Matt Levine, Columnist

Futures Exchanges Are for Traders

FMX, private credit undisintermediation, Trump Media short complaints, index fund bank ownership and buying the customers’ yachts.

April 25, 2024 at 5:05 PM UTC

By Matt Levine

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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The stylized history of financial exchanges is something like:

We talked a few years ago about Members Exchange, MEMX, which is this story for US stocks. (“‘We think with the right team we could run an exchange at a fraction of the cost of what the incumbents are offering,’ said Virtu Chief Executive Officer Douglas Cifu.”) And here are Bloomberg’s Katherine Doherty and Sridhar Natarajan on FMX, which is this story for interest-rate derivatives: