony chat with Richard Johnson, vice president of market structure and technology at Greenwich Associates, about his recent report “Blockchain Adoption in Capital Markets” (2:30). Dan and Anthony also discuss the “Game of Thrones” season finale and where the series ranks among their all-time favorites (15:00).
Dan and Anthony open things up briefly recapping Blackstone’s Bill Murphy’s appearance on the podcast last week (:58). They then talk about Brexit and the impact it will have on the industry, specifically in the technology space (2:45). The guys shift gears to the sixth annual Fintech Innovation Lab (8:50) and TSAM (16:18). They wrap things up chatting about the NBA Finals (20:48) and the Euros (21:50).
Dan and Anthony welcome their inaugural guest, Blackston CTO Bill Murphy. Bill discusses what bothers him about the "business vs. technology" debate (1:30), what makes a good, and bad, vendor pitch (12:00) and what he looks for when hiring someone (17:30). The guys also discuss the US Open (22:28) and the NBA finals (28:23).
Dan opens things up by discussing this year’s Toronto Financial Information and Technology Summit (:40). He touches on the topic of regulatory oversight of fintechs, which was brought up a few times at the conference (4:30). He then shares his experience with how friendly Canadians are (11:10), and wraps things up by talking about his eventful flight home (15:40).
Dan and Anthony open things up discussing the June features. They start things off talking about Dan’s story on the Consolidated Audit Trail (2:25). They briefly touch on Anthony’s profile of Garrett Asset Management’s Elliot Noma (12:00) before diving into European staff writer Aggelos Andreou’s feature looking at unbundling research in Europe (15:15). The guys also talk about the NBA and NHL playoffs (20:54), including Dan’s plan to save the NHL, and wrap things up with a heated debate on the Gawker-Peter Thiel battle (28:15).
Dan and Anthony open things up looking at BNP Paribas’ goal to grow as a global custodian (1:34). They then transition to KYC requirements for the buy side (7:27). The guys then use “Game of Thrones” as a jumping off point for dissecting spoilers via social media (16:00). Finally, Dan and Anthony fight over the possibility of a Mayweather-McGregor fight (23:06).
Dan and Anthony decide to switch things up this week by talking about some of their biggest pet peeves when it comes to dealing with folks in public relations (:58). When they finish ripping on media relations people, Dan shares his jury duty experience, including his interaction with a celebrity (21:45).
Dan and Anthony reunite after spending two weeks apart by opening things up discussing the current stream of regulations being passed in financial services (1:16). They switch to fixed income, chatting about the electronification of the space and the impact machine learning might have on it (9:13). The conversation then turns to blockchain and its never ending hype (14:35). The guys also chat about the Kentucky Derby (18:08) and the Canelo-Khan fight (24:06). Dan wraps things up by sharing a funny story from SifmaOps 2016 (30:45).
Dan starts the show off alone again and talks about Sifma Ops 2016 (1:15) and rants about the hype at the conference around blockchain (1:59). Anthony gives Dan a ring (7:11) and Dan shares some thoughts on Miami (8:00). Anthony then discusses Dan’s piece on the Internet of Things (12:20). The two chat about Dan’s cover story on Nasdaq CEO Bob Greifeld (14:07) and the work Anthony’s done on fixed income this week (19:01). Anthony also shares his expert opinion on the Kentucky Derby (21:42). Dan wraps things up making a major announcement about the future of the podcast (28:00).
Dan starts the show off by himself talking about the SEC’s decision to publish the CAT NMS plan for public comment (:53) and what that means for the overall timeline of the massive database. He then briefly touches on a story idea he has around user experience (10:10) before calling Anthony (11:04), who is on vacation. The two chat about what Anthony's missed while away from the office (13:40) and his thoughts on Tom Brady’s four-game suspension being overturned on appeal (20:00). Dan then wraps things up talking about the absurdity of the NFL Draft (25:47) and why HBO’s “Silicon Valley” is so awesome (29:50).
Dan and Anthony discuss the North American Trading Architecture Summit (2:05) and the Sell-Side Technology Awards (18:54). They also talk about the passing of music icon Prince (26:54).
Dan and Anthony chat about TruMid's soon-to-be-launched proprietary trading platform (1:05) and the launch of Deutsche Bank's Silicon Valley innovation lab (7:11). The guys then talk about what technologies they'd develop at their own labs (8:57), and Dan goes on a rant about runners (14:10). They wrap things up discussing Gay Talese's bizarre new story (18:25) and the Rangers' playoff chances (26:20).
Dan and Anthony talk about both their features, discussing why they chose their respective topics and what they weren't able to fit into their stories. They start off with Dan's feature on open-source software in financial services (1:17), and then switch to Anthony's piece on the CFTC's proposed Regulation Automated Trading (8:23). Afterwards, the guys touch on the Panama Papers (17:36). To wrap things up, Anthony gives his controversial opinion on the men's and women's NCAA championship basketball games (22:26).
Dan and Anthony talk about the evolution of exchanges and the services they offer (:53). They then turn their attention to Oliver Bussmann's departure from UBS and speculate on what he might do next (10:52). They also touch on the conclusion of the Apple-FBI debate (15:55). The guys wrap things up talking Wrestlemania 32 (20:05) and the NCAA Final Four (25:52).
Anthony opens things up by ridiculing Dan for his NCAA tournament predictions (1:46). The guys then analyze the Markit-IHS merger, discussing feedback they've gotten from their sources and the possible impact on the overall industry (7:50). Anthony chats about his trip to FIA Boca (15:28), citing convos about the FIS-SunGard merger (17:40) and Duco's plans to extend machine learning into the reconciliation process (20:26). He wraps things up detailing how he plans out his schedule at a conference (22:30).
Dan is solo with Anthony down in Florida at the FIA Boca conference. He talks about attending a few panels at the Cyber Risk North America conference in New York (1:11) and LSE and Deutsche Börse coming to an agreement(10:12). Dan wraps things up making his Final Four picks for the 2016 NCAA men's basketball tournament (13:54).
Dan and Anthony try and get some feedback on the features their working on by discussing their progress thus far. They open things up talking about Anthony's feature on the consolidation of risk platforms on the buy side (1:05). They then switch to Dan's feature, which looks at the use of open source in financial services (10:11). The guys wrap things up chatting about the state of the UFC following the most recent pay-per-view (16:55).
Dan and Anthony open things up talking about machine learning and its application to firms in financial services (:55). They then discuss the best way to climb the corporate ladder based on their experience interviewing C-level executives for the magazine (9:30). Anthony briefly touches on BISAM's acquisition of FinAnalytica (18:10), before wrapping things up by analyzing the results from Super Tuesday(19:00).
Dan and Anthony discuss the recent dispute between the FBI and Apple over unlocking the phones of the San Bernardino shooters (1:04). They also chat about the possibility of a merger between London Stock Exchange Group and Deutsche Börse (12:55). Finally, they wrap things up by talking about some of their favorite current television shows (18:35), including Billions (18:45), It's Always Sunny in Philadelphia (22:10), Archer (24:40) and House of Cards (26:12).
Dan and Anthony talk about the recent vulnerability found in glibc on Linux systems (1:20). They then discuss a recent whether or not separating blockchain from bitcoin is actually what's best for the industry (10:30). They wrap things up with a discussion around the US presidential primaries (18:48).
Dan and Anthony switch things up by allotting themselves two-minute rounds for eight different topics. They discuss deconstructing the Flash Crash (1:50), acquisitions in the designated market maker business (4:40), the sale of the Chicago Stock Exchange (6:50), Markit's purchase of JPMorgan's system integration software (8:57), a panel on data management between finance and risk teams (11:57), the confirmation of the MiFID II delay (15:38), buy-side firms involvement in blockchain (20:50) and the best way to submit an entry for the Sell-Side Technology Awards (23:10). Finally, the guys wrap things up discussing how wrong they were about Super Bowl 50 (25:04).
Dan and Anthony open things up discussing tips on submitting an entry for the Sell-Side Technology Awards (1:22). They then chat about the recent fines handed down by the SEC and NYAG to Barclays' and Credit Suisse's dark pools (5:49), Dan's profile on SEC CIO Pamela Dyson (12:44) and Tony's feature on enterprise risk (17:40). Finally, they wrap things up by chatting about the Super Bowl (23:40) and its commercials (26:17).
Dan and Anthony discuss the DTCC's recently published white paper detailing how the industry should tackle implementing blockchain technology solutions. They also discuss the recent merger on the buy side between StatPro and Investor Analytics. Finally, Anthony laments the Patriots loss in the AFC championship game.
Dan DeFrancesco and Anthony Malakian introduce themselves in the initial Waters Wavelength podcast. They then jump into discussing their two opinion from the past week. Later, they discuss the popular Netflix series "Making a Murderer."