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

Or you see that there is a concentration in some of the liquid space and people just accept that that's where they're going to be comfortable.

But I think overall what it does is that it is makes it exceptionally difficult from someone, I think from scratch to say, we are going to start a commodity systematic trading operation that can do everything.

You really kind of have to pick and choose what is the right balance of investment and infrastructure versus what is gonna be your return again, whether it's from your signaling, whether it's from your execution.

style like Pico was mentioning, but that fragmentation is something that comes as just a requirement, I'd say, of the asset class.

Sure.

I mean, I think sticking with that idea of sort of like fragmentation between what is the liquid macro space and then what is the call it microspace.

I I think in the former, you know, the both the short and long term objectives pretty much aligned to what you would see in other asset classes, especially like maybe like equities and you know, kind of FX probably being the most liquid version of FIC, you probably want to see Haydn participation from algo for

You want to see, you know, I think banks working around internalization, which is a is always a key theme that you're seeing not only

Just in the sell side, but even in the larger buy side firms.

And in general, I'd say you probably want to see some sort of like health of the market emerge.

I mean, going then a little bit further to like what is the challenge?

What you see is that a lot of algo and e frameworks are built again on a framework that would probably reference is again FX or equities.

The volatility in those asset classes just isn't the same, right?

And I think that that comes from not only just real.

Moves, but also bid ass explosions, gapping in the more microspace with areas that trade differently than like the WTI.

So thinking about either your cleared swaps or your more uh your power markets.

I think that the objectives there is just to see higher participation.

One of the things after the ERCOT freeze in twenty one is that again, people were interested in like the the potential of that volatility uh and how that could potentially benefit the

Portfolio, how that could provide opportunity.

And you start to see just incrementally more liquidity come in from some participant, whether it's funds, potentially, you know, banks get more involved through client activity.

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