YouSaid · the spoken record

Lynn Martin

lines on the record: 63
first: 2022-09-02
most recent: 2022-09-02
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I guess I wish I knew how important I wish I knew how important the role of the programmer was going to become in financial markets. I understood then that Effectively fair value was determined by a variety of a bunch of math. Lack of better description, those mathematical models became much more sophisticated over time, but I don't know that I fully appreciated that the guy or girl who is writing the code was going to be the one that was interacting with the systems 20-something years ago and the importance of efficient interaction.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“The advice that I would give is to, in some respects, expect the unexpected, and what I mean by that is your traditional degrees aren't necessarily going to be what's going to make you successful. So be intellectually curious about the things not just involved in finance. Be intellectually curious about the technology under that underpins the systems. Clearly never be afraid to speak up if you want an opportunity or take on an additional project that may not be in your day-to-day, but maybe something that is just an area that interests you.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“As the Yankees did. They were. They were. I remember going to the subway series between them and the Yankees in the World Series in 2000, I think that was.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“That was it exactly. I can. Bill Buckner and his name will go down in infamy, I assume, in Boston, but man, that felt good in New York, right? So, and watching that team was a lot of fun with strawberry and darling and who I think is a great broadcaster, by the way. He's turned into a great broadcaster.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Pretty deep into the playoffs this year. I'm not gonna hold my breath. We're entering September and you know what usually happens Our boys from Flashing in September, right?”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“On top of anything, they're a unique mix of storytelling and business. So it kind of scratches both itches for lack of a better description.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Books are books are a challenge mainly because I have a finite amount of time in my day. Right now, you know, continuing to read a couple of interesting business books. Like, you know, I always go back to the Michael Lewis books because they're just a good read. Can't get on top of it. Can't beat them.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say that I've had the opportunity to have mentors that have been bosses. All throughout my career. It really started with my first project executive who was helping guide me through IBM who taught me a lot of really important lessons that I still Stay true to one of which is you can never over communicate But throughout my career, I've been lucky, fortunate that my bosses have always given me stretch jobs where they give me an opportunity to do a job that maybe I didn't have the background for or I didn't think I had the background for, but they thought I was the right person for that job.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, during the pandemic, I had the unique privilege of homeschooling two children in addition to doing my day job, which was focused on keeping the fixed income markets moving forward. So that was. That was a challenge, but I have to say I look back on it with fond memories not just because our fixed income business provided a lot of transparency in a really opaque market, but also I got to spend a lot of time with my kids.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“There is always going to be the New York Stock Exchange at the corner of Wallam Broad. We've been here for 230 years, counting on us being here for the next 230 years. We've survived many a war, pandemic, volatility crisis. Explosion.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“On record, but we've seen we have a smaller listings venue called NYSC American, which is for the smaller cap companies. We're really happy when we see them graduate to the big board for lack of a better description because it means they're having success. They're having a tremendous amount of success on the public markets.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and we've seen actually. Quite a few companies graduate to the NYSC this year alone. We've actually seen quite a few companies transfer to the NYSC this year. I think we've had 14 so far to date, which is our best year.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Check these boxes or it is. We've got a reg has a variety of requirements to maintain your listing. It could be. Certain financial wherewithal. It could be the amount of shareholders individual shareholders that are participating in your stock. So there is a formula that gets followed.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Regional exchanges. NYC Yeah, I mean, the delisting process, you know, there's a lot of things that go into the delisting decision.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Be listed in the US, what we'll do the primary, that's more foreign issuers. That'll want to have their primary listing on the home market, but then tap the liquidity in the US market so they'll issue an ADR.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“And overseas. A lot of times it's geographic, very infrequently. There are some securities that are dual listed on. Us and our closest competitor in the US, but that's very infrequent. So it's typically a get access to a different group of investors. A lot of times you'll also see a primary listing and then something called an ADR.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Strike, they're out. There is a specialist. That's where the open, that's where our market model shines. You have the opening auction and the closing auction, which again perform that function I mentioned earlier of smoothing out any imbalances. Whatever the case may be to make for a smoother, open and or a smoother close. And that's why when I mentioned earlier that we've seen two times less volatility at the open and three times less volatility at the close this year, that's what I'm talking about. It's the opening and the closing office.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, to be fair, it depends on the liquidity in the stock. It could be 5%, it could be wider, depending on the overall liquidity and market cap of the stock”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Pandemic, the market has really the positive of every time there has been a challenge, the market has developed system safeguards, for lack of better description, and they apply to all of the exchanges. So volatility halts, for an example. We have volatility halts for securities, individual securities, but then we also have system halts when the entirety of the market has a certain drop, for example. You saw the market-wide circuit breakers kick in, I believe, four times during the pandemic, really during the height of the pandemic. Yeah, and the way that works is if the S&P is trading 7% below. Its opening level, it'll automatically halt.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Before they kicked in So that is something in the wake of the volatility that has occurred at various points, various instances of stress in the market. I mean, this goes back to 87, right? Absolutely.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“It is, it is. Obviously, we have a very strong rulebook. Anytime we make a change from a market structure standpoint, from an order type standpoint, that has to be fully approved by the commission. So we spend a lot of time with the SEC going through various rule changes. We want to introduce a new order type. We want to introduce a different fee. There's a variety of reasons why we need to do.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, they are a separate organization from the business, but they are an internal organization. And then they would either take enforcement action if it was suspicious activity. Not stupid, not stupid. It's not our job again to take views on whether or not A stock is worth something. That's for the market. And then, if appropriate, refer it to the regulators.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Platform make sure it runs ultimately if there is questionable behavior. We police that our reg group who is a separate group polices that works closely with the regulator.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“When that train stops. So, our job is to make sure the market's open and are available to the most diverse set of investors.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“I tend to take the view that having a very balanced portfolio and knowing what you invest in and investing for the long term is probably nine times out of ten, maybe nine and a half times out of ten the right philosophy to have.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, it was incredibly interesting to watch the new retail interest in certain stocks and why they had picked certain stocks. And I think it's just still something that is fascinating intellectually more than anything. I can't really comment on any of their decisions, but it's been interesting to watch how social media has really emboldened a new class of trader.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Get too well. And also smooth out any imbalances because you're not necessarily going to have a balanced book at the end of the day.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Correct, correct. And they smooth out volatility, not just intraday, but also at the open and the close. The open and the close are incredibly important moments in time for a company, particularly if you think of a company having quarter end or they're having share repurchases or what Things of that nature. So that's where our market model really resonates, particularly in times like this, when you see the volatility in the market, when you see the VIX. Over 20, but you know that companies still want to go out in the public market.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's where our market maker model really resonates. And it's really resonating with those companies who still believe in the public current market currency, which there's many of them. When they're thinking about coming to the market because you can't predict volatility. No one can control volatility. No one can predict volatility. But we can do things because of our market model to help the companies that are listed on us have a less volatile experience. So our market model requires a designated market maker whose job is to trade that stock from the floor.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“On thinking about things like system capacity, response times, you know, looking at that super closely because you always want to have a very responsive matching engine. You spend a little bit less time though welcoming IPOs to the market because many companies are not going to want to go out in a very volatile environment.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“So, common technology is really what pulls all of the exchanges together. The different medallions are really there to try different market models, different matching algorithms on the options side of the business, different market models from the equity side of the business. It gives us more flexibility to be responsive to our customers.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“FCA registered. We've got a clearinghouse based in the US. We have a clearinghouse based in Singapore. As well as one in EMEA, one in Canada. So we've got them sprinkled throughout the globe. And some of this is re-”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Using a lot of great systems, a lot of great mathematical maths, and also a couple hundred humans. And the reason why we have the best data set out there is because I have those humans who are all former bond traders and former Muni specialists who can make noise of what's coming into the system. I think the floor model is the exact same thing during really volatile days. You saw the human element really come into play. We saw two times less volatility on NYSC issued stocks at the open, three times less volatility on NYSC issued stocks at the close. And there's 100% because of the job of the floor.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“An error that because that is just the computer reacting automatically to something. If you don't have the human who can go in and fix the error, you're going to remain in an error state. So the human's job is really to remove the noise from the system. It's to remove the volatility from the system. It's something that I employed in my previous role where we value 2.8 million securities in the fixed income opaque side of the market.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“There. Yeah, not it wasn't necessarily as a result of any one particular area other than just an evolution of the market. What I like to say is the most technologically advanced companies employ humans and employ human interaction. Humans are there to make sense of what's going on in the market, apply human judgment, remove noise from the system. It goes back to what we were talking about very early on during our conversation today, which is when you're writing code, frequently what's going to come back.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think in a situation like that, you have seen a market structure. Evolve to the point where there have been system safeguards from a market structure standpoint put in place around volatility halts, for example”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Incredible. Yeah. And, you know, that really has continued. It's been something I've had my eye on throughout the year, but our technologists have done a great job. We've recently upgraded our systems to our next generation matching engine technology, and our systems have touch wood held up beautifully from a response time standpoint.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Buy, sell trade. Buy, sell, trade. That is it. Incoming order messages. Which is tremendous. And the fact that we were processing those with average response times in the stocks of about 30 microseconds. Micro, not millim, micro. Micro.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“The quietest year in a long time, we started to see it a bit in December. So we saw the signs in December that volatility was starting to creep into the market. But we hadn't seen that to your point. Really, since the pandemic, the way we look at capacity is incoming order messages. For those listening, incoming order messages is buys coming into the system, sells coming into the system, trades happening in the system. Very quickly, we started to see days that were in excess of 20% above pandemic levels from a messaging standpoint and equated to half a trillion messages being processed by our systems every day.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“There are a lot of moving parts, but because I'm a technologist, I feel really good about the service that we provide. You know, one of the first things when I hopped into this role in January, unsurprisingly that I focused on was system capacity. Thinking about what's our average response times, what sort of capacity do we have in the system to handle peak days? I'm glad I did that because a couple weeks after that, we had tremendous volatility, the week of January 24th, 25th, around then. Which is pretty funny because.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, we believe in the power of public markets. We believe in the upside that comes along with being a public company. Transparency, good governance. You're able to reward your employees. You're able to reward shareholders, allow a diverse group of shareholders to participate in the upside. And based on the feedback that we hear from companies who are private, the public currency is still very strong. There is, despite the fact that there's volatility in the market, there is still demand for companies to go public. They're just trying to figure out what time makes sense for them.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“What we pioneered the direct listing, we pioneered it, I believe three or four years ago. And we are quite proud of that innovation. It's just another innovation allowing for private companies, in this case that didn't want to raise capital, that didn't need to raise capital, to become public companies, to have that public currency, to be able to fund their operations and or to do M&A and or all the other great things that come along with being a public company, including providing investors the opportunity to participate in the upside associated with the company.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's what most people forget is that this was a form that companies were using to go public way before the last two years. They just became much more popular in the last couple of years, which is why you saw the flood.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Ultimately, we think spacks are still a viable form for companies to go public. What you saw was a flood of SPACs coming to the market. At the same time, so that may have contributed to some of the challenges that have now happened given the time horizon that is associated with SPACs. But ultimately, we see as a very viable form for companies to continue to come to market. SPACs have been around for probably 15 to 20 years.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Not just about the IPO day, but that's about the CEO articulating their strategy and executing on that strategy. And that's what's going to give the CEO and the public company the next group of investors. They're going to get a group of investors on IPO day. They're going to do their roadshow right before the IPOs. They're going to garner. The initial set of interest, and a lot of times companies will start that process even in a soft manner, even before they're on the road for the IPO. But post-IPO day, it's about execution. And when they have really exciting news to share, the market tends to reward it. You know, more people come into the stock.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Is a lighter IP Our job is ultimately to ensure that when a company comes to the market, they get the best experience possible when that stock opens and when that stock closes first week, first day, whatever the case may be, and that they're happy with the experience. Ultimately, if there is news around the company, it may influence their decision to go public at a certain time. Ultimately, the company that you are referencing did decide to go public. It just was at a different time.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Certain areas of the market. One topic that CEOs are very focused on at the moment is ESG, environmental, social, and governance, and how they are bringing sustainable practices to the market. So they want to tell that story. So everyone's got a different objective. So we spend a lot of time with CEO, CFO, IRO, The whole team, CMO, Chief Marketing Officer, because they're the ones that are, you know, orchestrating the story a bit.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Who shepherds this alone? You're working with both. Everybody, the caterers, the flower. Exactly. Exactly. You're working with the banks who are underranging the deal, the mother and father of the bride to use your analogy, but you're also working very closely with the company because the company has a vision. The company has been successful in that they've gotten to the point where they're graduating to the public markets, which is something that should be celebrated. But the company also has a two-year, three-year, five-year strategy of what they are really seeking to achieve, not just raising capital to fund operations or to fund research and development they have may have M&A targets. They may want to expand their business through leveraging a community that the listings market, particularly the NYSC, brings to the table. They may have specific concerns.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“So, my philosophy is very focused on how can we be a good partner to our listed companies and what is that listed company seeking to achieve. And it's not just about IPO Day. IPO Day, I kind of equate to a wedding day. You're going to have a great day. Hopefully. Hopefully. What I tend to think about is what happens a month after you go public? What happens six months after you go public? And how can we be a good partner to that firm in their public company journey?”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source
“Often than not, a company will select the US markets because we have the most diverse, the deepest pools of liquidity, the biggest access to investors, the biggest opportunity for a company to gain a global following. So typically they will select a US exchange.”
2022-09-02 · Masters in Business · Lynn Martin on Market Models and Meme Stock Trends · IDENTIFIED FROM THE TRANSCRIPT · source