Security Traders Association’s Post

Transcript

I'm Sam Belden with Forefront Communications. I'm here at the 91st annual STA Market Structure conference and I'm happy to be joined by Armando Diaz, the CEO of Pure Stream. Armando, welcome Sam. Thank you so much. Absolutely. So Armando, you just got off a really interesting panel on the impact of innovation and regulation on a TSS exchanges and brokers, Give us the takeaways and the highlights from where you sit. Well, the first thing is Jim, Dawn and Aaron deserve a lot of credit moving the venue. Everything has been flawless and I think to their. Credit this is another year where they put together panels of potentially differing viewpoints, which helps the the, the business the most because everybody's here to learn something new, develop their perspectives. And I think it really helps to have those different perspectives like our panel today, absolutely no shortage of disruption facing the markets today as as you dove into a little bit on your panel, what in your opinion do you believe institutional investors need to do to? Secure as much alpha as possible in this environment. Yeah, nothing. Nothing in the investment management business, nothing is more important than alpha. Right now, I feel that the system is out of balance and it isn't how much alpha they have, it's how much they can implement. And that's part of the reason that we founded Pure Stream. The market needs new ways, new ways that have evolved relative to how the market has evolved. And one of the ways that we described that spatially is the shape of liquidity has changed. We've always considered markets and markets depth and as the markets evolved, we have. Wider shallower markets and we need new technologies to be able to get those positions and implement that alpha. So that to us is the biggest challenge, not the amount of alpha in the system, but how much they can implement into the portfolio. Great. When you when you think about those tech enabled efficiencies that can help market participants secure more of that alpha, What comes to mind there as far as an innovation that that might be out there now, one that you think is in the works that you're excited about? Well, you know, obviously streaming and and pure stream. Hopes to play a large role in that, but at a a higher, more general level. The market needs new protocols. New protocols to match buyers and sellers have longer lasting matches. That show that the distortions in the marketplace that are caused by high frequency trading and I don't, I don't necessarily mean high frequency market makers, I'm talking about high frequency algorithms, etcetera can be minimized and those buyers and those natural buyers and sellers can be matched for longer and and share that that liquidity. Awesome. Well, I know many of our viewers today will be watching eagerly to see how that develops. Appreciate you sharing your time and insights today and for all of you tuning in, encourage you to keep it here. Stay tuned for more interviews from the 91st Annual STM Market Structure Conference. And Armando, thank you again for coming on. Sam, thanks so much. Absolutely.