Max Lee

speaker

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

Max Lee’s voice in public audio — every appearance, attributed to the second.

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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

I would say three to fourfold.

Generally, you see a hundred lots on the bid ask, one tick wide, uh, and that kind of evolution.

And then again, it makes it harder for every subsequent strategy that comes out to really achieve any yield.

Because of that, then I think you're seeing sophistication move away an investment into groups like even like Biko's, where the importance of how you access the market is almost equal now to like what why you're accessing the market, whether that

that's in algorithmic form, you know, API connectivity, et cetera, you're starting to see

the the asset class and commodities in general start to feel a little bit more macro.

You can see like how people connect to WTI, potentially seeing about how they function with like the S P futures or how they may interact with, let's say, like the Euro USD spot market.

Honestly, yes.

I mean the answer is you go to a bank.

I mean, it it is hard, right?

I mean the asset class has especially because when you think about the fact that the underlier is a physical good and that physical good has implications across all sorts of consumers, right?

Where I do think

banks can be helpful is that we know we are built around this architecture of how do you provide liquidity.

And where in the commodity space, again, people try to gravitate towards is like where is the that opportunity exists.

Going back to that earlier comment was, you know, opportunity exists in inefficiency.

So how do you execute or find edge in things that maybe are less picked over, thinking about something very actually common today, there's a lot of ask of like how do people execute in some

the metal space in in Asia.

It's not a trivial thing to get set up.

So I think what you'll see is that either people outsource some of that and are willing to pay a fee for it, that connectivity, that operational footprint, that that regulatory satisfaction.

Um, you outsource that to large institutions that are able to sort of facilitate that across everything.

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