0:00 - Introduction

2:54 - Discussion of SEC legal matter

6:54 - Regulation by enforcement in digital assets

12:54 - Did Gensler make a "left turn"? Speculation on political influences

15:34 - Overall arc of market execution over the years

22:44 - Misconception around market-making

23:04 - Explaining market making and "infinite liquidity"

28:44 - Flash Boys book and misconceptions about HFT

31:24 - How retail brokers route orders and assess execution quality

35:54 - Payment for order flow

40:44 - Market making during volatile events

42:54 - Investment thesis behind Virtu's stake in IEX exchange

45:54 - Prospects for a Bitcoin ETF approval under Gensler

49:54 - Impact of AI/machine learning on trading

52:44 - Doug's journey from lawyer to Virtu CEO

58:54 - Growth trajectory and key milestones for Virtu

1:11:54 - Doug's approach to hiring and leadership

1:16:54 - Owning the Florida Panthers hockey team

1:20:54 - Doug's perspective on Virtu stock valuation

Connect with Us Online:

NCI: Inside High-Frequency Trading: Myths, Market Making, Digital Assets & leadership w/ Doug Cifu, CEO Virtu Financial