Leland (Lee) Price

speaker

70 appearances 1 recordings 1 series first heard Jul 2026 last heard 10 Jul

Leland (Lee) Price’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Making Sense · What’s driving the systematic shift in commodities trading? · 10 Jul 2026 podcast

And there are several forces behind that.

Max, when you zoom out,

What have you observed in terms of the growth of systematic commodities in recent years, in terms of who's participating and and what are the key drivers behind that?

Right.

So it's not just more participation, but it's this shift in how risk is taken and managed.

So you'd be moving from concentrated specialization towards more quantitative portfolio style approaches.

And Biko

From your seat in quantitative trading at JP Morgan, as the systematic participation broadens in certain commodities markets, precious metals comes to mind, what is the impact you see most commonly?

Are there positives and negatives of of what we're seeing?

Makes sense.

If you acknowledge we have this shift taking place that's enabled by the advancement of trading technology, but you kinda have to counterbalance the complexity here.

And there are some challenges.

Max, we've established that, you know, rules-based approaches have started to expand and quantitative investment strategies or quant trading has been in demand.

And as firms seek to bring more sophistication, more efficiency to commodities trading

There are some patterns that it emerge in terms of how participants interact with the market.

As these changes take shape, are there things that are still distinctive about commodities when you compare it to other macro asset classes as an example?

You give some of the historical background, both from your own seat on the trading desk, but also how the markets evolved over time.

And you touch on the idea that the strategies themselves are becoming smarter.

And Biko, I want to kind of elaborate on that point.

When you look across systematic commodity activity today, are there behaviors your feel are most important to understand or where participants are choosing between listed or OTC?

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