October 3, 2016· 28 min

48: The Lost History of Financial Market Modernization

Chris White Les Seff

Orality

Model

84%

Oral-dominant (speeches, podcasts, storytelling)

Speaker Breakdown

HostTracy Alloway(839 words)

M:29%

GuestChris White(1,601 words)

M:28%

GuestLes Seff(1,239 words)

M:28%

Oral Indicators

Agonistic30%

basically, very, insane

Engagement59%

you, our, your

Memory Aids100%

listen, now, so

Repetition100%

market (93x), think (33x), about (31x)

Parallelism86%

And I'm Joe Weisenthal, managi..., So, Joe, when you think about ..., And data flashing in their eye...

Sound Patterns56%

27 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases4%

i mean

Literate Indicators

Hedging12%

maybe, probably, may

Passive Voice12%

been mimicked, was introduced, is when

Abstract Nouns27%

investment, business, transportation

Subordination12%

because, since, while

Sentence Length44%

Avg: 16.1 words/sentence

Word Complexity47%

investment, analyze, anticipate

Academic Markers0%

Impersonal Style41%

282 personal pronouns found

Descriptive Style89%

basically, actually, probably

Description

How is it that stocks are traded on electronic exchanges in the blink of an eye but bonds still trade over-the-counter by phone and sometimes even by fax? Today we discuss one of the most pervasive mysteries of market structure with Chris White, the former Goldman Sachs executive who's now CEO of ViableMkts, and his old boss, Les Seff, COO at AIMPaaS LLC, to discover why bond trading remains so darn old-fashioned despite numerous attempts to pull it into the 21st century. Looking back at history, we can see a pattern to market modernization that was initiated by the OTC equity market almost 50 years ago. Can this history provide us with insights that can put fixed income markets on a path to modernizing? See omnystudio.com/listener for privacy information.

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