Boxes and Lines

On this episode of Boxes and Lines, Ronan and JR talk to IEX's Paul Bauccio, who has been with the company for nearly a decade. Paul joined the team after previously working at the New York Stock Exchange to help transition the company from an ATS to a national securities exchange. They discuss the new opportunities and responsibilities that came along with becoming an exchange, their experiences...

On this episode of Boxes and Lines, hosts John Ramsay and Ronan Ryan are joined by Boris Ilyevsky, former Head of Market Development at IEX Exchange who is now the Director of Derivatives Product at Coinbase. They discuss his thoughts on futures trading for retail investors, crypto futures and regulation, and the evolution of fintech over the past decade.   Listen to more Boxes and Lines episodes...

On this episode of Boxes and Lines, JR and Ronan chat with Coalition Greenwich Senior Analyst Shane Swanson about the results of a recent survey of sellside market participants that Coalition Greenwich conducted in partnership with IEX Exchange. The survey uncovered interesting insights about perspectives on market structure topics such as the rise of retail trading, exchange rebate tiers, and SEC...

On this episode of Boxes and Lines, hosts Ronan Ryan and John Ramsay are joined by J.W. Verret, Associate Professor at the Antonin Scalia Law School and an expert on the SEC and fintech space. They discuss the history of disagreements between market participants and the SEC, governing the Web3 ecosystem, and using crypto for social good. Recorded March 8, 2022. Listen to more Boxes and Lines episo...

On the latest episode of Boxes and Lines, Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence and co-host of Bloomberg’s “Trillions” podcast, joins Ronan and JR to tell us about larger-than-life Vanguard founder Jack Bogle, who reshaped the way millions of people invest their money. Bogel is the subject of Eric’s new book “The Bogle Effect,” out on April 26. They also chat about the histo...

On this episode of Boxes and Lines, hosts John Ramsay and Ronan Ryan are joined by Eric Stockland, Managing Director, Global Markets at BMO Capital Markets and former Chief Strategy Officer at IEX, for a down-to-the-nitty-gritty trading discussion! They discuss the impact of tiny increments of speed in today’s market, maximizing outcomes for clients through experimentation, the importance of takin...

On this episode of Boxes and Lines, hosts John Ramsay and Ronan Ryan are joined by Matt Harris, Partner at Bain Capital Ventures and an investor in IEX! With over two decades of experience investing in fintech, Matt shares his insights on the evolution of the space, the challenges of going public, the emerging Web3 ecosystem, and running a company post-pandemic. Recorded on February 24, 2022.   If...

While you were still sleeping, the stock market was busy getting ready for the day. Ramon “Ray” Gonzalez, Head of Technology Operations for IEX Exchange, joins Ronan and JR to walk us through the checklist his team goes through every day – starting at 4 am – to get the market ready for smooth sailing. Plus, they delve into “bare metal” infrastructure, data centers, and the potential for exchanges...

It may be a cliché to say that younger generations care more about “purpose,” but when over 70% of U.S. investors are expressing interest in sustainable investing, there’s obviously money on the line. Paul Bodnar and Eric Van Nostrand of BlackRock joined us during the fall edition of #BoxesAndLinesLIVE for an on-the-ground discussion of sustainable and social impact investing and the end retail in...

Think you know the story of Alexander Hamilton and Aaron Burr? Think again. Andy Kaplan, former partner at Greenlight Capital and Partner at Freedom’s Edge Cider in Maine joins guest host and IEX colleague Jayme Abrahamsen to tell us what gets missed in one of America’s founding myths – and why we should care. Recorded December 7, 2021.

As part of our #BoxesAndLinesLIVE event in October, Ronan and JR were joined by Ri Sharma, the voice behind Instagram’s @wallstreetconfessions, and Brian Hanly, the CEO of media company Bullish Studio, to discuss the social media and finance culture. Tune in for a no-holds-barred conversation about how Wall Street is changing for better or worse, how financial professionals are getting their news...

Dave Olsen, President and CIO of Jump Trading Group, joins Ronan and JR to discuss smart contracts, DeFi, the Solana blockchain, and how the Pyth Network is bringing financial data into this ecosystem. Recorded October 27, 2021.

“Asset managers have stepped up.” So says Amy Borrus, the Executive Director of the Council of Institutional Investors, in her conversation with Ronan and JR. In this episode, we dive into how say-on-pay changed the game, dual-class share structures, and how today’s workforce is demanding value-based change. Recorded October 20, 2021

Niki Beattie, CEO and Founder of Market Structure Partners and Non-Executive Chairman of XTX Markets and Aquis Exchange (among other corporate governance roles), joins us from the United Kingdom to give Ronan and JR the 411 on equity market structure in the European Union and UK post Brexit. We’re diving deep on regulators, dark pools, systematic internalizers, consolidated tapes, retail trading,...

In our latest #BoxesAndLinesLIVE series, we took on the meteoric rise of retail trading over the past year. Since the start of the meme stock phenomenon, a new generation of retail traders have taken to Reddit forums to exchange stock (er, "stonk") tips and flood the social media airways with theories about Wall Street. Meanwhile Bloomberg IBs fly with speculation about what the mysterious “retail...

Ronan and JR are joined by Eric Budish, the Steven G. Rothmeier Professor of Economics at the University of Chicago Booth School of Business, to break down the methodology and results in his paper “Quantifying the High-Frequency Trading ‘Arms Race,’” his well-known batch auction market design, and the usefulness of putting a dollar value on vaccine capacity. Recorded July 28.

John Cosenza, Head of Americas Electronic Trading and Global Co-Head of Electronic Products for Goldman Sachs, joins Ronan and JR to dig into the factors shaping trading dynamics in 2021, from the erosion of displayed liquidity to fragmentation to tick sizes – and some sports statistics on the side. Recorded June 30.

Congressman Jim Himes, a leading voice on the House Financial Services Committee, joins Ronan and JR for a discussion of retail trading, cybersecurity, and the 2021 DC landscape. We dig into the factors and interests at play, and discuss potential solutions, compromises, and opportunities for finding consensus in a polarized environment. Recorded June 11.

In our first #BoxesAndLInesLIVE series, we took on the big questions from every New Yorker: What will post-Covid NYC look like? What’s the health of the real estate market in the city? And when will we be back in the office? Experts Sarah Gibbons-Scheets and Spencer Levy from CBRE, the world’s largest commercial real estate services and investment firm, joined Ronan and JR from CBRE, to weigh in o...

Anthony Scaramucci, Founder of SkyBridge Capital (and host of podcast Mooch FM) joins Ronan and JR to take on the big questions of life and finance. The differences between Wall Street and DC, the inevitability of the GameStop trading phenomenon, the character of post-pandemic NYC, and of course, the SALT conference – it’s all here. Recorded May 10.

Nearly 14 years out from the 2008 financial crisis, the protagonists of The Big Short – Danny Moses, Porter Collins, and Vinny Daniel – joined Ronan and JR as part of our first #BoxesAndLinesLIVE event. From GameStop to crypto to short selling, it’s a frank discussion of what’s keeping them up at night and what they see as the biggest opportunities this year. Recorded March 23.

Ty Gellasch, Executive Director of Healthy Markets, takes Ronan and JR through the equities issues that he expects the Gary Gensler-led SEC to tackle over the next few years and why he believes we might see the most aggressive SEC agenda in his lifetime. Recorded March 12.  

As part of our first #BoxesAndLinesLIVE event, Lyn Alden and Mike Green joined Ronan and JR for an in-depth discussion of all things Bitcoin, from the underlying purpose, to security concerns, to the regulatory environment. Whether you’re a bull or a bear, the discussion is sure to leave you with food for thought and perhaps some arguments for your next barroom (or Twitter) debate. Recorded March...

Helima Croft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets, joins Ronan and JR to break down the geopolitical issues impacting oil markets today, from OPEC to the major areas of focus for the Biden administration to the dynamics of renewables (recorded March 18).

Aite Group Senior Analyst, Capital Markets Spencer Mindlin joins Ronan and JR to dig into the market structure topics shaping up to take the spotlight in 2021 from short selling to settlement cycles to the shrinking universe of private companies.