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