8 Minute Insights

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our tenth episode, our host, Texture Capital CEO Richard Johnson, speaks with Curt Engler, former Head of Trading at JPMorgan Asset Management. Here is a preview of what Curt might focus on with his market structure magic wand: “Data shouldn't cost as much as it does.” “Trust is difficult to come by.” “Simplicity is the main thing to keep in mind in market structure.” 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our ninth episode, our host, Texture Capital CEO Richard Johnson, speaks with Dave Weisberger, co-founder of CoinRoutes. Here is a preview of what Dave might focus on with his market structure magic wand: "I would want a market structure that evolves without regulation forcing the market structure in a particular direction." "Today crypto is the most transparent marketplace in the world." 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our eighth episode, our host, Texture Capital CEO Richard Johnson, speaks with Hitesh Mittal, CEO of BestEx Research. Here is a preview of what Hitesh might focus on with his market structure magic wand: "The problem is in over-the-counter markets the network effects are very strong; the larger dealers get even larger and that drives away competition, hurting investors. And US equity markets are gravitating more to becoming more over-the-counter.” Watch this episode to hear Hitesh explain his idea to create a protected, *Retail NBBO*, which would level the playing field between wholesalers and exchanges. 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our seventh episode, our host, Texture Capital CEO Richard Johnson, speaks with Virginie O'Shea, Founder and CEO of Firebrand Research. Here is a preview of what Virginie might focus on with his market structure magic wand: "If there was one thing I would change, it's about being more open to collaboration and less competitive. A lot of issues around post trade infrastructure are that interoperability is not there, we have challenges because of proprietary standards… that cause nightmares for operations teams.” Listen today to hear Virginie and Richard discuss the example of T2 Securities in Europe, which was set up by the European Central Bank in response to the CSDs not collaborating. 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our sixth episode, our host, Texture Capital CEO Richard Johnson, speaks with Kevin McPartland, Here is a preview of what Kevin might focus on with his market structure magic wand: "If we were to start today I think one of the most important things would be to create a trading mechanism that allows the counter-parties to know each other, but still do that in an electronic way.” Listen to this episode to hear why Kevin thinks this could be “the best of both worlds between an RFQ where you have that bilateral understanding, and an order book where it is anonymous." 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our fifth episode, our host, Texture Capital CEO Richard Johnson, speaks with Michael Masone, Director & Head of North America Market Structure at Citi. Here is a preview of what Michael might focus on with his market structure magic wand: "Where are the inefficiencies in today's markets? One that is getting a ton of attention now is the scrutiny of how retail order flow is executed by a handful of market makers who pay for that order flow… what I think would really improve that overall is to allow for exchanges to quote in sub-pennies." 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our fourth episode, our host, Texture Capital CEO Richard Johnson, speaks with Vlad Khandros, Head of Corporate Development at Trumid. Vlad was previously Global Head of Market Structure at UBS after a stint as Global Co-Head of Corporate Strategy at Liquidnet, and has served on numerous Advisory Boards and Boards of Directors. Here is a preview of what Vlad might focus on with his market structure magic wand: "People tend to have strong views on what defines a protected quote, and forcing it on the whole market; what's the right benchmark, and forcing it on the whole market; what's the right trade size, and telling the whole market that they've got to then take it on. It doesn't work. It just doesn't work. Folks have different workflows, different benchmarks, different trading styles, different time horizons. To try to dictate that everyone use a single, specific way, is not the right way to go about it. ... Whether it's building out about a product, or thinking about policy changes, flexibility is actually key." 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Welcome to 8 Minute Market Structure, where we ask capital markets leaders and visionaries one simple (but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our third episode, our host, Texture Capital CEO Richard Johnson, speaks with Bill Harts, board member of ACTIV Financial. Bill was previously managing director and head of strategy for equities for Bank of America and CEO of the Modern Markets Initiative, an advocacy group for electronic trading. Here is a preview of what Bill might focus on with his market structure magic wand: "Institutional investors are increasingly unwilling to display their orders, knowing that they may not interact with this retail order flow, and that leads to fragmentation and other unwanted side effects… I would implement a "simple" change: Require off-exchange market makers to check the price on a non-affiliated market center before trading as principal. In that way, both retail and institutional investors get the best price." 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Texture Capital presents 8 Minute Market Structure. In this series, we will ask capital markets luminaries one (simple, but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In this episode, Texture CEO Richard Johnson speaks with Dave Cushing, Co-Founder and Senior Advisor at Pine Grove Capital LLC, advisor to Talos Trading and Clearpool Group, and former Senior Managing Director and Partner at Wellington. Here's a preview of Dave's POV: "You don't want to overlook the benefits of electronic market making, [but] there are also some opportunities to bring a little more benefit to other market participants through market structure [...] There have certainly been some benefits by automating, and bringing liquidity to bear across competing market makers [...] but I also feel like there have been opportunities lost [...] Take one example: Retail Price Improvement is miniscule if you look at the reports [but] if you were running more of an auction-style market, there would be opportunities for retail flow to get exposed to that flow and potentially get a better price.” 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks

Texture Capital presents 8 Minute Market Structure. In this series, we will ask capital markets luminaries one (simple, but very loaded) question: If you were building a new market structure from scratch and could change one thing... What would it be? In our inaugural episode, Texture CEO Richard Johnson speaks with Dave Lauer, CEO of Urvin AI and Independent Director of Aequitas NEO Exchange. Here's a preview of Dave's POV: What are the principles of market structure that we're looking for? We're looking for transparency; we're looking to minimize complexity; we're looking for smart, adaptive regulations; [we're looking for] open competition for order flow; and we're looking to avoid inefficient economics through subsidization. 8 Minute Market Structure: One topic, no prep calls, just 8 minutes of Concise, expert insight for better markets. Be sure to subscribe so you never miss an episode, and follow Texture Capital on LinkedIn (https://www.linkedin.com/company/texture-capital/) and Twitter (@texture_capital)! IMPORTANT DISCLOSURE: https://www.texture.capital/risks