The Evolution of the Equities Market

Goldman Sachs Exchanges

Julia McGonagle

Business

4.4 • 1K Ratings

🗓️ 25 September 2017

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Paul Russo, co-COO of the Equities Franchise in the Goldman Sachs Securities Division, explains how technological change and regulatory reform helped develop a growing class of institutional investor - systematic traders - and what a rising interest rate environment could mean for the equity markets. This podcast was recorded on August 30, 2017. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast is not financial research nor a product of Goldman Sachs Global Investment Research. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. This recording should not be relied upon to evaluate any potential transaction. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2017 Goldman Sachs. All rights reserved.

Transcript

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0:00.0	This is exchanges at Goldman Sachs where people from our firm discuss developments currently shaping markets,
0:14.8	industries, and the global economy. I'm Jake Seward, global head of corporate communications here
0:18.3	at Goldman Sachs. One of the bread and butter businesses of Wall Street is changing and so is the Goldman Sachs team behind it.
0:25.8	My guest today, Paul Russo is Global Co-C.
0:28.1	of the Equity franchise in the Securities Division at Goldman Sachs, which means that he's in the business of making markets,
0:34.8	connecting those who want to buy with those who want to sell.
0:37.0	Pretty simple.
0:38.0	Well, it is, and it isn't.
0:39.2	Paul, welcome to the program.
0:40.4	Thank you.
0:41.6	Some of our listeners might have visions, maybe from the movies of these trading floors where people
0:45.8	stand in front of a computer screen or a bunch of computer screens holding a couple phones
0:51.2	and yelling by and sell. Reality is a little different. So what's changed
0:56.3	about the marketplace over the course of your career here? A lot has changed. Is the answer just
1:01.3	like it's changed in all of our lives. I'd say first off
1:03.8	technology has changed the most. So it is true going away back in time. People used to have
1:08.8	two headsets. They'd be yelling at one, yelling at another, screaming across the
1:12.2	floor.
1:13.0	Certainly when I first started, people would communicate orders that way.
1:18.0	Now, the trading floor is relatively quiet compared to those days.
1:23.0	Messages are all electronically communicated back and forth.
1:26.4	People won't even accept orders in the way they would have naturally done it 15, 20 years
	...

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