Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be?

In our fourth episode, our host, Texture Capital CEO Richard Johnson, speaks with Vlad Khandros, Head of Corporate Development at Trumid. Vlad was previously Global Head of Market Structure at UBS after a stint as Global Co-Head of Corporate Strategy at Liquidnet, and has served on numerous Advisory Boards and Boards of Directors.

Here is a preview of what Vlad might focus on with his market structure magic wand:

"People tend to have strong views on what defines a protected quote, and forcing it on the whole market; what's the right benchmark, and forcing it on the whole market; what's the right trade size, and telling the whole market that they've got to then take it on. It doesn't work. It just doesn't work. Folks have different workflows, different benchmarks, different trading styles, different time horizons. To try to dictate that everyone use a single, specific way, is not the right way to go about it. ... Whether it's building out about a product, or thinking about policy changes, flexibility is actually key."

8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets.

Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)!

IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be?

In our third episode, our host, Texture Capital CEO Richard Johnson, speaks with Bill Harts, board member of ACTIV Financial. Bill was previously managing director and head of strategy for equities for Bank of America and CEO of the Modern Markets Initiative, an advocacy group for electronic trading.

Here is a preview of what Bill might focus on with his market structure magic wand:

"Institutional investors are increasingly unwilling to display their orders, knowing that they may not interact with this retail order flow, and that leads to fragmentation and other unwanted side effects… I would implement a "simple" change: Require off-exchange market makers to check the price on a non-affiliated market center before trading as principal. In that way, both retail and institutional investors get the best price."

8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets.

Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)!

IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Texture Capital presents 8 Minute Market Structure. In this series, we will ask capital markets luminaries one (simple, but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be?

In this episode, Texture CEO Richard Johnson speaks with Dave Cushing, Co-Founder and Senior Advisor at Pine Grove Capital LLC, advisor to Talos Trading and Clearpool Group, and former Senior Managing Director and Partner at Wellington. 

Here's a preview of Dave's POV: 

"You don’t want to overlook the benefits of electronic market making, [but] there are also some opportunities to bring a little more benefit to other market participants through market structure [...] There have certainly been some benefits by automating, and bringing liquidity to bear across competing market makers [...] but I also feel like there have been opportunities lost [...] Take one example: Retail Price Improvement is miniscule if you look at the reports [but] if you were running more of an auction-style market, there would be opportunities for retail flow to get exposed to that flow and potentially get a better price.”

8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets.

Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)!

IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Texture Capital presents 8 Minute Market Structure. In this series, we will ask capital markets luminaries one (simple, but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be?

In our inaugural episode, Texture CEO Richard Johnson speaks with Dave Lauer, CEO of Urvin AI and Independent Director of Aequitas NEO Exchange. Here's a preview of Dave's POV: What are the principles of market structure that we’re looking for? We’re looking for transparency; we’re looking to minimize complexity; we’re looking for smart, adaptive regulations; [we're looking for] open competition for order flow; and we’re looking to avoid inefficient economics through subsidization.

8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets.

Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)!

IMPORTANT DISCLOSURE: https://www.texture.capital/risks