Shows
Boxes and LinesTD Securities' Reid Noch On What Prediction Markets, Tokenization, and 24/7 Trading Mean for Market StructureRonan Ryan and John Ramsey are joined by Reid Noch, Vice President of U.S. Equity Market Structure at TD Securities, for a wide-ranging conversation on three of the most talked-about (and most misunderstood) topics right now. Reid walks through how prediction markets are evolving beyond sports betting, why tokenization is as much a regulatory story as a technology one, and how changes in settlement, liquidity, and market hours could reshape participation across retail and institutional trading.
2026-02-1831 min
The Port 2 Port PodcastSeason Finale - Aomori & TokyoJoin Ronan Ryan for the Season 3 finale of Port2Port.This episode follows a guided shore excursion in Hirosaki, Japan, exploring the historic Hirosaki Castle, where we witnessed the main keep temporarily moved for foundation repairs. Stroll the serene castle grounds and take in the craftsmanship and history of this iconic site.Next, step inside the Neputa festival float display, featuring intricately painted paper and wooden floats brought to life by the haunting sounds of a live shamisen performance. Experience centuries of Japanese tradition and artistry in one unforgettable visit.Finally, our return...
2025-12-3127 min
The Port 2 Port PodcastSeason Finale - Aomori & TokyoJoin Ronan Ryan for the Season 3 finale of Port2Port.This episode follows a guided shore excursion in Hirosaki, Japan, exploring the historic Hirosaki Castle, where we witnessed the main keep temporarily moved for foundation repairs. Stroll the serene castle grounds and take in the craftsmanship and history of this iconic site.Next, step inside the Neputa festival float display, featuring intricately painted paper and wooden floats brought to life by the haunting sounds of a live shamisen performance. Experience centuries of Japanese tradition and artistry in one unforgettable visit.Finally, our return journey to Tokyo, with a relaxing sea...
2025-12-3127 minBoxes and LinesThe Better Halves of Boxes and Lines: A Holiday Special!In this very special holiday edition of Boxes and Lines, Ronan and JR once again hand over the mics to the people who know them best (and roast them best), their spouses. Back by popular demand, Kara Ryan and Nick Buzard join the show for a special holiday edition of Boxes and Lines' spouses interviews. This episode features Nick’s incredible recovery after quintuple bypass surgery, the Ryans’ big Antarctica adventure, UFO sightings, ducks, awful gift-giving, in-law stories, and a hopeful toast to 2026. Settle in, grab a drink, and celebrate the close of 2025 with the Boxes and Lines family.
2025-12-2233 min
The Port 2 Port PodcastTwo Worlds, One Day: Miyajima and HiroshimaJoin Ronan as he takes you through one of the most powerful and unforgettable days of his travels — a journey from the serene beauty of Miyajima Island to the deeply moving history of Hiroshima.In this episode, we explore the iconic Itsukushima Shrine and its floating torii gate, wander through the peaceful streets of Miyajima, and then shift to Hiroshima’s historic center, visiting the Atomic Bomb Dome, the Peace Memorial Park, and the Peace Memorial Museum.This is an episode filled with reflection, humanity, and perspective — a reminder of the resilience of a city and th...
2025-12-1020 min
The Port 2 Port PodcastTwo Worlds, One Day: Miyajima and HiroshimaJoin Ronan as he takes you through one of the most powerful and unforgettable days of his travels — a journey from the serene beauty of Miyajima Island to the deeply moving history of Hiroshima.In this episode, we explore the iconic Itsukushima Shrine and its floating torii gate, wander through the peaceful streets of Miyajima, and then shift to Hiroshima’s historic center, visiting the Atomic Bomb Dome, the Peace Memorial Park, and the Peace Memorial Museum.This is an episode filled with reflection, humanity, and perspective — a reminder of the resilience of a city and the importance of remembering its st...
2025-12-1020 min
The Port 2 Port PodcastExploring Shimizu: Mt. Fuji, Shrines & Stunning ViewsJoin Ronan on Port2Port as he explores Shimizu, Japan on Celebrity Millennium! From the Fujisan Hongu Sengen Taisha Shrine, the Mt. Fuji World Heritage Centre, to the panoramic Nihondaira Observatory, this episode is packed with sightseeing, culture, and insider tips.Hear about all the Celebrity shore excursions in Shimizu, plus get a glimpse of onboard fun — drum performances, sail-out fireworks, private loyalty events, and a Broadway-style show.Whether you love history, nature, or scenic views, this episode gives you a complete picture of...
2025-11-1922 min
The Port 2 Port PodcastExploring Shimizu: Mt. Fuji, Shrines & Stunning ViewsJoin Ronan on Port2Port as he explores Shimizu, Japan on Celebrity Millennium! From the Fujisan Hongu Sengen Taisha Shrine, the Mt. Fuji World Heritage Centre, to the panoramic Nihondaira Observatory, this episode is packed with sightseeing, culture, and insider tips.Hear about all the Celebrity shore excursions in Shimizu, plus get a glimpse of onboard fun — drum performances, sail-out fireworks, private loyalty events, and a Broadway-style show.Whether you love history, nature, or scenic views, this episode gives you a complete picture of a perfect day in Ja...
2025-11-1922 min
The Port 2 Port PodcastFrom Tokyo to Yokohama: Embarkation Day on Celebrity MillenniumIn this episode of Port2Port, Ronan shares the full story of embarkation day — leaving his Tokyo hotel, taking a taxi down to Yokohama, navigating the baggage process, and stepping aboard Celebrity Millennium to begin a 12 night cruise around Japan.Expect plenty of practical tips along the way, from how to handle luggage and transfers to what to expect at Yokohama’s cruise terminal. Ronan also shares his first impressions of the ship, his cabin experience, and that unforgettable first sail-away from Yokohama Bay.Whether you’re planning your own Japanese cruise or just love hearing what it’s really...
2025-11-1225 min
The Port 2 Port PodcastFrom Tokyo to Yokohama: Embarkation Day on Celebrity MillenniumIn this episode of Port2Port, Ronan shares the full story of embarkation day — leaving his Tokyo hotel, taking a taxi down to Yokohama, navigating the baggage process, and stepping aboard Celebrity Millennium to begin a 12 night cruise around Japan.Expect plenty of practical tips along the way, from how to handle luggage and transfers to what to expect at Yokohama’s cruise terminal. Ronan also shares his first impressions of the ship, his cabin experience, and that unforgettable first sail-away from Yokohama Bay.Whether you’re planning your own Japanese cruise or just l...
2025-11-1225 minThe Port 2 Port PodcastExploring Tokyo: Shibuya Sky, Tokyo Tower & Pop CultureJoin Ronan on his last day in Tokyo as he explores some of the city’s most iconic spots. Stroll through Shibuya Crossing, take in the panoramic views from Shibuya Sky, and capture photos of the towering Tokyo Tower from Shiba Park.Pop culture fans will love visits to the Pokémon Center and Nintendo Store, while food lovers will enjoy discovering Tokyo’s vibrant food halls and local treats. Along the way, Ronan shares practical tips and reflections from this unforgettable day in Japan’s capital.Next week, he sets sail on 12 nights aboard the Celebrity Millennium, sharing all the hig...
2025-11-0525 min
The Port 2 Port PodcastExploring Tokyo: Shibuya Sky, Tokyo Tower & Pop CultureJoin Ronan on his last day in Tokyo as he explores some of the city’s most iconic spots. Stroll through Shibuya Crossing, take in the panoramic views from Shibuya Sky, and capture photos of the towering Tokyo Tower from Shiba Park.Pop culture fans will love visits to the Pokémon Center and Nintendo Store, while food lovers will enjoy discovering Tokyo’s vibrant food halls and local treats. Along the way, Ronan shares practical tips and reflections from this unforgettable day in Japan’s capital.Next week, he sets sail on 12 nights aboard the Cel...
2025-11-0525 min
The Port 2 Port PodcastBehind the Lens with Laura GrierJoin host Ronan Ryan for a powerful and inspiring conversation with Laura Grier — a world-traveling photographer, writer, and social entrepreneur who has worked in over 100 countries capturing the beauty and complexity of our world.From her early career with National Geographic to launching Andeana Hats, a social enterprise supporting female artisans in Peru, Laura shares her story, creative process, wildest travel moments, and advice for living a life full of purpose, passion, and adventure.🎒 Expect tales of resilience, cultural connection, creativity behind the camera, and how ethical travel can change lives.📸 Follow Laura Grier:
2025-05-0759 min
The Port 2 Port PodcastBehind the Lens with Laura GrierJoin host Ronan Ryan for a powerful and inspiring conversation with Laura Grier — a world-traveling photographer, writer, and social entrepreneur who has worked in over 100 countries capturing the beauty and complexity of our world.From her early career with National Geographic to launching Andeana Hats, a social enterprise supporting female artisans in Peru, Laura shares her story, creative process, wildest travel moments, and advice for living a life full of purpose, passion, and adventure.🎒 Expect tales of resilience, cultural connection, creativity behind the camera, and how ethical travel can change lives.📸 Follow Laura Grier:Instagram: @lauragriertravelWebsite: www.lauragri...
2025-05-0759 minBoxes and LinesThe IEX Options Episode – With John Palmer and Ivan BrownIn this special FILMED episode of Boxes and Lines (watch here!), Ronan and JR welcome John Palmer and Ivan Brown, who are leading IEX’s charge into the options market. They get into what makes options different from equities, explain the rise of 0DTE (zero-day-to-expiration) contracts, and talk about the unique risks market makers face in a quote-driven ecosystem. We share why now is the right time for IEX to launch an options exchange, how IEX’s Signal is designed to detect when the market is shifting and help protect against adverse selection, and what makes this effort more than...
2025-04-2434 minBoxes and LinesDid DeepSeek Kill the Nvidia Star? - Boxes And Lines LiteIt’s Boxes and Lines Lite, where we break down the biggest market stories in just 10–15 minutes. This time, we’re tackling the DeepSeek disruption—the surprise AI breakthrough out of China that sent Nvidia’s stock plunging, erased $600 billion in market value, and wiped nearly $100 billion from tech billionaires’ fortunes. Ronan and JR break down why markets reacted so dramatically, how DeepSeek’s low-cost, high-performance AI models are shaking up the industry, and whether this is just another dot-com-style overreaction or a real shift in the AI arms race.
2025-02-0512 minBoxes and LinesIt's Gonna Be Weird: Dave Nadig on 2025 Predictions for the Market Dave Nadig, veteran ETF expert and self-styled “financial futurist,” returns to Boxes and Lines to look into his crystal ball and let Ronan and JR know what he sees in the cards for finance in 2025. First things first: It’s going to be a deeply weird year, Nadig predicts (there’s a reason why a telepathy podcast recently topped the charts over Joe Rogan). Beyond that, Nadig predicts we are about to enter a “corpostate,” batten down the hatches of “fortress America” with tariffs galore and see the dawn of “Private Markets for Grandma.” He unpacked what all this means and more with th...
2025-01-1638 min
The Port 2 Port PodcastChristmas Special: Christmas Around the World🎙 "Christmas Around the World: Prague, Amsterdam, London, the Caribbean & New York" 🎄 In this special festive episode of Port2Port, join Ronan Ryan as he takes you on a magical journey to some of the world’s most incredible Christmas destinations. From the fairy-tale charm of Prague's snowy markets to Amsterdam’s twinkling canals during the Light Festival, the bustling streets of London’s Winter Wonderland, the sun-soaked Caribbean on a festive cruise, and the movie magic of New York City at Christmas—you’ll experience the holiday season in all its forms. Hear about ice skating under the Rockefeller Tree, sipping mulled w...
2024-12-2523 min
The Port 2 Port PodcastChristmas Special: Christmas Around the World🎙 "Christmas Around the World: Prague, Amsterdam, London, the Caribbean & New York" 🎄
In this special festive episode of Port2Port, join Ronan Ryan as he takes you on a magical journey to some of the world’s most incredible Christmas destinations. From the fairy-tale charm of Prague's snowy markets to Amsterdam’s twinkling canals during the Light Festival, the bustling streets of London’s Winter Wonderland, the sun-soaked Caribbean on a festive cruise, and the movie magic of New York City at Christmas—you’ll experience the holiday season in all its forms.
Hear about ice skating under th...
2024-12-2523 minBoxes and LinesBoxes and Liners Calling: Your Questions, Our AnswersIn this special episode of Boxes and Lines, Ronan and JR are answering your questions. We’re airing listener voicemails and emails, taking on everything from the future of the SEC under new leadership to the feasibility of 24-hour trading. Along the way, we brainstorm replacements for Wall Street’s iconic bull, assemble the ultimate finance industry dinner guest list, and see right through a "mystery caller’s" thinly disguised voice. Tune in for lots of insights and enough banter to keep you questioning how this podcast ever won an award. Plus, find out how you can send us your q...
2024-12-1223 minThe Port 2 Port PodcastExploring Marrakech – A Colorful Adventure and Season FinaleIn this final episode of Season 1, join me, Ronan, as I take you on a vibrant journey through Marrakech. From exploring historic gems like Bahia Palace and Jardin Majorelle to indulging in rooftop dinners and an unforgettable cooking class, this episode is packed with tips, insights, and stories from our adventure in Morocco.
I also share some valuable advice for navigating scams, haggling for taxis, and making the most of Marrakech’s unique experiences—including a luxurious hammam and the bustling souks. Plus, I reveal my favorite dining spots, including the incredible L’midia restaurant that made our tr...
2024-11-2721 minBoxes and LinesGrandmaster of Her Domain: From the Chessboard to Wall Street with Rusa GoletianiIn this episode of Boxes and Lines, Ronan and JR sit down with Rusa Goletiani, a chess champion turned FX trader at BlackRock. Rusa shares her incredible journey from learning chess as a young girl in Georgia (the country, not the state!) to fleeing her war-torn homeland with nothing but her beloved chess notebook in the early ‘90s. Hear how chess helped her escape and thrive, how it influenced her career in finance, and why she believes decision-making under pressure is the secret cause for both chess and trading. Plus, you’ll get Rusa’s thoughts on her favorite pre-ga...
2024-11-2034 minThe Port 2 Port PodcastWest Caribbean CruiseIn this episode of Port2Port, Ronan takes you aboard the stunning MSC Seaside for an unforgettable Caribbean cruise in January 2018. From exploring vibrant Miami to visiting ports of call like Jamaica, Grand Cayman, Cozumel, and Nassau, each stop brings its own adventure. Highlights include climbing Dunn's River Falls, swimming with dolphins, and snorkeling in the crystal-clear waters of the Bahamas. But not everything went smoothly—tune in to hear about unexpected challenges like a mid-cruise illness and other travel hiccups. Whether you're an experienced cruiser or dreaming of your first voyage, this episode has plenty of insights and tr...
2024-10-3017 minThe Port 2 Port PodcastSailing the Arabian Gulf on MSC FantasiaJoin Ronan on this episode of Port2Port as he recounts an unforgettable seven-day cruise through the Arabian Gulf aboard the MSC Fantasia. From exploring the bustling streets of Dubai to dune-bashing and camel encounters in Abu Dhabi, and scenic coastlines in Khasab, this journey is packed with unique experiences and breathtaking views. Hear about cultural highlights, thrilling excursions, onboard activities, and all the wonders of the Arabian Gulf. Tune in for travel inspiration and cruise tips from one of the most exotic regions in the world.
2024-10-2324 minBoxes and LinesSteering a Sovereign Wealth Fund with Emil Framnes of Norges BankThe proceeds from Norway’s oil and gas industry have reached $1.7 trillion – so how do its leaders manage that wealth to its citizens’ benefit? Emil Framnes, Global Head of Equity Trading and Transition at Norges Bank Investment Management, talks with Ronan and JR about how the fund invests that wealth across the more than 40 countries he and his team oversee. (Fun fact: The value of the fund per Norwegian, Framnes says, is about $200,000.) The trio also touches on topics including lit vs. dark trading, Norges’ bank’s perspective on market structure reform and whether or not we should accept chocolate...
2024-10-0927 minThe Port 2 Port PodcastCruise Q and A with RonanJoin me this week when I answer some of your cruise questions that were submitted on Instagram or via email!
2024-10-0229 minThe Port 2 Port PodcastCaribbean Cruise AdventureJoin Ronan on Port2Port as he recounts his 10-night Caribbean cruise aboard the Enchanted Princess. From celebrating New Year's Eve at sea to exploring vibrant ports like San Juan, Tortola, Martinique, and St. Maarten, this episode takes you on a journey through sun-soaked beaches, tropical landscapes, and exciting island adventures. Perfect for cruise lovers and travel dreamers alike!
Instagram @port2portpodcast
Email: port2portpodcast@gmail.com
2024-09-2523 minBoxes and LinesThe Penny Stock Problem – Boxes and Lines LiteIn this special, shorter “Boxes and Lines Lite” episode, Ronan and JR break down the ins and outs of penny stocks, also known as sub-dollar trading. From their speculative nature to the surprising number of these low-priced stocks trading on major exchanges, they explore why penny stocks are both risky and, at times, deceptive. With JR’s insider knowledge from his days at the SEC, they also touch on Virtu’s recent recommendations to the Commission on tightening the rules around penny stocks, including limiting insider dilution and cracking down on manipulation. Tune in for a whirlwind chat on trading...
2024-09-2400 minBoxes and LinesYouthquake! Ronan and JR Interview IEX’s Summer InternsJR and Ronan interview IEX interns Annie, Shay, Alex, and Rory from our class of Summer 2024 with a twist: the interns are also asking some questions. As the co-hosts get in the hot seat, we hear what kept Ronan and JR up at night early in their careers, as well as their advice for the interns as these budding pros build their career paths.
2024-09-1043 minBoxes and LinesThe Revolution Turns 25: Patrick Young on Markets, FinTech, and What’s NextIn this episode of Boxes and Lines, we’re joined by Patrick Young, trader, media pundit and author of late nineties fintech harbinger "Capital Market Revolution." Two decades after predicting the digitization of finance, Patrick reflects on how his forecasts have played out and what he got right, wrong, and how his lateral thinking has been both a blessing and a curse. Ronan and JR get his thoughts on AI handwringing, comparing it to the Y2K fears of the past, and explore how today’s technological anxieties and millennial solipsism might shape tomorrow’s markets. Patrick also shares insigh...
2024-08-2738 minBoxes and LinesWould 24/7 Trading Be a 24/7 Nightmare? Boxes and Lines Lite24/7 trading – it’s the topic JR and Ronan love to hate and, according to a recent wave of press this year covering Wall Street’s wariness to adopt it, they’re not alone. But does everyone need to get with the program? Many retail brokers, including Robinhood and Interactive Brokers, offer 24-hour trading on weekdays for US stocks, and start-up 24 Exchange, backed by Steve Cohen’s Point72 Ventures fund, is seeking SEC approval to launch the first always-on exchange. In this new short “Lite” episode with JR and Ronan, they break down the arguments for and against round-the-clock trading and weigh in...
2024-07-3010 minBoxes and LinesRun, Ronan, Run: With Olympians Eamonn Coghlan and Gerry O’ReillyBoxes and Lines is back from a summer break with new episodes, kicking off with this special edition featuring two legendary Irish Olympic runners, Eamonn Coghlan and Gerry O'Reilly. Running has been on Ronan Ryan’s mind lately, as he’s gearing up for a charity 10K race in November for GOAL, a global humanitarian organization, as part of the Great Ethiopian Run. As the chair of GOAL USA’s Board of Directors, Ronan will join 45,000 other runners in Africa’s largest road race to help GOAL address poverty, hunger, disease, and conflict in Ethiopia. Tune in to hear Ronan re...
2024-07-1617 minThe Port 2 Port PodcastCOMING ON JULY 17th!Welcome to the Port to Port Podcast, my name is Ronan, join me every Wednesday where I will share my thoughts and wisdom on cruising and the different ports and cities I've visited over the years. I will give advice and tips about food, drink, excursions and lots more.
You can email any questions to port2portpodcast@gmail.com or follow my Instagram @theport2portpodcast
2024-07-1403 minBoxes and LinesThe Better Halves of Boxes & Lines – with Nick Buzard and Kara RyanThis time, it’s personal. JR and Ronan’s spouses, Nick Buzard and Kara Ryan, join the show to discuss their kids, pets, their experiences navigating work-from-home life during COVID, and their advice for all newlyweds at IEX (and those listening!). For the final segment, the couples put their knowledge of each other to the test in a lightning round of the ‘Newlywed Game’ where the rules get quickly thrown out the window. Who comes out victorious? And will you still want to share chips and dip at a party with JR after you listen? Find out on this week’s B...
2024-05-2942 minBoxes and LinesTrading Plays: The Intersection of Market Structure and Sports Betting with Sporttrade’s Alex KaneIn this episode of Boxes and Lines, Ronan and JR chat with Alex Kane, CEO of sports betting exchange Sporttrade. He breaks down how Sporttrade incorporates features similar to traditional elements of trading and stands out from traditional sportsbooks by offering lower costs and more control to users. He also discusses the challenges of expanding the company amid the patchwork of U.S. gambling laws, as well as elements designed to protect consumers and Sporttrade’s more unique features like in-play betting. JR goes full “Godfather” and asks about horse heads in beds and kneecapping. We’re going to make you...
2024-05-1643 minBoxes and LinesOur 100th Episode! The Century Club with IEX’s Marija Zivanovic-SmithJoin us for the 100th episode of "Boxes and Lines" as hosts Ronan Ryan and John Ramsay celebrate this milestone with IEX’s Chief Marketing and Communications Officer, Marija Zivanovic-Smith. In this special edition, we venture down memory lane with live reactions to memorable clips from the past five years. We’ve highlighted all the best moments, from early technical glitches to the time Ronan mistakenly called a guest by the wrong name for several minutes, and the playful squabbles between our hosts that fans know are really just one big thinly veiled lovefest. Cheers to 100 episodes and 100 more. Than...
2024-04-2335 minBoxes and LinesGoing the Distance with the vanguard of Vanguard, Gerry O’ReillyThe “vanguard of Vanguard,” Gerry O’Reilly, stops by to chat with Ronan and JR to discuss the Vanguard Total Stock Market Index Fund ($1.6 trillion in AUM), his 30 years at the firm, and how the industry has evolved during his tenure. The three also touch on the proposed updates to Reg NMS by the SEC, AI, and cryptocurrency in a broad-ranging hot topics segment. Not to bury the lede, but Gerry also makes Boxes and Lines history as our first guest who is a former Olympian and talks about his experience representing Ireland in the men’s 1500 meters at the 1988...
2024-04-0931 minBoxes and LinesReverse Pivoting Your Pivot with Larry TabbThe man, the myth, the legend - market structure expert Larry Tabb joins Ronan and JR to talk shop about crypto, AI, and hot-button topics including access fees, tick increments, and the SEC's regulatory direction. They also discuss the challenges of moving to T+1 settlement and whether sub-dollar trading is a “scam.” It’s a must-listen episode for the true market structure (and carpentry) wonks out there. Hit play and pull up a chair at the Larry Tabb table. Recorded February 1, 2024.
2024-03-1841 minBoxes and LinesBehind the Scenes of the U.S. Treasury Market with Ellen Correia GolayThis week, Ronan and JR are joined by Ellen Correia Golay, a Treasury markets advisor at the New York Federal Reserve Bank and an expert in U.S. Treasury market structure and fixed income. Ellen dispels the gold heist myths of Die Hard 3, takes a closer look at all-to-all trading in Treasury markets, and discusses the SEC’s recent adoption of rules that could require principal trading firms to register as dealers. Recorded February 7, 2024.
2024-03-0438 minBoxes and LinesNonplussed and In Terrorem: Chris Ekimoff and Kurt Wolfe of ‘inSecurities’ Talk Forensic Accounting, Crypto Regulation, and the Future of Bot LawsuitsRonan and JR welcome back Chris Ekimoff and Kurt Wolfe, co-hosts of the 'inSecurities' podcast, to talk shop about the latest in securities regulation. With Chris's forensic accounting expertise and Kurt's background in law and SEC enforcement, they discuss the SEC's cautious stance on predictive analysis, industry reactions, and the effects of what some call the SEC’s 'regulation by enforcement' approach in the crypto space. Later in the show, they discuss how lawyers can protect their mental health in an industry where 24/7 work and availability is the norm, as well as the financial advice they’d give to thei...
2024-02-2642 minBoxes and LinesNeal Freyman & Toby Howell on Crafting the Morning Brew ExperienceJoin us for a special episode of Boxes and Lines, featuring Neal Freyman and Toby Howell of the wildly popular newsletter, the Morning Brew. Listen as JR and Ronan learn how they’ve helped re-shape business news, making it digestible for millennials and Gen Z - or should we say, Zillennials - from its humble beginnings as a cheat-sheet at the University of Michigan to becoming a digital media powerhouse under Business Insider. Neal and Toby discuss the changing habits of media consumption, the craft of simplifying complicated or niche business and financial news, and the time Toby accidentally pur...
2024-02-0545 minBoxes and LinesNavigating the Future of Finance with ETF Visionary Dave Nadig: Predictions for 2024Join Ronan and JR as they kick off 2024 with Dave Nadig, a “Financial Futurist” for ETF Trends and ETF Database, and an all-around expert in the ETF industry. In this episode, Dave shares his predictions for the year, discussing the election's impact on investments, the prospects of ESG and clean energy, the implications of SEC-approved Bitcoin ETFs, challenges in active ETFs, insights on Cathie Wood’s ARK in 2023, and the role of AI in finance. Get out your crystal balls out and compare your notes on what lies ahead with Dave on this special episode. Recorded January 9, 2024.
2024-01-2235 minBoxes and LinesAI Who? It’s All About Market Microstructure with Shelley Eleby of BMO Capital MarketsShelley Eleby, Managing Director and Head of Marketing for Electronic Trading at BMO Capital Markets, joins Ronan and JR to talk strategy and the key to strong branding in an era of shrinking screen sizes and attention spans. An industry veteran, Eleby discusses her wariness of AI and the “shiny penny” effect it seems to be having across all aspects of business, including finance. Eleby and BMO’s focus is, instead, on market microstructure, an area where the company is experimenting to understand how new trading tactics play out in real markets. She reflects on her career journey, the role o...
2024-01-0932 minBoxes and Lines“What I Saw, I Didn’t Like:” The Low Down on Share Buybacks with Michael SeigneRonan and JR are joined this week by Michael Seigne, a finance industry veteran with extensive experience in equity execution, and the founder of Candor Partners Limited. Listen as Michael breaks down the intricacies of corporate share buybacks and how these hotly debated practices influence shareholder value and corporate governance for public companies. Recorded November 16, 2023.
2023-11-2146 minBoxes and LinesFrom the Archives: The Stock Market’s Morning Routine with Ramon Gonzalez of IEX ExchangeWhile 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 to move into the cloud. Recorded January 31, 2022.
2023-10-2438 minBoxes and LinesTrading Tales with STA’s Jim Toes: Bitcoin ETFs, Round-the-Clock Trading, and the SEC’s Market Structure ProposalsJim Toes, President and CEO of the Securities Traders Association and a leading voice in market structure, joins Ronan and JR on the pod this week. Jim gives the guys a sneak peek of what's on the docket for STA’s 90th Annual Market Structure Conference, and also discusses the rise of stablecoins and Bitcoin ETFs, his thoughts on the SEC's proposed market structure reforms, the implications of a 24-hour trading day, and the greatest moment in the Big Short. Recorded October 3, 2023.
2023-10-1032 minBoxes and LinesSub-penny for your thoughts? Jefferies’ Anna Kurzrok on the Future of Market Structure ReformAnna Kurzrok, managing director of market structure at Jefferies, joins Ronan and JR to dive into the nuts and bolts of U.S. equities market structure. They chat about what the SEC's market structure proposals will mean for the big institutional players and everyday traders, the trajectory of AI in trading, the fragmentation of trading venues, and what's going on with off-exchange trading. Recorded August 29, 2023.
2023-09-2643 minBoxes and LinesBarry Ritholtz On Poking Holes in the Financial Status Quo, The Myths of Inflation, and Having the Patience to Get Rich SlowlyBarry Ritholtz, CIO of Ritholtz Wealth Management, and host of the popular Bloomberg podcast “Masters In Business,” joins JR and Ronan to discuss lessons learned from the 2008 financial crisis, misconceptions about inflation, and how the best way to gain experience is through not getting what you want. Tune in for a deep dive into the financial markets with Barry, who reveals how his background in behavioral finance and his fearless approach when launching his blog, the “Big Picture,” earned him the reputation as “one of the most dangerous people in financial media.” Recorded August 8th, 2023.
2023-09-1255 minBoxes and LinesThe Kids Are Alright: A Conversation with IEX’s Summer 2023 InternsJR and Ronan are joined by Giancarlo, Annabelle, and Dennis - three of IEX’s 2023 summer interns - for this special episode about the aspirations of America’s upcoming workforce. Though Gen Z had to navigate remote schooling during Covid, grappling with global warming, and witnessing seemingly constant political and economic shifts, this episode reveals that what’s on their mind might resonate more closely with previous generations than one might think. Recorded August 8th, 2023.
2023-08-3036 minBoxes and LinesInvesting in Gender Diversity with Katherine Jollon Colsher of Girls Who InvestWhat needs to change about the finance industry in order to close the gender gap? What will the next generation of Wall Street leaders look like? How will Gen Zers shape workplace culture - and the finance industry? On the latest episode of Boxes and Lines, Ronan and JR are joined by Katherine Jollon Colsher, President and CEO of Girls Who Invest, to discuss the longstanding gender gap within the finance industry and how Girls Who Invest is providing young women access to resources and education programs in asset management. They also discuss the necessity of bringing diverse perspectives...
2023-08-0844 minBoxes and Lines“Dear Boxes and Lines” – Ronan and JR Answer Listener Mailbag QuestionsIt’s the debut of “Dear Boxes and Lines,” our listener mailbag series in which Ronan and JR are answering listeners’ most pressing questions. What would JR and Ronan change about market structure if they could wave their magic wands? What’s the hardest thing about operating a stock exchange? Who are their dream guests? (Elvis, we’ll figure out how to get your invite sent to the Great Graceland in the Sky). Hit play and get to know Ronan and JR outside the boxes and lines. Recorded July 12, 2023.
2023-07-2539 minBoxes and LinesGoing Green on Wall Street with Duncan Higgins of Sustainable TradingDuncan Higgins, founder of Sustainable Trading, joins Ronan and JR to discuss what it means to “trade sustainably.” They also touch on the environmental impact of data centers, the creation and implementation of best practices for firms (should employees be powering computers with stationary bikes?), and the global effects of changes in ESG legislation. Recorded June 21, 2023.
2023-07-0533 minBoxes and LinesFrom the Archives: Measuring the 15-Microsecond Dash with Professor Eric “Batch” BudishWe’re dipping into our archives for this episode of Boxes and Lines and revisiting our episode with Eric “Batch” Budish (nickname bestowed by us), the Paul G. McDermott Professor of Economics and Entrepreneurship at the University of Chicago Booth School of Business, whose groundbreaking paper, “The High Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response” has helped shape exchange design proposals in stock markets and futures markets. Featuring an updated intro from Ronan and JR. Original episode recorded July 28, 2021.
2023-06-2039 minBoxes and LinesMarket Structure Reform Unwrapped: What's Inside the Regulatory Box?Ronan and JR are joined by Eric Stockland and Joe Wald of BMO Capital Markets on our latest episode to discuss the recent proposed market reforms by the SEC. Listen as they navigate the intricate web of regulations and the potential impact these reforms could have on the stock market, investors and the future of financial markets. Recorded April 5, 2023.
2023-05-2440 minBoxes and LinesCommercial REITs, Corporate Finance, & Craigslist with Dana Petitto of BrookfieldOn the newest episode of Boxes and Lines, Ronan and JR chat with Dana Petitto, Managing Director of Brookfield Real Estate Group and CFO of Brookfield REIT. Dana discusses how she was able to strategically envision and implement growth in a functional way as her company’s portfolio has grown significantly during her 18-year tenure. The gang also talks about growing throughout the COVID-19 pandemic and how to navigate working from home while fostering an in-office culture. Dana describes her various roles in organizations that support women and mothers and the importance of providing support and networking opportunities for women in...
2023-05-1033 minBoxes and LinesBoxes + Lines LIVE from the Dispatch Studio!Allow us to introduce Dispatch, a digital commerce platform powered by Web3, and one of IEX’s portfolio of businesses. In this live interview at the Dispatch Studio pop-up (which took place during this year’s #NFTNYC), Ronan and JR talk to Byron Sorrells, CEO and Co-Founder of Dispatch, and Eugene Hu, Head of Global Partnerships at Ledger, about the fascinating intersection between blockchain “magic” and ecommerce, the current state of Web3 (and what it is, anyway), and the real-world uses cases it currently enables. Recorded April 12, 2023.
2023-04-2636 minBoxes and LinesStarting from Scratch with Armando Diaz of PureStreamRonan and JR are joined by Armando Diaz, CEO of institutional trading platform PureStream. Seeing a need for platforms that could better scale and be more efficient, Armando built PureStream from the bottom up with the hopes of making a difference in the industry. The group discusses what exactly goes into launching a venue, the biggest pain points in the world of institutional trading today - plus what's most exciting about it. Recorded on March 9, 2023.
2023-04-1140 minBoxes and LinesPoker and Wall Street with Aaron Brown of BloombergAaron Brown, Bloomberg columnist and former managing director and head of financial market research at AQR Capital Management joins Ronan and JR on this episode of Boxes + Lines to chat about the intersection of poker and finance. Aaron deals some great insights into the mind of a professional gambler and the kind of thinking that makes not just a successful poker player, but a successful trader as well. He shares tales from the secretive world of pro poker in the 80’s and bets on the future of AI trading. Recorded February 21, 2023.
2023-03-0731 minBoxes and LinesFrom Pythia to the Pyth Network with Steve Kaminsky of Jump CryptoSteve Kaminsky of Jump Crypto joins Ronan and JR on this episode of Boxes + Lines to break down The Pyth Network, an oracle that acts as a bridge between on-chain and off-chain applications to provide crypto values and other market data. The group discusses the value of using Pyth and the benefits that come along with contributing data to the network. We also hear about the latest crypto trends to keep an eye on. Recorded January 19, 2023.
2023-02-2130 minBoxes and LinesTicks of the Trade with Joe Saluzzi of Themis TradingOn the latest episode of Boxes + Lines, Ronan and JR welcome back Joe Saluzzi of Themis Trading. The group shares secrets to longevity that all founders can benefit from (staying relevant, for one!), as well as how to distill information for clients. They also discuss what goes into protecting client privacy, what changing tick sizes would mean for traders, and what would need to happen for institutional investors to get into crypto. Recorded October 05, 2022.
2023-02-0740 minBoxes and LinesHappy Holidays from the SECLast week the SEC unveiled the biggest proposed market reforms to U.S. market structure since Reg NMS was instituted in 2005, so Ronan and JR are unboxing each regulatory proposal just in time for the holidays. Rule 605, tick size, access fees, price transparency, retail auctions, best execution... with these proposals in the mix, it's going to be an exciting 2023. Recorded December 15, 2022.
2022-12-2036 minBoxes and LinesHappy Holidays from the SECLast week the SEC unveiled the biggest proposed market reforms to U.S. market structure since Reg NMS was instituted in 2005, so Ronan and JR are unboxing each regulatory proposal just in time for the holidays. Rule 605, tick size, access fees, price transparency, retail auctions, best execution... with these proposals in the mix, it's going to be an exciting 2023. Recorded December 15, 2022.
2022-12-2037 minBoxes and LinesTotal Eclipses and Test Automation Engineering with Eric "Stack" Quinlan of IEX ExchangeOn this episode of Boxes and Lines, Ronan and JR speak with IEXer Eric Quinlan, better known as Stack. Stack has been with IEX for nearly a decade and is currently the Senior Software Development Engineer in Test. They reminisce on how an impromptu coffee meeting turned into Stack’s unofficial-official job interview for IEX. They discuss developing and writing software to build testing tools for quality assurance and the human factors that need to be considered when creating software. We learn about the infamous Stacks Stumps that are always keeping fellow IEXers on their toes, and the unconventional hi...
2022-12-1238 minBoxes and LinesWhat’s historical data anyway? with Paul Humphrey and Dr. Elliot Banks of BMLLIt’s a new episode featuring guests from across the pond and bad impressions of their accents, guvnah! Ronan and JR sit down with Paul Humphrey and Dr. Elliot Banks of the UK-based historical data firm BMLL to find out what historical data really is, and how it helps us understand the behavior of markets in game-changing new ways. They also discuss BMLL’s unique access to insights, and the academic need for better financial data to help educate the next generation of quant talent. Recorded November 3, 2022.
2022-11-1400 minBoxes and LinesLaunching a New Institutional Equities Broker with Dan Aisen and Allison Bishop of Proof TradingOn this episode of Boxes and Lines, Ronan and JR chat with Daniel Aisen and Allison Bishop, founders of Proof Trading, a new institutional equities execution platform launched in 2021. They are also former IEXers! They talk about algorithmic trading, hot topics in market structure, and Proof’s unique approach to radical transparency. Recorded September 20, 2022.
2022-10-3138 minBoxes and LinesLet’s Talk Clearance and Settlement, with Ann Shuman of the DTCCOn this episode of Boxes and Lines, Ronan and JR talk to Ann Shuman, General Counsel of the DTCC (Depository Trust and Clearing Corporation) who previously served as the Deputy General Counsel of CME Group, the world's largest and most diverse derivatives marketplace. They talk about why the DTCC is critical and what its functions are, as well as different risks, settlements, and new rules in treasury clearing put forth by the SEC. Recorded on September 15, 2022.
2022-10-1735 minBoxes and LinesBanking in a Crypto Future with Laurence Latimer of DinaraLaurence Latimer joins Ronan and JR on this episode of Boxes + Lines as a former member of IEX the now CEO and Co-Founder of Dinara, an enterprise banking services solution that reimagines commercial banking services for the crypto economy. They discuss Dinara's core customer base and emphasis on customer experience. In addition, they cover the need for efficient exchange mechanisms during volatile times, the positives of crypto regulation and thoughts on the growth of stablecoins. Recorded August 9, 2022.
2022-10-0335 minBoxes and LinesBanking in a Crypto Future with Laurence Latimer of DinaraLaurence Latimer joins Ronan and JR on this episode of Boxes + Lines as a former member of IEX the now CEO and Co-Founder of Dinara, an enterprise banking services solution that reimagines commercial banking services for the crypto economy. They discuss Dinara's core customer base and emphasis on customer experience. In addition, they cover the need for efficient exchange mechanisms during volatile times, the positives of crypto regulation and thoughts on the growth of stablecoins. Recorded August 9, 2022.
2022-10-0335 minBoxes and LinesExclusive Episode with Special Guest… Nobody!This week, Ronan and JR are going solo (duo?) for our 68th episode. They’re in fine form, going back through the genesis of Boxes and Lines, the trials and tribulations of sound quality, and some of our most memorable guests and moment. Tune in for some classic JR and Ronan banter and then dig into the archives for more. Recorded September 8, 2022.
2022-09-1925 minBoxes and LinesNavigating Investor Relations in 2022 with John Nunziati of Q4On this episode of Boxes and Lines, Ronan and JR speak with IEX alum John Nunziati, who is now an Investor Relations Partner at Q4. They touch on the move toward the standardization of ESG reporting, existing SEC disclosure requirements, and the importance of planning for crisis scenarios. They also discuss how companies are thinking about expressing more controversial political or social stances in the current environment. Recorded July 18, 2022.
2022-08-2237 minBoxes and LinesHedging Commodities with Rich Counsell of StableOn this episode of Boxes and Lines, Ronan and JR chat with Eric ... er ... Rich Counsell, Founder and CEO of Stable and a former farm kid who didn't actually find his passion for agriculture until starting his finance career in commodities. Rich shares his insight on the commodities space and how his platform is tackling risk management for farmers and other businesses that are subject to volatile commodity prices. They also discuss the importance of timing in commodities risk management, the regulatory structure around Stable’s business, and communicating with customers on their own terms. Recorded June 30, 2022.
2022-08-0129 minBoxes and LinesMarket Structure North of the 49th with Doug Clark (TMX) and Peter Haynes (TD Securities)On this episode of Boxes and Lines, Ronan and JR speak with Doug Clark, Managing Director at TMX, and Peter Haynes, Managing Director at TD Securities – Canadians and friends since working together at TD in the early ’90s. Needless to say, they're experts on the Canadian market. They share their insight on Canadian market structure, how it compares to the U.S., and why you maybe shouldn't compare the two. They also have advice for anyone looking to grow in the industry and tell classic tales of trading floor pranks. Recorded June 27, 2022. Listen to more Boxes...
2022-07-1139 minBoxes and LinesLaunching a Stock Exchange with Paul Bauccio of IEXOn 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 Wall Street during 9/11, and shifting to a remote workforce during the pandemic. Listen to more Boxes and Lines episodes and learn more at https://exchange.iex.io/p...
2022-06-2737 minBoxes and LinesTrading the (Crypto) Future with Boris Ilyevsky of CoinbaseOn 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 https://exchange.iex.io/podcast/
2022-06-0631 minBoxes and LinesAn Industry Divided with Shane Swanson of Coalition GreenwichOn 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 priorities, as well as questions around how firms are assessing the blockchain and digital asset space. Recorded April 19, 2022.Listen to more Boxes and Lines episodes and learn more at https://exchange.iex.io...
2022-05-2333 minBoxes and LinesWeird Alliances, Competition, and Token Regulation with J.W. Verret of the Antonin Scalia Law SchoolOn 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 episodes at iexexchange.io/podcast.
2022-05-0935 minBoxes and LinesFrom Bogle to Bitcoin (ETFs) with Eric Balchunas of Bloomberg IntelligenceOn 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 history and prospects for Bitcoin ETFs, as well as Russia ETFs. Recorded April 7, 2022.
2022-04-2538 minBoxes and LinesExperiments, Tiers, and Calculated Risks with Eric Stockland of BMO Capital MarketsOn 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 taking calculated risks, rebate tiers, and prioritizing people over algorithms. Recorded March 24, 2022.
2022-04-1132 minBoxes and LinesVC and Web3 with Matt Harris of Bain Capital VenturesOn 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 you enjoyed Boxes and Lines, don't forget to subscribe, review and share! Learn more about IEX Exchange at https://iexexchange.ioContinue the c...
2022-03-1431 minBoxes and LinesThe Stock Market’s Morning Routine with Ramon Gonzalez of IEX ExchangeWhile 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 to move into the cloud. Recorded January 31, 2022.
2022-02-1436 minBoxes and LinesAre you there Instagram? It’s us, Wall Street with Ri Sharma (Founder, Wall Street Confessions) and Brian Hanly (CEO, Bullish Studio)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 and information today, and how the online and social media conversation has evolved. Recorded October 13, 2021.
2021-12-2048 minBoxes and LinesDeFi and Blockchain Finance with Dave Olsen of Jump Trading GroupDave 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.
2021-12-0638 minBoxes and LinesShareholder Stewardship with Amy Borrus of the Council of Institutional Investors“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
2021-11-2241 minBoxes and LinesEuropean Markets, Post Brexit with Niki Beattie of Market Structure PartnersNiki 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, and more. Recorded October 5, 2021.
2021-11-0835 minBoxes and LinesMeasuring the 15-Microsecond Dash with Professor Eric “Batch” Budish
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.
2021-08-1639 minBoxes and LinesBenchmarks and Baseball with John Cosenza of Goldman Sachs
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.
2021-07-2641 min