Wall Street’s new trading titans

华尔街的新交易巨擘

Behind the Money

2024-10-16

19 分钟
PDF

单集简介 ...

When it comes to trading, Wall Street’s investment banks are falling further behind. And independent trading firms, such as Jane Street and Citadel Securities, are taking the lead in everything from stocks and options to derivatives and crypto. The trading firms argue that they’ve made the process more efficient, but what risks does that carry? The FT’s US banking editor Joshua Franklin explains.    Clips from Lionsgate - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: New titans of Wall Street: how trading firms stole a march on big banks New titans of Wall Street: how Jane Street rode the ETF wave to ‘obscene’ riches ‘King of the geeks’: how Alex Gerko built a British trading titan  The limits of bond market electronification - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com  Hosted on Acast. See acast.com/privacy for more information.
更多

单集文稿 ...

  • Balance your trading strategy by adding futures.

  • CME Group helps you manage risk and capture opportunities in all market environments.

  • Capitalize on around the clock access to highly liquid global futures and options markets across all major asset classes.

  • Visit your online broker and get started.

  • See what adding futures can do for you at cmegroup.com slash podcast.

  • Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profits you might have made.

  • This is not a recommendation to offer to buy, sell or retain any specific investment or service.

  • Do you remember the movie Margin Call?

  • It's from 2011 and it's all about the beginning of the financial crisis.

  • And there's this one scene that's been on my colleague Josh Franklin's mind recently.

  • There's a really memorable scene in the movie where you see the trading floor of this unnamed investment bank,

  • where the executives have made the decision that the bank is going to try to unload these toxic mortgage backed securities that the bank is holding.

  • And you see the role of traders trying to unload this stuff across the street.

  • Now, as you listen.

  • Pay close attention to how these traders are talking on the phone.

  • They're calling up people that they know at other firms and selling this stuff at cut price deals.

  • You can hear kind of the conversational tone and the personal relationships.

  • that matter in the industry.

  • It's a little bit of like kind of brinksmanship to try to get a trade over the line.

  • Alexis, I'm only sharing this with you right now.