Millennial Investing - The Investor’s Podcast Network

MI Rewind: Deep Dive into Stock Exchanges and Nasdaq w/ Kevin Kennedy

Nov 30, 2023

01:02:13

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Robert Leonard talks with Kevin Kennedy about the impact of technology, fiscal and monetary policy, options trading, exchanges, cryptocurrency, and the rise of retail investors on the growth of the stock market. They discuss the evolution of stock markets, NASDAQ exchanges, market makers, and the future of capital markets. Kevin shares lessons learned as a trader and gives advice for young investors.

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Quick takeaways

Advancements in technology have transformed stock market exchanges, making them more efficient and accessible to retail investors.

NASDAQ embraces technology and innovation in market making, ensuring deep liquidity and fair markets for investors.

NASDAQ is exploring opportunities in the crypto market, with a focus on regulation, surveillance, and the potential offering of crypto-related financial products.

Deep dives

The Evolution of Stock Market Exchanges

Stock market exchanges have evolved significantly over the years due to advancements in technology. From the days of floor trading and yelling out quotes to the current electronic trading systems, technology has played a crucial role in transforming the way stock markets operate. With the rise of electronic trading and automation, stock market exchanges have become more efficient and accessible to a wider range of participants. Additionally, the democratization of the stock market has allowed more retail investors to enter the market, contributing to its growth. NASDAQ, as a leading exchange, has been at the forefront of these changes, constantly innovating and adapting to the evolving landscape of capital markets.

Introduction

2min

Exploring the Guest's Background and Journey in the Stock Market

5min

Prop Trading and Market Making in Stock Exchanges

11min

Evolution of Stock Markets and Technology

16min

NASDAQ Exchanges and Market Makers

13min

Lessons Learned and Advice for Young Investors

8min

The Power of Commitments and Mentoring

4min

Robert Leonard chats with Kevin Kennedy about the impact of technology, fiscal and monetary policy, options trading and exchanges, cryptocurrency, and the rise of retail investors, on the growth of the stock market, and much more!

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

17:30 - How technology has had an impact on the markets and the rise of retail investors.

26:55 - How to study markets today and if there’s a fundamental shift that makes this time truly “different”.

32:18 - How retail investors’ access to the markets changed how they function outside of fiscal and monetary policy.

33:01 - The recent growth in the options space and where Kevin sees it coming from.

33:01 - If the current growth in options trading is sustainable and if there is going to be a point where this can potentially crumble and backfire on speculative options traders.

37:25 - The different options exchanges the Nasdaq has and why six exchanges are necessary.

49:16 - Where the Nasdaq and the worlds of crypto and options collide.

51:09 - The future of capital markets and whether or not crypto will be part of it.

54:33 - Lessons Kevin learned as a trader and what major mistakes he made.

And much, much more!

BOOKS AND RESOURCES

Nasdaq.com XND microsite.
David Swensen’s book Pioneering Portfolio Management.
John Bogle’s book The Little Book of Common Sense Investing.
Joel Greenblatt’s book The Little Book That Still Beats the Market.
All of Robert’s favorite books.

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