Shows
Waters WavelengthEpisode 319: Bloomberg IB chat and operational resiliencyTony and Shen discuss Bloomberg’s addition to IB chat, common threads in our Voice of the CTO series, and op resiliency.
Our Bloomberg story: https://www.waterstechnology.com/data-management/7952434/bloomberg%E2%80%99s-chatbots-streamline-external-data-sharing-otc-trading
Our Voice of the CTO series: https://www.waterstechnology.com/topics/voice-of-the-cto2025-05-3025 min
Waters WavelengthEpisode 298: GenAI in market data, and everything reference dataReb and Shen discuss Reb’s article about how generative AI will impact the market data industry and how that will also creep into the reference data space. Reb also details a market data framework by Substantive Research, the drama around reference data identifiers, and a preview of her next story.
https://www.waterstechnology.com/emerging-technologies/7952088/ai-set-to-overhaul-market-data-landscape-by-2029-new-study-finds?ref=header-search
https://www.waterstechnology.com/data-management/7951990/industry-seeks-to-avoid-future-clashes-over-data-costs
https://www.waterstechnology.com/data-management/7951982/new-working-group-to-create-open-framework-for-managing-rising-market-data-costs2024-12-0518 minWaters WavelengthWaters Wavelength Ep. 296: Questions about data qualityThis week, Tony and Shen discuss the first article from the Voice of the CDO series, as well as their thoughts on the Jake Paul v. Mike Tyson fight.
https://www.waterstechnology.com/data-management/7952103/chief-data-officers-must-get-it-done-but-differ-on-what-that-means2024-11-2124 minWaters WavelengthEpisode 288: Media’s changing landscapeHello, dear listener. It’s your favorite host, Wei-Shen, writing this. Let’s be honest. My co-host, Tony, and I have not given this podcast the love it deserves. We realize that and are looking to change and improve on it to give you a better listening experience with more episodes—and more importantly, more guests and analysis—on a regular basis.
To do that, we are committed to producing an episode Every.Single.Week from here on out. That’s with the exception of holidays, but we will inform you of that in advance.
Not only will we be featuring more gue...2024-09-2020 minWaters WavelengthEpisode 286: Deutsche Bank’s Boon-Hiong ChanThis week, Boon-Hiong Chan, Asia-Pacific head of securities and technology advocacy and industry applied innovation lead at Deutsche Bank, joins the podcast. They discuss the importance of blockchain interoperability and go into some methods and key requirements to achieve that.
https://www.waterstechnology.com/emerging-technologies/7951853/ace-high-or-busted-flush-digital-assets-mixed-fortunes-mirror-dlt-adversity
https://www.db.com/news/detail/20240607-deutsche-bank-collaborates-with-industry-partners-to-launch-paper-on-blockchain-interoperability?language_id=1
https://www.waterstechnology.com/emerging-technologies/7951849/deutsche-bank-works-on-standardized-protocols-for-asset-tokenization
7:00 – Boon joins the podcast and gives an overview of his current role
10:30 – They discuss why interoperability between different blockchains is important
16:30 – Interoperability can mean two things
18:30 – Boon explains the highlights from the whitepaper Deutsche Bank contributed to
22:30 – Centralized hub vs. bridge...2024-07-1238 minWaters WavelengthEpisode 282: Broadridge’s Joseph Lo on GPTsThis week, Joseph Lo, head of enterprise platforms at Broadridge, joins Wei-Shen on the podcast. They talk about Broadridge’s thinking behind BondGPT and OpsGPT, and some of the challenges firms face when experimenting with and using LLMs.
https://www.waterstechnology.com/emerging-technologies/7951726/broadridge-ceo-we-intend-to-be-a-leader-in-ai
To register for Nafis: https://www.financialinformationsummit.com/na?__hstc=38704124.d831b3a5059d7f6dad405472a82d7543.1685513017409.1713495877131.1713511796301.655&__hssc=38704124.46.1713511796301&__hsfp=2222243772
3:00 – Joseph joins the podcast and talks about his background and current role at Broadridge
6:00 – He walks through Broadridge’s GPTs and the thinking behind them
10:00 – Some of clients’ feedback
11:30 – OpsGPT’s value proposition
13:00 – Joseph explains how the GPTs were trai...2024-04-1936 minWaters WavelengthEpisode 278: Tim Baker on Cusip lawsuit, data copyrights, and innovation in market dataThis week, Expero’s managing director and financial services practice lead, Tim Baker, joins Reb on the podcast to discuss the ongoing Cusip case, the FCA’s wholesale market data study, and issues to do with copyrighting market data.
https://www.waterstechnology.com/regulation/7951301/the-cusip-lawsuit-a-love-story
5:00 – Tim joins the podcast and talks about his interest in the Cusip lawsuit
12:00 – They ponder why more plaintiffs haven’t joined the suit
15:00 – Tim discusses details on the alleged violation of sections 1 and 2 of the Sherman Antitrust Act
19:30 – The European Commission’s 2011 decision on concerns with S&P’s licensing of US Isins
26:30 – They discuss the FCA’s wholesale...2024-02-0949 minWaters WavelengthEpisode 277: BMO on market structureTony speaks with Joe Wald, managing director and head of electronic trading at BMO Capital Markets. But before that, Tony and Shen discuss their story about BlackRock’s mysterious “new” fixed-income tool, Aladdin Trader. Shen also talks about her recent trip to London. Skip ahead to 18:00 for the interview with Joe.
https://www.waterstechnology.com/trading-tech/7951509/what-is-aladdin-trader-blackrocks-fixed-income-tool-still-a-mystery
18:00 – Joe joins the podcast and walks us through his role at BMO
21:00 – They dive into the SEC’s market structure proposals, and the macro trend of systematic trading
27:00 – Joe summarizes the changes to market structure in the US since Reg NMS
30:00 – Joe discusses what he believes...2023-12-1241 minWaters WavelengthEpisode 276: Dos and don’ts for PR People, Part FourIt’s Thanksgiving in the US, so we decided it’s time to revisit some of the dos and don’ts for PR people. Then, they discuss how Reb is settling into her new city.
Here are Parts One (https://www.waterstechnology.com/management-strategy/2458851/waters-wavelength-podcast-episode-18-dos-and-donts-for-pr-people), Two (https://www.waterstechnology.com/management-strategy/2479553/waters-wavelength-podcast-episode-50-dos-and-donts-for-pr-people-part-two), and Three (https://www.waterstechnology.com/industry-issues-initiatives/3415496/waters-wavelength-podcast-episode-85-cybersecurity-dosdonts-for-prs).
And, here’s how to reach our London team:
Rebecca Natale: rebecca.natale@infopro-digital.com
Theo Normanton: theo.normanton@infopro-digital.com
Eliot Raman Jones: eliot.ramanjones@infopro-digital.com
Emma-Hillary Gould: emmahillary.gould@infopro-digital.com2023-11-2426 minWaters WavelengthEpisode 273: Navigating the buy vs. build debateThis week, Adaptive Financial Consulting’s co-founder and CEO, Matt Barrett, joins Theo on the podcast to discuss the buy versus build debate. Then, they look at what characteristics firms are after in a trading system.
https://www.greenwich.com/market-structure-technology/trading-technology-unveiled
https://www.waterstechnology.com/trading-tech/7951276/integration-looms-large-for-buy-side-firms-deciding-on-whether-to-buy-or-build
2:30 – Matt joins the podcast and details his journey to Adaptive.
5:00 – What do we mean by “buy vs. build”?
7:30 – Is there a pattern of buying, building, and then integrating? What are the pitfalls in that process?
13:30 – How the rise of cloud facilitates innovation.
14:30 – Matt discusses what firms look for in a new trading system.
19:30 –...2023-10-1323 minWaters WavelengthEpisode 271: David Hardoon dissects language modelsThis week, David Hardoon, group chief data and AI officer at Union Bank of the Philippines, joins Wei-Shen on the podcast to discuss language models and how they add that conversation layer to knowledge. They then unravel some of the terminologies around LLMs and the fundamentals of what firms are trying to achieve.
This episode is David’s second time on the podcast. He first came on to talk about challenges with AI and what operationalizing data and AI means. https://www.waterstechnology.com/data-management/7704916/wavelength-podcast-ep-218-david-hardoon-on-ais-unforeseen-challenges
2:30 – David joins the podcast and discusses how his role revolves around data.
5:30 – He gives...2023-09-0438 minWaters WavelengthEpisode 266: Virtual reality and the MetaverseThis week, Steve Moreton, global head of product management at CJC joins Tony on the podcast to explain why firms should start experimenting with virtual reality now, because VR’s capital markets adoption is not a question of if, but when. (Actually, it’s already here.)
To view Moreton’s Metaverse presentation at FISD Netherlands from earlier this year, click here. (https://www.youtube.com/watch?v=ACfLdPF0pVA&t=1135s&ab_channel=SIIA)
In 2017, WatersTechnology spoke with senior executives from Citigroup and Fidelity Investments about how they’re experimenting with virtual and augmented reality. For a blast from the past, cl...2023-06-1632 minWaters WavelengthEpisode 264: The London invasionThis week, Shen records the podcast at The Grapes, Limehouse, one of the oldest pubs in London. (Fun fact: Ian McKellen owns it.) She’s joined by Reb and Nyela, as well as Theo and Eliot, our newest reporters representing WatersTechnology in London.
It’s chaotic, extremely noisy (cause we’re at a bar, duhh), and Shen is greatly outnumbered by Gen-Zers. Dear listener, you have been warned.2023-05-0512 min
Waters WavelengthEpisode 257: DLT loses favorIt’s just Shen and Tony on this week’s podcast. To start, they chat about the upcoming Thanksgiving holiday in the US and Rebecca Natale’s undying love for Taylor Swift.
Then, they get into the nitty-gritty of the recent announcement by the Australian Securities Exchange (ASX) to scrap the replacement of its clearing and settlements system using distributed ledger technology (DLT), and the lessons capital markets firms can learn from this case.
Read: https://www.waterstechnology.com/emerging-technologies/7950308/waterswrap-asxs-chess-dlt-meets-calamitous-fate-what-can-be-learned2022-11-2333 minWaters WavelengthEpisode 255: WFIC and everything cloudThis week, Wei-Shen speaks with Josephine about her experience attending the World Financial Information Conference (WFic) in Prague in mid-October. She also recounts some of the engineering streams and panels that discussed challenges with delivering and consuming data on the cloud.
Do check out her story covering the cooperation between JP Morgan and Goldman Sachs. (https://www.waterstechnology.com/data-management/7950180/goldman-sachs-jp-morgan-join-forces-to-explore-market-data-in-the-cloud)2022-11-0413 min
Waters WavelengthEpisode 241: Big Tech and the capital marketsHappy Labor Day! This week on the podcast, Wei-Shen, and Tony discuss how Big Tech firms are eyeing more of the capital markets space and the roadblocks they may face. We talk about a recent column written by our very own Josephine Gallagher and some of the other Waters Wrap columns written by Tony.
https://www.waterstechnology.com/buy-side-technology/7835481/a-tale-of-two-titans-microsoft-vs-bloomberg
https://www.waterstechnology.com/topics/waters-wrap2021-09-0630 min
Waters WavelengthEpisode 236: Market data, ESG, and interoperabilityThis week, Wei-Shen and Tony give listeners an overview of our three heavy-hitters of the week.
https://www.waterstechnology.com/data-management/7842386/putting-the-green-in-green-data-rise-of-impact-investing-drives-esg-ma
https://www.waterstechnology.com/emerging-technologies/7841241/technical-difficulties-openfin-says-its-committed-to-fdc3-while-others-have-their-doubts
https://www.waterstechnology.com/data-management/7841696/one-step-closer-how-exchanges-are-seeking-tighter-relationships-with-clients
They start with Max Bowie’s ESG consolidation story first. Then they hit on Reb Natale’s piece on interoperability (Tony’s favorite topic) and OpenFin’s commitment to FDC3.
Then Shen gives a summary of the exchange data licenses story she and Joanna Wright wrote.2021-06-1127 minWaters WavelengthEpisode 233: Asian exchangesThis week, Keiren Harris, strategy-based market data consultant and the founder of DataCompliance, joins Wei-Shen on the podcast to discuss how exchanges in Asia are approaching their data business. Keiren also writes about market data issues on MarketData.Guru.
Also, next week from May 17 through to May 20, we have the WatersTechnology Innovation Exchange Data Insights Spotlight. Check out the agenda here. https://events.waterstechnology.com/innovation-exchange-data/agenda
5:00 Keiren joins the podcast, and they start with how things are literally heating up in Hong Kong.
7:00 He explains how exchanges are transitioning from providing raw data service to one where they’re ad...2021-05-1441 minWaters WavelengthEpisode 232: AI networking and virtual conferencesThis week, Annie Wu, senior conference producer at Infopro Digital (WatersTechnology’s owner), joins Wei-Shen on the Waters Wavelength Podcast. They talk about the switch from physical to virtual events, AI matching engines for networking, and the future of capital markets events. Annie also gives a preview of our upcoming events—WatersTechnology Innovation: Data Insights Spotlight and WatersTechnology Innovation Exchange: Business Strategy & Leadership Spotlight.
https://events.waterstechnology.com/innovation-exchange-data
https://events.waterstechnology.com/innovation-exchange-leadership2021-05-0324 min
Waters WavelengthEpisode 227: PanAgora Asset Management on ESGGeorge Mussalli, chief investment officer of equity investments at the firm, and Mike Chen, the firm’s director of portfolio management and sustainable investing, joined the Waters Wavelength Podcast to talk about a range of topics relating to ESG.
Innovation Exchange: Mike Chen will be a speaker at this year’s Innovation Exchange, a virtual conference that will be held from March 22-25. To listen to Chen’s panel discussion and others, you can register here: https://events.waterstechnology.com/innovation-exchange-tech/register-now?form_track=podcast
2:00 To start, George and Mike give background on PanAgora and the firm’s ultimate investment strategy...2021-02-1639 minWaters WavelengthEpisode 225: The 'GameStop' ControversyThis week, Wei-Shen and Tony speak with WatersTechnology’s new GameStop editor Rebecca Natale to get the skinny on the Reddit vs. Wall Street saga. WARNING: As noted at the start of the podcast, there are a fair number of curse words that are uncensored used throughout this episode. Please do not listen if you are offended by that kind of language, and for the love of God, wear headphones if you are in a public place listening to this, or are around children.2021-01-2840 minWaters WavelengthEpisode 223: IBM’s Likhit Wagle on Cloud AdoptionFor the last podcast of 2020 here at WatersTechnology, Wei-Shen speaks with Likhit Wagle, general manager of global banking at IBM, about how financial firms are approaching cloud and containerization technologies.
5:00 Likhit joins the podcast and opens by explaining how banks should approach their cloud strategies.
13:00 He then discusses IBM Cloud for Financial Services and how banks are currently migrating to the public cloud.
16:00 Next, they look at the challenges associated with a cloud architecture versus on-prem.
23:00 Then he examines optimal ways for firms to keep on top of their cloud expenditure.
30:00 From there, Wagle delves into the challenges and costs...2020-12-1748 minWaters WavelengthEpisode 222: Grasshopper’s John Lin on Using Tech for GoodThis week, John Lin, founder and now chairman of Grasshopper, a Singaporean prop-trading firm, joins Wei-Shen on the podcast. They talk about his experience as a trader, why he left, and the projects he’s working on now.
4:00 John joins the podcast and talks about travel challenges during the pandemic.
8:00 John talks about his experiences in the open outcry trading pits, building a company from the ground up, and what led him to step back from his day-to-day responsibilities.
15:30 When it comes to technology, John says change is a constant, and it’s a reason why banks have struggled to keep...2020-12-1149 minWaters WavelengthEpisode 215: Bill Murphy on Innovation & Technical DebtOn February 3, 2020, it was publically announced that Bill Murphy—Blackstone’s CTO for almost a decade—would be leaving the firm at the end of March. Bill rejoins the Wavelength podcast—for a record fifth time—to discuss some of the lessons he learned while working at the private equity giant, and the next phase of his career. (2:00-47:00) At the backend of the podcast, Wei-Shen and Tony discuss Refinitiv’s plans going forward after the launch of Workspace (47:30-end).
https://www.waterstechnology.com/data-management/7692821/of-refinitiv-and-old-rivalries
3:30 Bill discusses his decision to join Cresting Wave.
7:15 For those who have fared well during the p...2020-10-0958 minWaters WavelengthEpisode 214: BNY Mellon's Hans Brown on InnovationThis week on the podcast, Wei-Shen talks with Hans Brown, head of enterprise innovation and chief information officer for corporate technology at BNY Mellon. The two delve into the topic of innovation and what that word means today compared to pre-coronavirus. Before that, Tony highlights two big stories posted on WatersTechnology.com from the past: Refinitiv’s new Workspace platform and what this rollout means for Eikon and Thomson One, and a deep-dive into Bloomberg’s Financial Instrument Global Identifier (FIGI).
The interview begins at the 5:00 min mark.
https://www.waterstechnology.com/data-management/7689651/refinitiv-begins-move-away-from-eikon-thomson-one-with-debut-of-workspace
https://www.waterstechnology.com/data-management/7690251/bloombergs-figi-a-case-of-red-light-green-light2020-10-0241 minWaters WavelengthEpisode 213: Data Management in a Post-Covid WorldOnce again, Wei-Shen and Tony are poaching a panel from the inaugural WatersTechnology Innovation Exchange. This week, the conversation centers around data: lessons learned from the coronavirus pandemic; why banks are increasingly embracing the cloud; a look at whether or not disaster recovery will change after Covid; and our panelists wrap it up by looking into their crystal balls and predict one major trend that will develop in 2021.
Skip to the 5:00 mark if you don't want to hear about Tony's birthday weekend and just want intelligent conversation about data.
Michael Ruttledge, chief information officer and head of technology services, Citizens...2020-09-2549 minWaters WavelengthEpisode 212: AI Gains Traction on Wall StreetThis week, Wei-Shen and Tony step aside and turn the podcast over to a panel of AI experts. Last week, executives from Bank of America, Prudential, FactSet, and University College London were on a panel at the inaugural WatersTechnology Innovation Exchange. They talked about a range of topics pertaining to AI and machine learning, including issues around explainability, where banks struggle to implement AI, and the buy-v-build debate.
https://events.waterstechnology.com/innovation-exchange
Laura Hamilton, global head of treasury technology, Bank of America
Michael Natusch, global head of AI, Prudential
Emine Yilmaz, department of computer science, University College London (UCL)
...2020-09-1828 minWaters WavelengthEpisode 211: Using Behavioral AnalyticsThis week on the podcast, Clare Flynn Levy, founder and CEO at Essentia Analytics, joins to talk about her shift from the buy side to going “native”. Before that, Wei-Shen and Anthony talk about the WatersTechnology Innovation Exchange, which starts on September 9. To register for the three-week virtual event, use this link: https://events.waterstechnology.com/innovation-exchange/book-now
* Clare joins the podcast and explains the reason for starting Essentia Analytics and what it means to “go native”. (5:30)
* Using analytics to trust your gut, or let you know if your gut is wrong. (15:00)
* How can understanding behavioral biases help push active managers...2020-09-0943 minWaters WavelengthEpisode 209: Previewing the Innovation ExchangeThis week’s podcast is something of a preview for next month’s WatersTechnology Innovation Exchange. Tony, Wei-Shen, Max Bowie, and Joanna Wright got together for a Microsoft Teams video call to help promote the event, but the conversation was good (and long) so we decided to put the full thing up on the podcast. Max kicks things off talking about how banks might look to turn their office spaces into something of a WeWork for fintechs (8:30). Joanna has been writing a lot about ESG of late, both from a regulatory perspective, as well as looking at actual use cases, so s...2020-08-2255 minWaters WavelengthEpisode 208: The Battle Between Innovation & PracticalityThis week, Wei-Shen and Tony talk about a recent story published on WatersTechnology (link below) where tech execs from UBS, Deutsche Bank, Societe Generale, and Nomura discuss where they're directing their IT budgets (2:00). The gist is that so-called innovative moonshot projects are being put on the backburner...Tony and Shen take a contrarian view. Also, what happens if banks cut back on their metropolitan office footprints (15:30)? To wrap things up, Tony and Shen discuss what their own personal moonshoots are (20:00).
https://www.waterstechnology.com/management-strategy/7666226/moonshots-shelved-banks-spend-on-home-working-tech
https://www.waterstechnology.com/management-strategy/7552636/space-exploration-how-will-banks-handle-unwanted-costly-real-estate-post-covid2020-08-1423 minWaters WavelengthEpisode 207: Vaccine Tracking and Other Alt DatasetsThis week, Wei-Shen and Tony share their thoughts on new alternative datasets relating to the pandemic, and how investment firms are taking advantage of it.
2:00 – Tony talks about how he’s putting together the August issue of the WatersTechnology magazine, focused on our coronavirus coverage.
4:00 – They discuss Jo Gallagher’s story on vaccine tracking data as an alt dataset, and how it can signal potential “winners” to investment professionals. (https://www.waterstechnology.com/data-management/7660636/vaccine-tracking-data-the-next-big-alt-dataset)
8:30 – Advancements in NLP and sentiment analysis has helped give these new datasets a leg up.
10:00 – Tony talks about geolocation data is used to monitor foot traffic in and o...2020-08-0725 min
SmartStream OnlineWatersTechnology Asia Awards 2020 Winner's Interview: Radha Pillay, SmartStream TechnologiesVictor Anderson chats to Radha Pillay, head of Asia-Pacific at SmartStream, about his firm's win in the best reconciliation platform category at this year's WatersTech Asia Awards.SmartStream won the best reconciliation platform at this year’s inaugural WatersTechnology Asia Awards. Victor Anderson chats to Radha Pillay about a number of issues, including: How SmartStream maintains its position as one of the leaders in an increasingly competitive marketSmartStream’s clients’ reconciliations needs right now and whether they differ in the APAC region compared to the traditional financial strongholds of the WestThe key features and functions SmartStream is plan...2020-07-2310 min
Waters WavelengthEpisode 204: Nasdaq on Cloud StrategyThis week Nikolai Larbalestier, head of cloud strategy at Nasdaq, joins Tony on the podcast. They discuss cloud adoption, Nasdaq’s cloud data service, and the impact coronavirus has had on attitudes towards the cloud.
3:00 – Tony talks about his new weekly free-to-read roundup article published on Sundays. (https://www.waterstechnology.com/technology/7654121/the-race-to-the-cloud-and-more-on-name-changes-reg-reporting-covid-data)
6:00 – Nikolai joins Tony on the podcast. They talk Nasdaq’s multi-cloud strategy and running workloads in the cloud vs. on-premise.
13:30 – Nasdaq’s cloud data service is taking its core, real-time data to the cloud. Nikolai explains the latency profile of streaming data in the cloud.
23:00 – Not all exchange techn...2020-07-1641 minWaters WavelengthEpisode 202: Northern Trust’s Pete Cherecwich, Part 2This week, Pete Cherecwich, president of asset servicing at Northern Trust, joins the podcast to talk about how outsourcing has bled into the front-office, as well as how perception towards outsourcing has changed. The last time he joined the podcast, Pete spoke about the challenge firms face offering convenience while ensuring those services are secure.
https://www.waterstechnology.com/data-management/4250291/wavelength-podcast-episode-160-peter-cherecwich-of-northern-trust
4:00 – Tony and Wei-Shen briefly discuss the interview with Pete.
9:30 – Pete joins the podcast and explains how firms see value in outsourcing technology.
14:00 – There can be positive and negative ripple effects from outsourcing non-core functions.
17:30 – Pete says outsourced trading uptake i...2020-07-0140 minWaters WavelengthEpisode 201: Refinitiv Labs on Unstructured DataThis week Sanjna Parasrampuria, head of Refinitiv Labs in Asia, joins Wei-Shen on the podcast to talk about unstructured data and the new SentiMine product.
1:30 – Wei-Shen and Tony talk about Josephine's breaking story on Deutsche Börse exiting its regulatory reporting businesses.
https://www.waterstechnology.com/regulation/7564716/deutsche-boerse-to-exit-regulatory-reporting-business
6:00 – Sanjna joins Wei-Shen on the podcast and they discuss the work from home environment Sanjna has experienced at Refinitiv in Singapore.
10:00 – Unstructured data can be confusing. Sanjna explains that unstructured data could be categorized as anything that doesn’t fit into a generic excel spreadsheet.
20:00 – Then, Sanjna talks about being in a position to...2020-06-251h 02Waters WavelengthEpisode 199: Working Through Covid-19This week Marshall Saffer, vice president and head of Americas sales at Hazeltree, joins Tony on the podcast to talk about software development issues that have arisen since the start of coronavirus and controversies around Microsoft Excel.
2:30 – Wei-Shen and Tony discuss his recent article on the Stevens Institute of Technology, which is creating an artificial exchange aimed initially at the HFT crowd.
https://www.waterstechnology.com/trading-tools/7556791/stevens-institute-capco-lay-out-commercialization-efforts-for-new-artificial-exchange
9:30 – Marshall talks about his role at Hazeltree, which includes building out the sales organization around treasury management for buy-side firms. He then discusses some of the challenges of working remotely.
18:00 – Looking at softwa...2020-06-1235 minWaters WavelengthEpisode 198: DTCC’s Peve on DLTJennifer Peve, managing director of business innovation at the DTCC, joins to discuss two new projects the company is working on in the distributed ledger technology (DLT) space, and how the Trade Information Warehouse (TIW) replacement is coming along.
3:30 – Jennifer joins the podcast, and gives an overview of her role at DTCC.
6:00 – Next, she explains how the Project Ion and Project Whitney case studies came about.
https://www.waterstechnology.com/operations/7549201/dtcc-future-of-settlement-revamp-depends-on-industry-appetite
11:00 – Does the industry have an appetite for a full-fledged DLT revamp to optimize the settlement process in the public markets? What happens if the appetite isn’t there?
16:30 – What is th...2020-06-0533 minWaters WavelengthEpisode 196: Bloomberg’s Gerard Francis, Part 3This week, Gerard Francis, global head of enterprise data at Bloomberg, comes back on the podcast to talk with Tony about lessons learned during Covid, the acceleration of cloud usage, and making data more accessible. The last time he joined the podcast, Gerard spoke about the alternative data space. (https://www.waterstechnology.com/data-management/4275716/wavelength-podcast-episode-161-gerard-francis-of-bloomberg)
2:00 – Tony talks about his story on Trading Technologies' Echo Chamber and its goal of aggregating order flow on the TT platform. (https://www.waterstechnology.com/data-management/7548941/trading-technologies-unveils-new-futures-market-data-feed)
7:00 – Gerard joins the podcast. He and Tony start off talking about the experience of transitioning to a work...2020-05-2239 minWaters WavelengthEpisode 194: ITRS Group’s Warren on Capacity PlanningThis week, Guy Warren, CEO of ITRS Group, joins Wei-Shen on the podcast. They discuss the importance of capacity planning and some of the capacity issues clients have been facing as a result of higher volatility. He also sheds light on what the future will look like for application development in a crowded market.
3:00 - Off the recent earnings season, Wei-Shen and Tony discuss how the likes of Morgan Stanley, BlackRock, and StateStreet are now portraying themselves more as technology companies.
https://www.waterstechnology.com/technology/7531841/morgan-stanleys-katherine-wetmur-on-the-banks-tech-investment-covid-19-response
https://www.waterstechnology.com/operations/7538871/blackrock-onboards-8-aladdin-clients-remotely
14:30 - Guy joins the podcast, and gives an ove...2020-05-0748 min
Waters WavelengthEpisode 193: Refinitiv's John Walsh on Alt DataThis week, John Walsh, director of strategy and innovation at Refinitiv joins the podcast. Along with Tony, he discusses the regulatory challenges surrounding alternative data as well as the potential for implementation of alternative data in light of the coronavirus. He recently produced a research report titled A New Dimension of Data.
https://www.refinitiv.com/en/media-center/press-releases/2020/april/refinitiv-report-on-alternative-data
1:00 – Wei-Shen and Anthony Malakian talk about the upcoming 200th podcast episode. They discuss the stories recently published on the website, including a story on the programming language, Cobol. (https://www.waterstechnology.com/technology/7532056/on-cobol-and-legacy-systems-covid-19-turmoil-calls-for-change)
16:30 – John joins Tony on the p...2020-04-2948 minWaters WavelengthEpisode 192: Security and BCP Challenges in a PandemicThis week, George Ralph, managing director of RFA, a cloud and cybersecurity provider to the alternative investment sector, joins Wei-Shen on the podcast. He talks about some security challenges the Covid-19 situation has brought about, and how firms should be tackling them. Then, they discuss how the approach to BCP planning will change in the future, and some “quick fixes” firms can put in place to help prevent insider threats.
https://www.fsb.org/wp-content/uploads/P200420-1.pdf
1:30 – Tony and Wei-Shen delve into M&A activity in the ESG space, following Morningstar’s acquisition of SustainAnalytics. (https://www.waterstechnology.com/data...2020-04-2455 minWaters WavelengthEpisode 191: Vendor Due Diligence During the PandemicThis week, Richard Blore, CEO of KY3P, a company of IHS Markit, joins Tony on the podcast. They talk about the challenges of vendor due diligence, particularly during this tumultuous time. Then, they discuss some of the broader trends firms need to address, including automation, cyber resilience, and the possibility of some fintech startups running into cash flow issues.
3:30 – Wei-Shen and Tony talk about how machine learning models have performed leading up to the pandemic (https://www.waterstechnology.com/trading-tools/7524721/covid-19-tumult-tests-ai-fund-returns), and how this time is testing ground for these models, and also for emerging technologies.
11:30 – Richard joins the...2020-04-1642 minWaters WavelengthEpisode 190: Itiviti’s Gefen on Coronavirus Lessons and Bloomberg SSEOMS MigrationThis week on the podcast, Ofir Gefen, head of Asia-Pacific at Swedish trading and technology provider Itiviti, talks with Wei-Shen about some of the coronavirus lessons Itiviti in Asia has provided for its other office locations. Then, they talk about how Itiviti has been handling migration projects from those coming off the Bloomberg SSEOMS solution, which is ending in April 2021. (https://www.waterstechnology.com/trading-tools/4314076/itiviti-looks-to-capitalize-on-bloombergs-sseoms-exit)
1:30 – Wei-Shen and Tony talk about how the podcast will be a platform for thought leadership, and where firms can speak about their ongoing projects.
5:00 – Ofir joins the podcast and talks about his background and some...2020-04-0851 minWaters WavelengthEpisode 189: Coronavirus and the Asset Management LandscapeThis week, Wei-Shen and Tony talk about BlackRock chairman Larry Fink’s recent letter to shareholders. They then wonder if some roles may be at risk following the coronavirus development, and how technology could play a part. Later, they chat about enhancements being made to the podcast, WatersTechnology, and themselves.
3:00 – Wei-Shen and Tony talk about Larry Fink’s letter to shareholders and how he positions BlackRock will be adapting to the coronavirus situation.
5:00 – Are ETFs technology? They delve specifically into fixed-income ETFs and what BlackRock will focus on following this situation.
11:00 – What is the buy-side doing to catch up in their tech...2020-04-0343 minWaters WavelengthEpisode 188: OpenFin's Mazy Dar Talks InteroperabilityThis week, Mazy Dar, CEO and co-founder at OpenFin joins Wei-Shen on the podcast. First, they talk about how the developing coronavirus (Covid-19) situation impacts the workforce, and how OpenFin is communicating with clients. Then, they discuss financial institutions’ adoption of the Financial Desktop Connectivity (FDC3) standards, and what’s holding them back.
1:00 – Wei-Shen and Tony talk about industry-scale project delays, such as ASX’s CHESS replacement (https://www.waterstechnology.com/technology/7511931/asx-reconsiders-chess-replacement-timeline-as-coronavirus-bites), and also the delay of deadlines for the CAT (https://www.waterstechnology.com/regulation/7506926/industry-given-cat-relief-due-to-coronavirus), due to the coronavirus (Covid-19).
7:00 – Mazy joins the podcast and talks about the workin...2020-03-2650 minWaters WavelengthEpisode 186: NLP and Transformer ModelsThis week, Joanna Wright, our London editor, joins Wei-Shen on the podcast to talk about her feature on how transformer models are benefitting the field of natural language processing (NLP). Then, they talk about having fun at the workplace, and how companies can help provide a sense of fulfillment to their staff.
https://www.waterstechnology.com/technology/4870381/transforming-nlp-a-look-at-new-tools-being-used-by-banks
1:00 – Joanna shares why she thinks mobile phones are the worst thing to happen to our society in the past 20 years.
4:30 – Then, they talk about AI conversational agents (or chatbots) like Google’s Meena, and Mitsuku.
7.30 – They discuss why Google hasn’t released Meena to t...2020-03-1341 minWaters WavelengthEpisode 185: Gamers Tech and Data MiningThis week, Wei-Shen and Tony talk about two features recently published on the website. The first, written by Wei-Shen, is on how video game technology can be applied in the financial industry and some of the challenges there. The second feature is written by Rebecca Natale, our reporter based in New York, calling out data mining for what it is, and the importance of having a plan when dealing with alternative data.
https://www.waterstechnology.com/technology/4858766/game-on-can-the-video-game-industry-teach-banks-something-about-visualization
https://www.waterstechnology.com/data-management/4867276/data-mining-is-bullsht-an-examination
2:00 – Tony shares some of his thoughts on Bank of America’s approach to using gaming technology and...2020-03-0435 minWaters WavelengthEpisode 183: Transforming the WorkforceThis week, Tony and Wei-Shen talk about issues dealing with transforming the workforce while financial firms start to automate and digitize. They discuss some of the challenges firms face in upskilling existing staff. Later, they touch on the Coronavirus situation in Hong Kong.
1:30 – Wei-Shen and Tony start the podcast highlighting that registration for the North American Financial Information Summit 2020 (NAFIS) is now open. https://www.financialinformationsummit.com/na
3:30 – Then, they discuss Reb’s story (https://www.waterstechnology.com/management-strategy/4839456/the-retraining-conundrum-how-best-to-transform-a-workforce) on transforming the workforce. They address some challenges, both financial and non-financial firms facing in their efforts.
11:00 – Tony talks about how diff...2020-02-2037 minWaters WavelengthEpisode 182: Third-Party Resiliency and Regulatory PressureThis week, Tony and Wei-Shen talk about third-party resiliency and how interconnected systems are. They discuss how disruptive outages and vulnerabilities are to the industry and the implications on systemic risk.
https://www.waterstechnology.com/regulation/4818706/vendors-feel-heat-as-regulators-pile-pressure-on-third-party-resiliency
https://www.waterstechnology.com/regulation/4813941/google-exec-regulators-insisting-on-multi-cloud-for-financial-firms
https://www.waterstechnology.com/data-management/4515601/the-future-of-cloud-regulation-the-authorities-are-taking-notice
1:00 – Tony starts by talking about how new laws in Europe will require fintech firms to scrutinize their control frameworks to deal with system failures.
3:30 – The challenge of understanding third-party and fourth-party vendor relationships.
5:00 – They delve into the complexities of validating their relationships with third-party vendors, and beyond.
7:00 – This is where the fight be...2020-02-1428 minWaters WavelengthEpisode 181: M&A News; Limitations of AIThis week, Anthony is back on the podcast with Wei-Shen. They talk about the investment Swedish private equity firm EQT made in Rimes Technologies, as well as the two acquisitions the Chicago Board Options Exchange (Cboe) made this week. Then, they discuss some drawbacks of AI when looking at predicting market movements.
https://www.waterstechnology.com/management-strategy/4811986/rimes-wards-off-sale-speculation-with-investment-from-eqt
https://www.waterstechnology.com/management-strategy/4812921/cboe-buys-hanweck-and-ft-options-in-dual-acquisition
https://www.waterstechnology.com/technology/4798531/nomura-chief-warns-of-ais-limitations
1:00 – Tony joins the podcast to talk about this week’s acquisition and investment news, and issues with using AI as a predictability tool of market movements.
3:00 – Then, he cautions how M&A sp...2020-02-0643 min
Waters WavelengthEpisode 179: Deepfakes and the Capital MarketsThis week, Josephine Gallagher, UK senior reporter at WatersTechnology, joins Wei-Shen on the podcast. They talk about the feature Josephine wrote about the proliferation of deepfakes (https://www.waterstechnology.com/management-strategy/4780806/the-proliferation-of-fake-information), and what it could mean for the capital markets. As firms increasingly turn to new and unique alternative data sources such as sentiment scores, and web scraping, they need to ensure the data they plug into their systems is authentic.
1:00 – Josephine joins the podcast to talk about what interested her the most about deepfakes.
3:00 – Then, they discuss two well-known deepfakes and how it’s near impossible to spot signs...2020-01-2326 min
Waters WavelengthEpisode 178: MEMX’s CEO & COOThis week, Jonathan Kellner, chief executive officer, and Tom Fay, chief operating officer at the Members Exchange (MEMX), join Tony on the podcast. They talk about why there's a need for a new exchange in the US (https://www.waterstechnology.com/management-strategy/4082911/challenging-us-exchanges-will-be-uphill-battle-for-memx-experts-warn), the work that has gone into getting it off the ground, and what else needs to be in place before launching.
1:30 – Wei-Shen and Tony briefly highlight some of the stories new to the website this week, including a deep-dive into API security (https://www.waterstechnology.com/technology/4774536/apis-frontier-of-a-new-threat)and how the likes of UBS and BlackRock are loo...2020-01-1542 min
Waters WavelengthEpisode 177: Data Implications of 5G & IoTThis week, Wei-Shen and Tony discuss the increase in data that firms will see coming to market as a result of 5G networks and IoT-connected devices. They talk about how firms might tackle this, following on from the current challenge firms face with alternative datasets. Then, they discuss some of the concerns surrounding the rollout of 5G and what that means for the future of financial firms and people.
2:00 – To start, Tony gives an overview of his 5G and IoT story. (https://www.waterstechnology.com/technology/4743391/5g-iot-are-you-ready-for-the-data-deluge)
4:00 – They discuss the vast amount of data that will come to the market as a...2020-01-0830 min
Waters WavelengthEpisode 176: Data Hungry AI; Women in DataThis week, Wei-Shen and Tony talk about how firms experiment with AI and ML and how firms should be more specific when they talk about these techniques. Then, they discuss the issue of gender and industry working groups, and what that might mean for the future.
1:30 – First, they talk about Hamad Ali’s Wells Fargo story. (https://www.waterstechnology.com/data-management/4714551/wells-fargo-exec-banks-struggle-to-feed-hungry-ai)
7:00 – They discuss the need for failure when experimenting with machine learning.
15:30 – What’s the timeframe when it comes to implementation?
16:00 – Then they talk about the EDM Council’s formation of a Women in Data interest group
21:00 – What’s the ROI for these...2019-12-1834 min
Waters WavelengthEpisode 174: Waters USA PreviewPrior to today, there have been two hosts of the Waters Wavelength Podcast: Dan DeFrancesco and Anthony Malakian. Now, we have a third: Wei-Shen Wong! Anthony, aka, Tony, will still co-host, but Wei-Shen, aka, Shen, will run the show from here on out. Here's to new beginnings!
This week, Shen and Tony discuss Waters USA, which will be held on Dec. 2-3 at 1 Liberty Plaza Convene in Manhattan. They discuss digitization, new jobs in data, and the problem with polls painting a broad stroke.
https://events.waterstechnology.com/watersusa2019-12-0216 min
Waters WavelengthEpisode 170: A European Consolidated TapeThis week, Anthony and Josephine Gallagher, senior reporter for WatersTechnology, discuss the European consolidated tape and how it mirrors what we’re seeing in the US with the consolidated audit trail.
https://www.waterstechnology.com/trading-tools/4495891/platos-planned-platform-could-serve-as-precursor-to-european-consolidated-tape
https://www.waterstechnology.com/data-management/4520496/finra-cat-lays-out-security-plans
2:30 When the consolidated tape was first proposed, the idea was largely applauded.
5:00 No one wants to be responsible for building this thing.
7:15 There is some overlap with what we’re seeing with the consolidated audit trail (CAT).
10:00 A look at the next few deadlines/significant dates. (Brexit could throw this all off.)
17:00 Why it might make sense to h...2019-09-0531 min
Waters WavelengthEpisode 169: Wall Street Rides FAR for AutismAlison Singer, founder and president of the Autism Science Foundation, and Bryan Harkins, executive vice president at Cboe Global Markets, join the podcast (6:00) to discuss the Wall Street Rides FAR for Autism Research charity event, which was created by Bryan and his wife, Melissa. Alison and Bryan also talk about strides that have been made in the field of autism research and where more progress can be made. Before that, Anthony talks about plans for the podcast going forward and highlights some recent stories that might be of interest.
Wall Street Rides FAR for Autism Research
https://wallstreetridesfar.org/
Hundreds...2019-08-3023 min
Waters WavelengthEpisode 167: Keith Lubell on Libra, Big Tech & Prog. LanguagesThis week’s guest is Keith Lubell, CTO for Berkery Noyes, an M&A investment bank based out of midtown Manhattan. When it comes to talking innovation, Keith is one of my favorites to chat with. While fully invested in the day-to-day issues of technology, he always has an eye on new advancements and techniques. For this conversation, we look at Facebook’s Libra token and how regulators are setting their sights on the so-called Big Tech companies. We also delve into both newer and older programming languages, and how finance firms are using them. And he examines how semantic data...2019-07-3047 min
Waters WavelengthEpisode 164: Changes at WatersTechnologyAnthony Malakian and Jo Wright walk through some of the changes that have taken place at WatersTechnology and what it will mean for the podcast—all good things…we hope!2019-06-0712 min
Waters WavelengthEpisode 162: IEX on the Transaction Fee PilotThis week, John Ramsay, chief market policy officer of IEX Group, the parent of the Investors Exchange (IEX), talks about the US Securities and Exchange Commission’s (SEC’s) Transaction Fee Pilot and why his company is supporting the regulator’s efforts, even as the likes of the New York Stock Exchange, Nasdaq and Cboe Global Markets are taking the SEC to federal court over the proposal.
0:45 John Ramsay joins the show.
3:00 John delves into the thinking behind the Transaction Fee Pilot.
7:00 The big US stock exchanges are taking the SEC to federal court. John does not think their legal claim...2019-05-0326 min
Waters WavelengthEpisode 160: Pete Cherecwich of Northern TrustPete Cherecwich, president of Corporate & Institutional Services (C&IS) at Northern Trust, joins the podcast to examine the challenges that firms face today when trying to offer convenience through technological innovation, while also making sure that these services are secure—the old security-versus-convenience debate, but on an enterprise scale. Also, Bloomberg intends to exit two key businesses and WatersTechnology has a new reporter.
Pete Cherecwich
1:00 Pete joins the podcast
2:30 Security versus convenience
4:00 The problem with trying to monetize internal data
5:30 Navigating convenience and functionality
10:00 Changing the culture and organization
13:30 The problem with tech disintermediation
15:30 The blockchain question
18:30 Is an industry da...2019-04-0546 min
Waters WavelengthEpisode 159: Simon Hazlitt on Cloud ChallengesThis week, Simon Hazlitt calls in from London (11:00 min mark) to discuss where firms can get tripped up when migrating to the cloud. Hazlitt is the cofounder of Majede Asset Management. He retired from the firm at the end of 2016, but this year he decided to launch a cloud consulting business called Supl.
This conversation comes on the heels of a deep-dive feature written by Anthony (5:30). People are learning that moving to the public cloud is not as simple as flipping a switch. Anthony spoke with executives from Blackstone, Bank of America, Northern Trust, Trading Technologies, Numerix and more to...2019-03-3042 min
Waters WavelengthEpisode 158: Giancarlo's Swan Song; Crypto Madness; DTCC/ASX Blockchains; CAT UpdateThis week, Anthony and James discuss some of the biggest stories to come out of this year’s FIA Boca event, including Christopher Giancarlo’s thoughts on tech at the CFTC (5:00), the slow evolution of the crypto space (9:00), and the DTCC’s progress on its new blockchain-driven Trade Information Warehouse (12:45). Additionally, the CAT NMS committee has proposed yet another delay in the rollout of the Consolidated Audit Trail (CAT) and the Australian Securities Exchange is trying to get the industry excited for its still-to-be-launched CHESS-replacement blockchain (19:45). Then, at the end, Anthony and James jibber-jabber about how Democrats are positioning themselves for th...2019-03-2251 min
Waters WavelengthEpisode 156: Gil Mandelzis, CapitolisGil Mandelzis joins the podcast this week. Gil founded Traiana back in 2000 and eventually became CEO of EBS BrokerTec. In 2017 he cofounded another startup called Capitolis. He talks about the differences in the startup world today versus two decades ago and looks at some of the challenges facing the FX market. But before that, some news.
In the News:
1:00 The Members Exchange (MEMX) names Jonathan Kellner as its inaugural CEO. What might this mean for the startup?
https://www.waterstechnology.com/management-strategy/4177991/jonathan-kellner-to-lead-memx
READ: Challenging US Exchanges Will be Uphill Battle for MEMX, Experts Warn
https://www.waterstechnology.com/management-strategy/4082911...2019-03-0353 min
Waters WavelengthEpisode 155: Martin Boyd of FIS; A Look at the CATMartin Boyd, global head of FIS’s institutional and wholesale business unit, which represents the legacy SunGard suite of services, joins to discuss everything from fintechs to regulation to machine learning to cloud. Before that, though, Anthony and James provide their takeaway after writing extensively about the Consolidated Audit Trail (CAT).
CAT
2:15-18:00 Anthony and James look at the train wreck that is the Consolidated Audit Trail.
https://www.waterstechnology.com/regulation/4152906/cats-tale-how-thesys-the-sros-and-the-sec-mishandled-the-consolidated-audit-trail
https://www.waterstechnology.com/regulation/4166596/cats-future-still-cloudy-as-nms-committee-declines-to-name-new-processor
Martin Boyd
21:00 Martin Boyd joins the podcast and first looks at the state of the fintech community.
25:30 How does FIS try to i...2019-02-2244 min
Waters WavelengthEpisode 152: Initial Margin Rules; Investment TheoryFirst (1:00), the final phases of initial margin rules are expected to capture over the next two years more than 1,000 buy-side and sell-side firms, which technology providers see as potential customers—what are the tech challenges? Then (12:00), James discusses his profile of Robert and Richard Michaud of New Frontier Advisors and why it’s important for technologists to understand investment theory. Finally (22:00), Anthony and James ramble on about comedy and the 1st Amendment.
https://www.waterstechnology.com/technology/4103001/tech-releases-surge-ahead-of-initial-margin-deadlines
https://www.waterstechnology.com/management-strategy/4089301/rebel-math-robert-and-richard-michaud-new-frontier-advisors2019-01-2744 min
Waters WavelengthEpisode 151: Examining the MEMX AnnouncementAdam Sussman, head of market structure and liquidity partnerships for Liquidnet, joins the podcast to talk about the Members Exchange (MEMX), which is a proposed new venue for trading US stocks that is backed by a consortium of financial firms: Bank of America Merrill Lynch, Charles Schwab, Citadel Securities, E*Trade, Fidelity Investments, Morgan Stanley, UBS, TD Ameritrade, and Virtu Financial.
https://www.waterstechnology.com/management-strategy/4082911/challenging-us-exchanges-will-be-uphill-battle-for-memx-experts-warn
https://www.liquidnet.com/expert-insights/is-it-live-or-is-it-memx
2:00 Does the US need another equities venue?
5:00 Might this be a play by these firms to get the established trading venues to lower their fees?
10:00 There aren’t any...2019-01-1832 min
Waters WavelengthEpisode 150: Bill Murphy of Blackstone GroupThis week Bill Murphy, chief technology officer of Blackstone Group, joins to discuss his firm’s migration to the public cloud and what he views as being best practices for going to the cloud. This is Bill's fourth time on the show. Here are the links to his previous conversations.
https://www.waterstechnology.com/industry-issues-initiatives/3473326/waters-wavelength-podcast-episode-105-blackstones-bill-murphy-part-3
https://www.waterstechnology.com/trading-tools/3056376/waters-wavelength-podcast-episode-60-bill-murphy-blackstone-cto
https://www.waterstechnology.com/trading-tools/2461751/waters-wavelength-podcast-episode-22-blackstone-cto-bill-murphy
1:45 Where is Blackstone in its cloud migration journey?
4:30 Where is the industry as a whole when it comes to cloud adoption?
6:30 How can you “do the cloud wrong”?
8:00 As these...2019-01-0938 min
Waters WavelengthEpisode 149: The Biggest Stories from 2018Anthony and James discuss the trends that they think will dominate the headlines in 2019:
https://www.waterstechnology.com/data-management/4045791/the-best-longform-stories-of-2019
Artificial Intelligence (2:00)
Blockchain (3:00)
Back to AI (4:00)
Cloud (6:00)
Regulation (9:00)
Alternative Data (14:00)
Quantum Computing (16:45)
M&A (17:30)
Market Data Fees (22:00)
WatersTechnology (24:00)
The Best Longform Outside of WatersTechnology (28:00)
Trashed: Inside the Deadly World of Private Garbage Collection, Kiera Feldman (ProPublica)
https://www.propublica.org/article/trashed-inside-the-deadly-world-of-private-garbage-collection
Blood Will Tell, Pamela Colloff (ProPublica)
https://features.propublica.org/blood-spatter/mickey-bryan-murder-blood-spatter-forensic-evidence/
“I Killed Them All”, Jessica Garrison (Buzzfeed)
https://www.buzzfeednews.com/article/jessicagarrison/martinez-hitman-cartel-black-hand-mano-negra-contract-killer
Inside Palmer Luckey’s Bid to Build a Border Wall, Steven Levy (Wired...2018-12-2150 min
Waters WavelengthEpisode 148: A Deep Dive on APAC for 2019With James away in London, Wei-Shen Wong, Asia editor for WatersTechnology, calls in from Hong Kong to give her perspective on trends unfolding in the Asia-Pacific region. They talk about blockchain (3:15), cryptocurrencies and—separately—tokenization (14:15), various forms of artificial intelligence and automation efforts (20:00), the proliferation of cloud usage in the region (25:30), and the feud that unfolded between India and Singapore earlier this year and what’s ahead for the two nations (28:00). They wrap things up by admitting to their favorite Netflix shows that bring them shame (35:30) and Wei-Shen talks about some of the stories she’s working on for 2019 (48:30).
https://www.wate...2018-12-1450 min
Waters WavelengthEpisode 146: Waters USA Preview; Brexit DramaAfter a brief break, Anthony and James are back. This week they look ahead to Waters USA, the December issue of Waters, and Brexit.
1:00 Waters USA will be held on Monday, Dec. 3, at the Convene on W 46th Street in Manhattan. Anthony first looks at some of the highlights—cloud, artificial intelligence, alternative data, regulation, blockchain—for the all-day conference. If you are an end-user, this event is free to attend; vendors will have to pay a fee, but there will be tons of senior executives from end-user firms both in attendance and speaking.
Click here to register: http://events.wate...2018-11-2936 min
Waters WavelengthEpisode 144: Market Data Fees Fight & Crypto HypeThis week, Anthony and James first take a look at the fight brewing between the exchanges and the trading firms over market data fees, with the Securities and Exchange Commission (SEC) serving as the referee (2:00). Then they caution listeners about believing everything you read when it comes to crypto journalism (11:00). They wrap things up by talking about their favorite underrated movies of all-time (22:00).
https://www.waterstechnology.com/exchanges-trading-venues/exchange-data/3949191/the-exchange-data-fee-debate-trick-or-treat
https://www.politico.com/story/2018/11/01/sec-cryptocurrency-910135
https://www.waterstechnology.com/awards-rankings/3954271/buy-side-technology-awards-2018-all-the-winners2018-11-0327 min
Waters WavelengthEpisode 143: Rick Lane of Trading Technologies; Crypto; Alternative DataRick Lane, CEO of Trading Technologies, joins the podcast to discuss the challenges of completely shifting from a monolith, hard-install platform to a software-as-a-solution (SaaS) delivery basis. He also talks about Chicago’s burgeoning institutional crypto scene. But before that, Anthony and James hit on stories coming out of Sibos, as well as the alternative data space.
In the News
1:45 A quick look at this year’s Sibos event, which was held in Sydney. You can find our Sibos coverage here: https://www.waterstechnology.com/topics/sibos
4:30 A quick look at the alternative data marketplace after WatersTechnology published a 6,000-word exam...2018-10-2637 min
Waters WavelengthEpisode 142: AWS Talks Cloud Adoption in Capital MarketsThis week, Scott Mullins, worldwide financial services business development lead at Amazon Web Services (AWS), joins the podcast to discuss how capital markets firms are embracing public clouds, how they will look to differentiate themselves as costs come down while capacity increases, and how clouds can help in the evolution of artificial intelligence (AI) tools. But before that, Anthony and James look at how Orbital Insight will deploy a platform-as-a-service (PaaS) model and how Trading Technologies will launch an order management system (OMS) in 2019.
In the News
2:30 As Orbital Insight expands the number of retailers it tracks and adds geolocation...2018-10-1939 min
Waters WavelengthEpisode 141: Brexit and Blockchain and Data, Oh MyThis week, Anthony and James look at key themes that arose at several conferences from around the globe over the last two weeks: Brexit and how it will impact Mifid II, disillusionment with blockchain, and data quality challenges.
2:00 Shocking, there are major data challenges relating to Mifid II, according to the chairman of the Autorité des Marchés Financiers (AMF) Robert Ophéle. Get this: there’s a lot of regulatory arbitrage, the data quality being reported “leaves much to be desired” and they may need to enact “a number of legislative fixes.”
https://www.waterstechnology.com/reference-data-data-management/data-governance/3908211/financial-watchdog-mifid-ii-data-quality-difficult
10:30 Another shock...2018-10-1243 min
Waters WavelengthEpisode 138: Nasdaq-Cinnober Tie-up & 10 Years After Lehman's CollapseThis week, Anthony and James first look at Nasdaq’s $190 million bid for Cinnober Financial Technologies (1:00-9:30) and then they examine what Wall Street has learned in the 10 years since the collapse of Lehman Brothers (9:30-22:30). Contrary to some, they think that the industry has learned many lessons since September 2008. They wrap things up by taking a peek at New York University (NYU) offering a major in cryptocurrencies and blockchain technology and why that’s a sign of a larger problem (22:30-33:00).
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3863826/nadsdaq-makes-190-million-bid-for-cinnober2018-09-2133 min
Waters WavelengthEpisode 136: Blockchain Projects & Some PoliticsThis week Anthony and James dig into IHS Markit's new cloud-based TradeServ platform, which will eventually replace MarkitSERV's DSMatch platform, and host MarkitWire, Markit Trade Manager, among others. Since the rollout is also connected to the Depository Trust & Clearing Corp.'s (DTCC) new Trade Information Warehouse (TIW), which will be built using blockchain technology and is expected to be rolled out in 2019, they then take a look at blockchain projects in the industry, including some thoughts from Nasdaq. (2:00-13:30)
Finally, they close the show with a rant about the stupidity of the past week in politics. (14:00-end)
IHS Markit Overhaul: h...2018-09-0756 min
Waters WavelengthEpisode 134: All About ETFsThis week, Josephine Gallagher, European reporter for Waters, calls in from London to talk with Anthony about the exchange-traded funds (ETF) marketplace. After speaking with experts from Goldman Sachs Asset Management, Vanguard, State Street Global Advisors and more for her August feature, she explains how technology is playing a greater role in this space, how alternative data and robo advisors are changing the sector, and whether or not Bitcoin ETFs will become a reality in the near future (hint: probably not.) And, being that Josephine is from the Republic of Ireland, she explains Gaelic Athletic Association (GAA) sports like Gaelic...2018-08-2436 min
Waters WavelengthEpisode 131: More Bitcoin ETFs & More State Street-Charles RiverLast week, Anthony and James discussed the announcement that State Street was buying Charles River Development. Well, a week later, and after speaking with over a dozen industry sources, they are back to dig deeper into this significant acquisition (2:15). But first, they look at some recent developments in the bitcoin ETF space, which is a topic they broached two weeks ago. This time, though, they dig into a story written by Josephine Gallagher that quotes executives from Goldman Sachs and Vanguard to get the institutional side of the industry’s thoughts (16:00).
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3774631/questions-raised-on-state-street-and-charles-rivers-boston-wedding
https://www.wa...2018-07-2731 min
Waters WavelengthEpisode 130: State Street Buys Charles RiverBig news today, as it was announced that State Street is buying order management system (OMS) giant Charles River. Anthony and James give their initial thoughts, though a longer, well-reported feature will be coming next week. They also discuss the alternative data space and, specifically, climate change data.
1:30 Holy crap… State Street is buying Charles River for $2.6 billion.
4:00 What are some of the immediate concerns?
9:00 What will happen with the rest of the OMS space?
11:00 Climate change data—an inside look at how the likes of Man Group, UBS, Deutsche Bank, Axa Rosenberg and the European Bank of Reconstruction and Deve...2018-07-2033 min
Waters WavelengthEpisode 126: Brexit Fallout; the SGX-NSE Battle Continues; Cellphone Location DataOn the podcast this week, Anthony and James first look at recent Brexit developments and examine how tech providers—and, specifically, Approved Publication Arrangement (APA) operators—are dealing with the looming 2019 Brexit deadline (1:15). They then provide a quick update in the fight between the Singapore Exchange (SGX) and the National Stock Exchange of India (NSE) (8:30). They hit on an important Supreme Court decision involving fourth-amendment rights and cellphone data (13:45) before transitioning to Tuesday’s primary elections in the US (18:30). They wrap things up by looking at some of the early results from this year’s World Cup (29:15).
https://www.waterstechnology.com/risk...2018-06-2233 min
Waters WavelengthEpisode 124: Exchange Outages and Blockchain DevelopmentsThis week on the podcast, Anthony and James first look at the London Stock Exchange’s outage that resulted from “technical issues” with its auction system, and why the industry should expect more glitches—across the world—in the future. Then they turn their attention to both failed blockchain projects and projects that were announced last year that have actually gone fully live. They wrap the show up talking about the state of mainstream magazines (because we all know that Waters magazine is the finest magazine covering fintech in the world).
Outages
1:45 What happened at the LSE?
https://www.waterstechnology.com/exchan...2018-06-0834 min
Waters WavelengthEpisode 123: An Examination of the SGX-NSE Row and Esma Targets Reporting PlatformsOn the podcast, Wei-Shen Wong, Waters’ Asia editor, joins to discuss the dispute unfolding between the Singapore Exchange (SGX) and India’s National Stock Exchange (NSE) over index licensing.
Before that, though, Anthony and James look at how the European Securities and Markets Authority (Esma) has come down on reporting platforms, saying that the data they make available to the public is often not exactly in line with what the regulator wanted when it rewrote Europe’s trading rulebook.
Esma v Reporting Platforms
2:00 What is the problem that Esma is looking to address?
3:15 What is Esma asking reporting platforms to do?
4...2018-06-0129 min
Waters WavelengthEpisode 119: SS&C's Acquisition Plans; Data Privacy Concerns; A Look at the May FeaturesOn the podcast, Anthony and James examine the M&A space, specifically as it pertains to acquisition-hungry SS&C and its aborted bid for Fidessa. They also hit on all the features that have gone live in the last week and then have a discussion about data privacy and how much people are willing to give away.
0:00-4:30 Housekeeping notes and how to apply for this year’s Waters Rankings.
4:30 SS&C chief executive Bill Stone says the tech giant is still interested in making deals even after it declined to bid for Fidessa. But first, what’s going on with...2018-05-0442 min
Waters WavelengthEpisode 118: CAT Update, RTS 27 & 28 Concerns, Google Takes Aim at FinanceAnthony calls James from Raleigh, North Carolina, where he’s spending his vacation, to talk about happenings from the past week. Included is a look at both RTS 27 and RTS 28 in Europe, how exchanges are using AI to monitor their markets and how some are worried that so-called Big Tech providers like Google might start taking aim at the financial markets and squeeze out some of the more traditional players in the space. (See ‘The Lineup’ section below for more detail.)
Then, at the end, a special pullout from a recent webinar that provided something of a “State of the Union” f...2018-04-2821 min
Waters WavelengthEpisode 112: Examples As To How Fintechs Are Being DisruptiveAfter a bit of a lackluster performance last week (apologies), Anthony and James return with renewed vigor to discuss fintechs. We know, we know… you’ve heard this conversation before. Well, our hosts point to several news events to highlight what they believe is a true sea change in the fintech discussions. That goes on for about 36 minutes, and then they ramble about the Oscars. We do recommend the first 36 minutes.
1:30 Check out this profile of JPMorgan Asset & Wealth Management CIO Mike Urciuoli.
https://www.waterstechnology.com/people/3524061/hurricane-mike-urciuoli-storms-jpmorgan-awm
3:30 A quick look at the SEC handing out its first Reg SCI...2018-03-0948 min
Waters WavelengthEpisode 110: An Examination of the Temenos-Fidessa DealThis week it was announced that Temenos is set to buy Fidessa, in yet another major acquisition in the capital markets space during the first two months of 2018. Victor Anderson phones in from London to chat with James Rundle about the deal and what it might mean for M&A going forward into 2018. Victor—who has been covering this space for over 16 years—has some funny anecdotes about Fidessa employees, past and present.
2:45 Victor joins and explains why he’s not too surprised by this recent pairing.
5:30 Some examples of past successful acquisitions.
8:00 While Fidessa being bought isn’t surprising, what abo...2018-02-2343 min
Waters WavelengthEpisode 105: Blackstone's Bill Murphy, Part 3For the third time ever—a record!—private equity giant Blackstone’s chief technology officer Bill Murphy joins the podcast. Anthony and James joined him at Blackstone’s new offices in midtown Manhattan to hear about what went into building the space and the benefits gained. To listen to his two previous appearances on the podcast here:
https://www.waterstechnology.com/waters/opinion/2461751/waters-wavelength-podcast-episode-22-blackstone-cto-bill-murphy
and here:
https://www.waterstechnology.com/exchanges-trading-venues/3056376/waters-wavelength-podcast-episode-60-bill-murphy-blackstone-cto
1:00 In April, Blackstone’s innovations team moved into its new office on the 22nd Floor at 601 Lexington Avenue. Murphy explains the move and how they went about desi...2018-01-1932 min
Waters WavelengthEpisode 104: Regulators Struggle with AI; SS&C Snaps up DST SystemsOn the podcast, Anthony and James first examine how regulators and market participants are increasingly warning that the complexity of artificially-intelligent tools could hold hidden risk. The then look at SS&C Technologies’ acquisition of DST Systems and what it could hint at for M&A in 2018.
2:30 A discussion about how regulators should begin dealing with AI.
17:00 SS&C gobbles up DST Systems after buying DST Global Systems in 2014.
https://www.waterstechnology.com/trading-technologies-and-strategies/3469436/artificial-intelligence-from-winter-to-spring
https://www.waterstechnology.com/organization-management/alliances-mergers-acquisitions/3469306/ssc-technologies-acquires-dst-systems2018-01-1221 min
Waters WavelengthEpisode 102: The Best Longform Journalism from 2017Anthony and James go through their favorite pieces of longform journalism from 2017. These stories appeared in publications other than WatersTechnology.com. To read the best of Waters in 2017, you can read those here:
https://www.waterstechnology.com/people/3451351/2017-a-year-in-profiles
https://www.waterstechnology.com/industry-issues-initiatives/3464501/waters-wavelength-podcast-episode-101-the-top-10-stories-of-2017
https://www.waterstechnology.com/industry-issues-initiatives/3456881/best-of-2017-the-top-trends
Weinstein’s Complicity Machine
New York Times
https://www.nytimes.com/interactive/2017/12/05/us/harvey-weinstein-complicity.html?src=longreads
Harvey Weinstein’s Army of Spies
Ronan Farrow (New Yorker)
https://www.newyorker.com/news/news-desk/harvey-weinsteins-army-of-spies?src=longreads
London Bridge is Down
Sam Knight (The Guardian)
https://www.theg...2017-12-2745 min
Waters WavelengthEpisode 101: The Top 10 Stories of 2017Emilia David, US reporter for Waters, joins Anthony and James to look at the 10 biggest topics and the news stories built around these trends.
1:45 Before the list, an update on next year’s Women in Technology and Data Awards.
3:30 (10.) Market Structure: ECB to Examine Closer Target2 and T2S Integration
https://www.waterstechnology.com/operations/clearing-settlement/3427426/ecb-to-examine-closer-target2-and-t2s-integration
5:45 (9.) T+2: T2 Settlement Begins in US Markets
https://www.waterstechnology.com/industry-issues-initiatives/3419486/t2-settlement-begins-in-us-markets
9:00 (8.) Brexit: Tech Challenges Loom as Europe Eyes London’s Clearinghouses
https://www.waterstechnology.com/operations/clearing-settlement/3386981/tech-challenges-loom-as-europe-eyes-londons-clearinghouses
10:50 (7.) Cybersecurity: SEC Company Information Database Attacked
https://www.waterstechnology.com/orga...2017-12-2151 min
Waters WavelengthEpisode 96: CAT Concerns & Big Tech Takes Aim at Asset ManagersOn the podcast, Anthony and James talk about how the Consolidated Audit Trail (CAT) is facing pushback, but the US Securities and Exchange Commission (SEC) ain’t having it. They then turn their attention to the idea that big tech companies like Google and Apple could eventually challenge traditional asset managers for business. They wrap things up by giving their thoughts on the best albums to be released in 2017.
2:00 Industry Tight-Lipped on CAT Status as Deadline Hits
10:30 Big Tech May Take a Bite out of Asset Management
18:30 The Best Music of 2017
https://www.waterstechnology.com/exchanges-trading-venues/3447016/industry-tight-lipped-on-cat-status-as-deadline-hits
https://www.waterstechnology.co...2017-11-1625 min
Waters WavelengthEpisode 95: Bitcoin/Blockchain News, BNP's Acquisition, Post-Trade TechOn the podcast, Anthony and James look at four of the bigger stories from the past week before turning their attention to politics. Strap in.
1:45 A quick round-up of upcoming events
3:30 BNP Paribas Gets into 40 Act Business with Janus Henderson Deal
8:10 Chicago Catches Crypto Fever with Barrage of Bitcoin Developments
13:15 R3, SIA Partner for Faster Blockchain Deployment
14:45 IHS Markit Sets Sights on Post-Trade Derivatives Automation
18:15 Politics
https://www.waterstechnology.com/operations/clearing-settlement/3443751/ihs-markit-sets-sights-on-post-trade-derivatives-automation
https://www.waterstechnology.com/infrastructure-technologies/3443066/r3-sia-partner-for-faster-blockchain-deployment
https://www.waterstechnology.com/exchanges-trading-venues/3444861/chicago-catches-crypto-fever-with-barrage-of-bitcoin-developments
https://www.waterstechnology.com/trading-technologies-and-strategies/3445401/bnp-paribas-gets-into-40-act-business-with-janus-henderson-deal
https://www.waterstechnology.com/regulation-compliance/3429111/technology-takes-aim-at-post-trade-black-holes2017-11-1039 min
Waters WavelengthEpisode 94: The CME's Bitcoin Play & FSB Worries About AIOn the podcast, Anthony and James examine the CME’s entrance into the bitcoin space and then take a look at the Financial Stability Board’s (FSB) report that delves into artificial intelligence (AI). Anthony then waxes poetic about his beloved Houston Astros.
1:55 A quick preview of Waters USA in December.
3:05 CME plans to launch futures on bitcoin in Q4 2017.
13:10 The FSB put out a report expressing concern about the proliferation of AI in the capital markets.
22:00 The Houston Astros are World Series champions… and that means Anthony gets to run his mouth.
http://events.waterstechnology.com/watersusa
https://www.waters...2017-11-0329 min
Waters WavelengthEpisode 93: Recaps of Sibos Toronto, Risk USA & Sifma DCThis week on the podcast, Anthony and James look at the October conference scene, with recaps of Sibos in Toronto, Risk USA in New York, and Sifma in Washington DC. They wrap things up by looking at the World Series and the Yankees’ shocking decision to not re-sign Joe Girardi as manager.
2:00 James talks about Sibos and how the disruptors (fintechs) have been disrupted (by the banks).
4:15 James then gives his opinion as to whether or not it’s worthwhile to attend Sibos. (Sydney 2018!)
6:00 On to Risk USA, where—lo and behold—risk managers are learning about the importance of technolo...2017-10-2733 min
Waters WavelengthEpisode 88: CBOE's Bryan Harkins, SEC Hack, Esma ProposalBryan Harkins, head of US equities and global FX at the CBOE, joins the podcast to discuss how the merger with Bats Global Markets is going, some of the projects underway at the exchange, and how people can join the Wall Street Rides FAR bike tour, which will raise money for autism research. Then, James and Anthony discuss the recently announced hack at the Securities and Exchange Commission (SEC), the European Commission’s call to give the European Securities and Markets Authority (Esma) greater powers, and James’ love of sci-fi.
Bryan Harkins
2:00 Just over six months since the acquisition of Bats...2017-09-2240 min
Waters WavelengthEpisode 87: Disaster Recovery & Initial Margin RulesOn the podcast, Anthony and James first preview Waters’ first-ever fintech event, before discussing James’ trip to Chicago. Then they look at how phase-three firms are preparing to comply with Standard Initial Margin Model (SIMM) guidelines for the mandatory exchange of initial margin on non-cleared derivatives trades. Finally, they wrap things up by discussing all things European soccer.
1:00 A look at the inaugural London Fintech Innovation Summit and why you should care.
6:15 James talks about his trip to Chicago to cover the SS&C client conference: the hunt for talent, regulation, rebalancing and disaster recovery prove to be areas of inte...2017-09-1526 min
Waters Wavelength86: Nasdaq's Use of Machine Learning & T+2 UpdateOn the podcast, James first interviews Joakim Strid, head of European surveillance at Nasdaq, about how the exchange is incorporating machine learning into its surveillance program. They then discuss how AI is set to change surveillance as a whole in the years to come. After that interview, Emilia David, US reporter for Waters, joins James and Anthony to discuss how T+2 came about in the United States. Then finish things up by discussing must-watch TV for the fall now that Game of Thrones is over.
Nasdaq & Machine Learning
2:30 Joakim first talks about how Nasdaq is using machine learning to surveil...2017-09-0832 min
Waters WavelengthEpisode 73: The UK Election, Brexit & Fintechs; The Bloomberg Point-Port IntegrationOn this edition of the podcast, new co-host, James Rundle, joins Anthony Malakian to discuss Thursday’s UK general election and the effect it could have on the fintech sector in London and Europe. After that, Anthony chats with Sell-Side Technology deputy editor John Brazier to discuss the integration of Barclays’ Point IP into Bloomberg’s Port portfolio analytics platform.
The UK General Election
(0:00-3:10) First, Anthony introduces James—who has taken over as Waters’ news editor and deputy editor of Buy-Side Technology—and gives a reminder that voting on the Waters Rankings closes Friday, EOD.
(3:30) Speaking of votes, James gives a prim...2017-06-0733 min
Waters WavelengthEpisode 70: A Look at Liquidnet's Acquisition of OTASEarlier this week it was announced that Liquidnet had acquired OTAS Technologies, a vendor that had made its name in the analytics and artificial intelligence fields. To discuss what the deal means for users, as well as some of the broader trends in the market, Adam Sussman, head of market structure for Liquidnet, joins Anthony on the podcast.
(0:00-2:40) Some information about the Waters Rankings and next week’s North American Financial Information Summit.
(2:40) Adam joins via phone.
(3:30) Adam talks about how this deal will bring together Liquidnet’s Virtual High Touch trading platform with OTAS’s analytics platforms.
(4:35) How the pa...2017-05-1917 min