Boca Bits — FIA Boca 2019 Day Two

CFTC Chairman Chris Giancarlo
Walt Lukken leads the Exchanging Views panel with (l-r) Thomas Book, Terry Duffy, Adena Friedman, Loh Boon Chye, Jeff Sprecher and Ed Tilly
  • Terry Duffy repeated the theme from the previous day as he emphasized FX as one area where the exchange and customers will gain as they merge their futures and cash businesses (WARNING! Acronym bomb: NEX EBS OTC FX).
  • Jeff Sprecher described ICE as a database operator and said that they look for opportunity where they can improve in that discipline. Examples include U.S. housing mortgages, fixed income, and blockchain through their pending exchange, Bakkt.
  • Adena Friedman burnished her tech bona fides, citing Nasdaq’s activity in the gaming and crypto spaces, often as a provider, not an operator, of technology. She also delivered a coherent grasp of blockchain, both in terms of a realistic time frame for adoption and the belief that blockchain will be “an evolution, not a revolution.”
  • Loh Boon Chye made the best case for competition and displayed a quiet confidence that belies SGX’ market leadership in APAC as he commented that partnerships have the possibility for the sum to be greater than the parts.
  • Ed Tilly joined what has been a chorus of many voices in calling out the absurdity of bank capital requirements that are penalizing low-risk carrying market makers and doing severe damage to market liquidity in the process. (When will this madness end?)
  • Thomas Book displayed a bit of humor when asked about Brexit, saying that being on “the inside” was no help at all in figuring things out and that it all seemed very much like a divorce — no one knows what the hell is going on and emotions can run high. Book also did a good job with crypto as well, which the exchange is embracing with three cryptocurrency futures (BTC, ETH and XRP) to come soon and blockchain-based securities lending later in 2019.
Jane Gladstone of Evercore goes one-on-one with Thomas Petterfy
Walt Lukken presents a Hall of Fame trophy to Kim Taylor as the other inductees look on

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Chuck is a student of markets and frequently writes on topics ranging from emerging technology to current events in financial services and beyond.

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Chuck Mackie

Chuck Mackie

Chuck is a student of markets and frequently writes on topics ranging from emerging technology to current events in financial services and beyond.

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