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Market News Posted by Team Topstep August 27, 2020

The Future of Retail Trade with Former Nasdaq CEO Bob Greifeld

Episode Summary:

Former Nasdaq CEO Bob Greifeld returned to the Limit Up! Podcast for a wide-ranging conversation on the future of retail trading. Bob talked to Jack and Dan about how the Nasdaq has changed since his time there and what he’s doing these days with his company, Virtu Financial. Listen for insights from a trading legend.

Full Show Notes:

This week on Limit Up! we’re welcoming back to the podcast Bob Greifeld, the former CEO of Nasdaq and current Chairman of Virtu Financial. Over the past 20 years, Bob has witnessed a tremendous shift in the trading industry. He joins us today to talk about how things have changed and what he sees ahead for retail trading.

Bob touched on issues of technology, speed, and the importance of data and gave an overview of how his new company Virtu Financial works. As always, stay tuned for our market reactions.

  • (02:04) – Interview with Bob Greifeld
  • (06:25) – Getting listed on Nasdaq
  • (07:05) – Share of mind
  • (09:14) – Virtu Financial
  • (11:32) – The future of market making
  • (17:49) – Adaptability is key
  • (20:09) – Structural change
  • (24:48) – In-studio commentary at CNBC
  • (27:48) – Market Mover
  • (28:45) – Living in the era of MMT
  • (33:12) – USA Track & Field Foundation

Robert (Bob) Greifeld, is currently Chairman of Virtu Financial, a leading financial technology and trading firm, Managing Partner and Co-Founder at Cornerstone Investment Capital, a financial technology investment firm, and a Board Member at Capital Rock and Financeware. He previously served as Chairman of the Board of Directors of The Nasdaq Stock Market LLC (“Nasdaq”) until May 10, 2017 and as Chief Executive Officer of Nasdaq from 2003 to 2016. During his tenure, Mr. Greifeld quadrupled revenue and increased market value over 20 times.

As a FinTech entrepreneur, Bob built Brass into the industry’s leading equity trading platform and sold the company ASC to SunGard Data Systems in 1999. He is Founder and Chairman of the USA Track & Field Foundation, which supports emerging athletes and inner-city youth athletics. Mr. Greifeld is a member of the NYU Stern Board of Overseers and a CNBC Contributor. Mr. Greifeld holds a Masters in Business from New York University, Stern School of Business, and a B.A. in English from Iona College.

 


What is Limit Up?

Limit Up! is a podcast for traders of all levels brought to you by Topstep. Whether you’re considering a career in trading and don’t know where to start, or you’re a seasoned veteran looking for advice from big names in the financial industry, Limit Up! is your guide. Join us weekly as we discuss the market in all of its volatile glory. Risk Disclosure: https://www.topstep.com/risk-disclosure/

Jack Pelzer is a co-host of Limit Up! He traded as part of a U.S. Treasury group for 7 years at Chopper Trading and DRW. After leaving the industry, he became a Writing Fellow and Senior Contributing Writer for The Onion. He is now the Head of Content at Topstep.

Dan Hodgman is a co-host of Limit Up! Prior to coming to Topstep Dan traded 30 Yr Treasury Options and Yield Spreads. Before that, he served in the United States Marine Corps where he simultaneously managed his own Futures Account applying the skills he grew up learning from clerking on the trading floor. Now Dan works with the Traders here at Topstep as a Performance Coach as well as being a regular on the Daily Market Recap.

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Podcast episode production by Dante32.