Waters Wavelength WatersTechnology

This 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 trained and the datasets involved
21:00 – Memory like your Netflix account
24:00 – Biggest challenges for firms experimenting with and using LLMs
29:30 – Incremental vs. transformative benefit
34:00 – They close out talking about ‘DJ Jo’

Joining Wei-Shen on the podcast this week is Val Wotton, managing director and general manager for Institutional Trade Processing at the DTCC. They talk about the time left to US T+1, the assessment of firms’ readiness, as well as the SEC’s rule on affirmation rates.

5:30 – Val joins the podcast and gives an overview of his role at the DTCC
7:00 – The T+1 finish line is in sight
9:00 – Val walks through the status of affirmations in the industry
12:30 – Investment managers have three options
16:00 – FX funding is another challenge
19:30 – The SEC’s targets, potential consequences, and focus on adhering
31:00 – Move to T+1 in Europe, the UK and Asia

This week, Daniel Liebau, founding chairman of Lightbulb Capital, a research and advisory firm related to blockchain, joins Wei-Shen on the podcast. They discuss decentralized finance technology, and also Dan’s DeFi 2034 paper, as well as some possible future scenarios for TradFi and DeFi.

https://www.linkedin.com/company/blockchain-scholars-podcast/?viewAsMember=true
https://link.springer.com/article/10.1007/s42521-023-00088-8#:~:text=Decentralized%20Finance%20(DeFi)%20is%20a,relying%20on%20traditional%20centralized%20intermediaries.
https://link.springer.com/article/10.1007/s11187-021-00539-9

2:30 – Dan joins the podcast and walks through his background and his company
6:30 – Dan gives a preview of the DeFi 2034 research paper he’s working on
9:30 – Common misunderstandings on how DeFi will impact TradFi
12:30 – Dan explains some of the tools he used to utilize the data for his paper
14:00 – Possible future scenarios for how DeFi will play out
22:30 – Sending analog signals into a digital world
31:00 – Changing mindsets on “better, faster, cheaper”
33:00 – Warming up to public blockchains
35:30 – Examples of DeFi experimentation in the capital markets

Ben Parker, CEO at regtech firm Eflow, joins Theo on the podcast. They talk about the regulatory landscape in Europe, including the Markets in Crypto Assets Regulation and the European Market Infrastructure Regulation Refit.

4:00 – Ben joins the podcast and gives an overview of his background and eFlow Global
6:00 – They cover the main items on the European regulatory calendar this year
7:30 – What will Mica cover?
11:00 – What roles does AI have to play in regulation?
16:00 – Overview of Emir refit
20:00 – Are firms compliant with the original Emir yet?
24:30 – Ben chats about what keeps him up at night

This 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 market data study
36:30 – Is there meaningful innovation in market and reference data?
39:00 – Figi’s place in the identifier space
45:00 – Tim says there’s a lot of complexity in the market that should be much simpler

Tony 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 to be the most controversial piece of the proposals
34:30 – Playing devil’s advocate for the changes the SEC is proposing
36:30 – How should firms work with third-party providers to prepare for these changes?
40:00 – How the 2024 US presidential elections may affect these proposals