Surveillance: Frictionless Trading With Friedman
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 23 July 2020
⏱️ 27 minutes
🧾️ Download transcript
Summary
Adena Friedman, Nasdaq President & CEO, says the SEC has done an excellent job at managing the responsibility of disclosure obligations. Francisco Blanch, Bank of America Head of Global Commodities & Derivatives Research, says gold has been the biggest beneficiary from the reflation story. Michael Zezas, Morgan Stanley Head of U.S. Public Policy Research & Municipal Credit Strategy, expects an agreement in Washington over the next wave of U.S. stimulus within three weeks. Sir Howard Davies, NatWest Group Chairman, discusses the implications of rising U.S.-China tensions against the backdrop of a fragile economic environment.
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Transcript
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| 0:00.0 | With Bloomberg you get the story behind the story, the story behind the global birth rate, |
| 0:04.7 | behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context. |
| 0:10.8 | And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene. |
| 0:28.0 | Daily, we bring you insight from the best in economics finance investment and international relations |
| 0:34.4 | find Bloomberg surveillance on Apple Podcasts soundcloud bloomberg |
| 0:39.1 | dot com and of course on the bloomer joining us now, Adena Friedman, she's a NASDAQ president and chief executive officer. |
| 0:48.0 | Adena, I just saw you on CMBC do the earnings act. |
| 0:50.0 | I want to move on from that. |
| 0:52.0 | This primal scream I hear right now across Global Wall Street |
| 0:57.0 | is that everything is free. As you well know in retail, things have run amok. We've got free trades, free trades, and all of this trading. |
| 1:06.0 | There's becoming a new distrust almost of how business is done for retail in America. Are you concerned that retail's getting a fair deal in this new |
| 1:17.2 | high-speed online economy? |
| 1:19.0 | Well, I definitely think that the environment for retail investing has really been |
| 1:25.2 | pretty great over the last 10 years frankly I think that you know the fees that |
| 1:29.8 | retail has had to pay to be able to enter the markets, the democratization of the markets |
| 1:34.8 | by allowing them to have direct access to the markets over the last 10 to 20 years has really |
| 1:39.1 | been a key trend that is driven, I would say the U.S. markets but so I do think that's a |
| 1:44.6 | longer term trend the fact that that the commissions have gone to free certainly |
| 1:48.0 | has driven more demand within the retail environment and retail investors coming into the market. |
| 1:53.2 | But is it a free lunch? |
| 1:54.7 | I mean this is the key thing and I go back of course to our relationship |
| 1:57.5 | Medina with Arthur Leavitt and his respect for the individual investor 30 years ago. Is it a free lunch? I mean a Schwab says it's free, |
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