This is Exchanges of Goldman Sachs where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Stewart, Globalhead of Corporate Communications here at the firm.

The retail investing phenomenon has really taken off and is accelerating.

Perhaps that's best illustrated by the fact that 24 billion shares were traded across

US exchanges last Wednesday, which broke the prior record set in October 2008 by nearly 4 billion shares. Today we have a

special episode where we'll dive deep into the rise of retail investing and

its profound implications for market participants.

We'll hear from four guests across different divisions here at Goldman Sachs.

John Marshall, head of derivatives research for Goldman Sachs research, we'll kick it off.

Then we'll hear from Raj Mahajan,

global head of systematic trading

from our Global Markets Division.

Greg Torto, a portfolio manager

for Goldman Sachs Asset Management, or G-SAM,

the Fundamental Equity Team there,

and Lizzy Reed of the Equity Capital Markets Syndicate

desk in the firm's Investment Banking Division.

So we'll start today with John Marshall.

As I said, he's head of derivatives research to discuss what's driving the unprecedented surge in retail trading and what the impact has been on market dynamics.

John, welcome to the program. Thank you very much.

Thanks for having me, Jake.

So there's been a remarkable uptick in retail investing

...