Boca Insights: “Retail is the new frontier”

March 19, 2024

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Top industry figures met in Boca last week for the International Futures Industry Conference. All heads of the leading global exchanges appeared on stage for the “The Exchange Landscape: The View from the Top” panel. Moderated by Sara Eisen from the CNBC, the panel included Thomas Book (Member of the Executive Board, Deutsche Boerse Group), Stephane Boujnah (CEO and Chairman of the Managing Board), Euronext, Terry Duffy (Chairman and Chief Executive Officer, CME Group), Adena Friedman (Chair and Chief Executive Officer, Nasdaq), and Jeff Sprecher (Chair & Chief Executive Officer, ICE).

The wide-ranging conversation covered political risk, innovative products and latest technology developments. Significantly, the conversation touched upon the trends of the younger generation of investors. Panellists highlighted how the fintech revolution, which had been taking place over a number of years, has broadened access to markets for retail participants. The advancement of technology has not only helped to bring this new group of investors into the markets, it has also helped them manage risk more successfully, and enabled them work with dealers that work with managed risk. 

As technology continues to advance, the difference between retail and institutional trading will become increasingly blurred. Bitcoin is a perfect example of being an asset class appealing to both retail and institutional investors. In addition, the advent of widespread access to AI will democratise access to information, levelling the knowledge playing field between those with less and more capital by enhancing opportunities and risk management for everyone. 

Overall, the panellists were largely positive about retail access. The development of more products will help people to better manage their risk out of any market, whether it’s futures, equities or any other asset class. Here, market operators should take on the role of educators, to help retail investors understand the risks involved. Ultimately, providing access to all investors is key in the step towards the democratisation of markets.

Regulated Exchanges and AI: What’s Behind the Hype

The topic of AI has been the subject of a number of panels at recent industry events attended by Exberry. We thought it would be helpful to provide a snapshot of some of the leading thinking on AI, particularly how it is predicted to affect regulated exchanges.

Key Insights from WFEClear 2024 Conference

A few weeks ago, along with my colleagues, I attended the WFEClear 2024 Conference in Madrid, which focused on clearing and derivatives. Many relevant topics were discussed in the well-attended event and, specifically, I noted the panel on “Practicalities of DLT and Clearing” explored advancements in distributed ledger technology and its potential intersection with central clearing.

Modernising Post-Trade Systems: A Journey, Not a Destination

Post-trade processing is an integral part of the financial services industry as it verifies the details of very often instantaneous transactions. Similar to shifts in the rest of the financial services industry, clearing and settlement firms are being influenced by the emphasis of real-time risk management and data-driven decision-making.

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