Terry Duffy on the CME's Big Push into Retail Trading
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Hello and welcome to another episode of the Oddlots Podcast. I'm Tracy Alloway.
And I'm Joe Weisenthal. Joe, we are here in Chicago. I love it here so much. I we don't come here enough.
I agree. Chicago is an amazing city. It's also just such an interesting city from a financial perspective. And it has that old school, you know, mercantile Midwest kind of feel.
Totally. I mean it's it's what's cool about Chicago, there are many cool things, but it obviously has the the history of trading and pits and You know, trading pigs and all that stuff. And it's still a city that's at the cutting edge of trading. And so it's pretty cool that like the history is like not just history. It's still when I think of capital T trading, I usually think of Chicago.
Absolutely. And one of the themes for our trip to Chicago this time is trading and the evolution of trading and also the retail revolution. That we're seeing. And on that note, we have some very interesting partnerships that have been developing between, I guess, old school exchanges and more, let's just say more retail oriented platforms. So
I think there's the the thing that I think is really interesting that's going on in uh financial markets, among many other things, is it seems like there's two different entities that are trying to cannibalize each other.
Yeah.
And w the way I think about it is you have these sort of legacy well, you have essentially these sort of Maybe like gambling oriented entities or what people think of as speculating, wanting to look more like legacy financial institutions. And you have legacy financial institutions that want to subsume the sort of high-speed trading, speculative gambling impulse of many young retail traders. And it's like, which one will swallow the other? Will it be that I trade on my sports app? Well, is it will I be trading? cotton futures on my sports app, or will the uh the opposite, will I be going to a traditional brokerage to place bets on a uh Raiders game? Or
That's a great way of putting it. I also have to say there's a little bit of an irony here 'cause a lot of the old school exchanges used to be criticized for enabling gambling in derivatives contracts, right? And now and now are considering sports betting as well. Doors are all
flung open.
It's it's all very confusing, but I have to say we have the perfect guest to talk about the cutting edge of trading and the retail revolution. We've had him on before. He was great. We're gonna be speaking with Terry Duffy, the chairman and CEO of CME. So Terry, thank you so much for coming back on All Thoughts.
Tracy, Joe, thank you very much for having me. Appreciate you being here in Chicago also.
Well, the last time we saw you two years ago, you said we were gonna be replaced by AI and that hasn't happened. So I'm very happy that we're back and talking to you in person. Do you have
a tape of that? Because I'm not so sure that's true. I got proof. I got the transcript. Oh, you have everybody remembers something, but let me see the proofs.
I'll send it to you after this. All right. Uh so one of the reasons we want to talk to you about retail trading specifically is because CME just announced this partnership with FanDuel where you're going to be offering these sort of event contracts. Walk us through exactly what the partnership entails.
Yeah, the partnership is really interesting from a whole host of reasons. I believe that. The market in general has changed and the evolution of the market has changed.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:01–14:54
2
What is the background and purpose of the CME’s partnership with FanDuel?
14:54–16:10
3
How will the new event contracts work and what products will be offered to retail traders?
16:10–38:56
4
What are the mechanics of pricing, liquidity provision, and clearing for these contracts?
38:56–59:44
Speakers
9 identifiedMore from Odd Lots
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