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Market News Posted by Team Topstep October 31, 2019

Former NASDAQ CEO Robert Greifeld talks Crypto, Liquidity, & Trading Advice

Episode Summary:

Bob Greifeld was CEO of Nasdaq from 2003 to 2016 and led the exchange through winds of change. Bob was an out-of-the-box hire who profoundly changed the Nasdaq culture and oversaw the transition from paper-based trades to full computer-based trades. Bob sat down with Jeff to talk about what it was like leading Nasdaq, the importance of creating the right company culture, and what Bob sees as the future of trading. Hint: it involves crypto.

Full Show Notes:

You know Nasdaq to be a multi-billion dollar, global exchange, but it wasn’t always that way. In 2003, Nasdaq made an out-of-the-box hire with Bob Greifeld. Bob then oversaw the digital revolution of trading as well as steered the Nasdaq to become the behemoth it is today.

Bob joined Jeff on this week’s episode of Limit Up! to discuss his time at Nasdaq, the importance of creating the right company culture, and Bob’s predictions for the future of trading. Hint: he likes crypto. Bob also shares his advice for rookie traders just starting out and discusses his new book, Market Mover. Stay tuned for this week’s MARKet Reactions.

  • [00:28] – This week: Bob Greifeld
  • [01:25] – Market reaction
  • [02:29] – Jeff Carter interview with Bob Greifeld
    • [03:24] – Becoming the CEO of Nasdaq during the aftermath of the dot-com bubble
    • [09:06] – Changing the culture of Nasdaq
    • [11:21] – Updating the battleship
    • [13:53] – Changing the industry with rapid deployment
    • [16:47] – Mutualized clearing
    • [18:10] – Attracting liquidity providers to make tight spreads
    • [19:32] – Launching a price-size market model
    • [22:69] – Leaving Nasdaq
    • [26:57] – Corporate venture
    • [31:37] – Removing cross-currency friction with cryptocurrency
    • [34:20] – Adoption of a cashless society
    • [36:10] – Trade by appointment
    • [38:43] – The psychological effect of WeWork on markets
    • [44:16] – Advice for rookie traders

Robert (Bob) Greifeld is the Chairman of Virtu Financial and was the CEO of Nasdaq from 2003 to 2016. Bob led the Nasdaq from a valuation of $500 million to over $12 billion during his tenure. Mr. Greifeld is a member of the Economic Club of New York and the NYU Stern Board of Overseers. He is Founder and Chairman of the USA Track & Field Foundation, which supports emerging athletes and inner-city youth athletics. His new book, Market Mover, details his time leading the Nasdaq.

This episode of Limit Up! is hosted by Jeff Carter. Jeff is a general partner at West Loop Ventures. In April of 2007, he co-founded Hyde Park Angels and spearheaded the growth and development of one of the most active angel groups in the United States. He has consulted on the startup of several other angel groups. He is a former independent trader and member of the CME Board of Directors and was part of a small group that transformed CME from an open outcry exchange to the largest electronic exchange in the world. In 1998, CME was worth $182,134,000 in membership enterprise value. Today it’s worth $55 Billion.

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Podcast episode production by Dante32.