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DAN RAJU | From Tradier Inc

· Podcast Episodes
Market realities forcing investors to be prepared - Dan Raju CEO of Tradier

Where does your order go each time you hit buy or sell in your brokerage account? What’s a market maker and how many hands are in the pockets of investors on the way through? Dan Raju from Tradier joined me to explain the nuts and bolts and picks and shovels of trading.

“the market maker is a simple, fast electronic entity that is actually matching buying and sellers. They are just aggregating volumes from all the locations and creating a small marketplace for themselves. So market makers are sometimes looked at as, as basically not good people sometimes, right? They're looked at as a folks who are basically making money off retail trades, but what people don't understand sometimes as a fact that these market makers are the reason why you have the fully automated electronic markets today.”

Dan Raju is the Chief Executive Officer of Tradier. Dan has the overall responsibility of Tradier and the company’s strategy and direction. Under his leadership, Tradier has grown rapidly from an innovative product to an essential infrastructure fabric that powers 200 plus investing platforms globally and serving some of the most active traders in the market. In his 25-year career as a technologist and entrepreneur, he has launched many successful online retail and financial products.

“The first and the foremost thing they need to understand is the fact that they could lose all of it. Don't invest anything in the market that you are not willing to lose. So don't take hard-earned dollars. I think people need to understand that, you know, don't invest something that you're not ready to lose. Number one rule, right? And number two, after that is they need to understand there's a lot of sophistication in the market. There is a lot of data in the market and there is a lot of free content available in the market. And it's important for you to incrementally, gradually find your comfort zone and then be active in the market.”

Tradier, Inc. is a cloud-based financial services provider and brokerage API company that offers a groundbreaking platform to serve Platform Providers, Advisors, Developers and Individual Investors. Tradier delivers an innovative set of fully hosted API's, modules and "out of the box" tools that are leveraged by a growing list of providers seeking to create innovative trading and investing experiences.

 

Created by developers, Tradier is a technology linchpin that works with organizations that want to democratize access to data, trade execution, low cost trading and market connectivity through cloud access. In addition, Tradier's APIs empowers third-party developers to build applications such as algorithmic and robotic trading systems.

TRANSCRIPT FOLLOWS AFTER THIS BRIEF MESSAGE

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EPISODE TRANSCRIPT

Chloe (1s):
Stocks for Beginners,

Dan (3s):
You have had literally seven years where the market was just going one way. When you have that being replaced by highly volatile and negative sentiment and native bearish, when they call us perception, sometimes reality of the market, it forces people to have a plan. It forces people to be consistent. Then it forces people to be disciplined, right? And also forces people not to have unrealistic expectations, but to have actually some real expectations. Right? Then for example, you can't invest in one and hope that you're going to hit the jackpot, right? So it forces you to have diversity. So with all the whole, it forces you to be tremendously prepared.

Phil (41s):
Hi, and welcome back to Stocks for Beginners. I'm Phil Muscatello. Where does your order go each time you hit buy or sell in your brokerage account? What's a market maker and how many hands are in the pockets of investors on the way through? Joining me to explain the nuts and bolts and picks and shovels of trading is Dan Raju from Tradier. Hello, Dan.

Dan (1m 3s):
You're doing

Phil (1m 3s):
Good. Thank you. Lovely to hear from you in Singapore. What a beautiful city,

Dan (1m 8s):
Beautiful city. Just an odd time in the evening, that's all

Phil (1m 12s):
Dan Raju is the chief executive officer of Tradier. He has the overall responsibility of Tradier and the company's strategy and direction under his leadership. Tradier has grown rapidly from an innovative product to an essential infrastructure fabric that powers 200 plus investing platforms globally and serving some of the most active traders in the market. So let's just start talking a little bit about Tradier. What is Tradier what do you actually do?

Dan (1m 38s):
So what Tradier does, Phil is that we are the brokerage in a box infrastructure that is quite popular. Hundreds of companies, both young entrepreneurial, and some of the larger financial services funds were offering retail investing products. We are the engine that powers them, right? This could be an active trading platform, a social trading platform, a Neo bank, or traditional bank, credit unions, social blogs, anything, anything that you want to build, the ability for people to invest in the stock market. We provide you the infrastructure for you to do that.

Dan (2m 18s):
That's what we do

Phil (2m 19s):
That infrastructure. Is it the trading and also the legal side of things as well?

Dan (2m 25s):
No. Yeah. That's the key though. So see, I think what has happened in them. So we are to answer your question, we are, basically the legal custodian of the assets. We are the infrastructure, we are the connectivity, we are the license, we are everything right. I see what has happened in the market. Phil is just like other industries, right? It's not just cloud services, it's not software as a service. This is the world of business processes of service. And, and what we do is we take this burdensome fabric of wall street and we kind of basically just split it into we democratize it, so that people can build, anybody could build an investing platform. It could be. I mean, if Phil wants to build Phil Trading tomorrow, it will cost you literally tens of millions to do it.

Dan (3m 10s):
You can do it in 20 minutes right now. And that's what we do. And that's that, that, that simplification has what has led to our growth.

Phil (3m 16s):
Ah, that's very exciting. I can't wait by the end of the interview. I want, I want to have my own trading platform. So pre-Tradier, what was the world of traditional brokerage? Like what we are faced with when you first started trading? Yeah,

Dan (3m 30s):
The model that existed in the market for decades, Phil is a very, very simple model and that is large brokerage firms would basically go ahead and, you know, offer a web or a mobile app and say, come and invest here. And, you know, people would get their ideas from their conversations, from their social presence, from their, from their charts. And they would all take that idea of walking into a brokerage firm or punch it into the brokerage operations. So it was where people got their ideas and where people acted on the ideas are two different locations. I mean, there's just fundamentally what we have done is we have fundamentally bridge that gap.

Dan (4m 13s):
We have basically said, Hey, you're reading an article on your favorite company and you can just click and trade right there. Are you looking at the chart? So we have taken as a part of abstracting wall street. We have just basically taken the act of investing or what we call wall street in a very common way into, into where the people are rather than having to herd all these guys into the platform. So, so before we came into this one, building a financial service application was only possible by the large banks. You need to have a ton of money, a lot of influence, a lot of understanding, a lot of complexity and years of building and a lot of capital input ahead of time. What we have done is we have basically gone ahead and say, Hey, you know, we have done all that work for you.

Dan (4m 58s):
You can just consume it in the most simplest fashion and we take that risk. So we will bet on you while you're building your idea. And that's the fundamental difference of what we have done so far. We have fundamentally done. Like I always say, this is, we have wrapped up everything that, that is not sexy about wall street and have basically made it that made it what I call as embeddable into anything and everything that we do. So that's kind of what we do. I hope it makes sense, but

Phil (5m 26s):
So you provide the bare bones and some of your clients are providing the soul. Would it be fair to say it's like that a bit

Dan (5m 35s):
And together we are giving a beautiful, a living structure to the end customer. I guess I was just adding a sentence.

Phil (5m 42s):
So who is, who are some of the platforms that you power

Dan (5m 46s):
It's? I mean, if you just go to website, you're gonna find hundreds of these, but you know, it it's, it's basically it is charts analysis, research news sites, blogs, backtesting one cancels, others, all, a lot of options, traders, directional traders, you know, trade ideas, technical analysis, research. So any place anywhere where, where idea is intended to be created, we can work that into basically a trading platform. So that's what I mean, this is fundamental in this, and I know many of our audience might actually, I was there, but are much younger. In the past, what you do is like four or five decades ago.

Dan (6m 29s):
I mean, you would basically go ahead and you would order something on a phone, the package would come home and then you'd actually write a check and give it to him. Then eventually the transaction is consummated. That's how, you know, for a long time, how, you know these catalogs and all less worked in the traditional world, right? And now we came to a point where you can just click and trade, click and buy something on any platform. And that is because merchant payments have basically have got broken up from the traditional form, the, of a bank and have them embedded itself into where the sale is done. That so that has made it super convenient. What we do is exactly like that. So what we do is we take trading in and put it at a place where the, where the trader actually makes a decision.

Dan (7m 13s):
Yeah. So we're very, very similar to Stripe in that model. And that's what we do. And so it has, it has revolutionized the way almost like us have enabled trading to come so close to the retail investors. So the proof is in the pudding or successful for the pudding. 25 million new traders have jumped into the markets since 2016, right? And we have taken some of the most institutional kept capabilities and just pumping it into the retail market, as you know, options trading. Sometimes you're doing more options trading today, which is traditionally inside the four walls of a brokerage firm today, single stock option trades that are more than the number of shares that we trade. And so proof is in the pudding. Once you open it up, people find value in being able to make those choices versus a traditional brokerage firm saying, come to me, I've got a veteran app and here's how you do it.

Dan (8m 4s):
And so we let the last mile take its own shape.

Phil (8m 7s):
I love looking at the legacy systems and how, and you referred to how trades were done a few decades ago. And I interviewed recently the CEO of a Cboe exchange here in Australia. And when he started, he was working in an exchange and there was chalkboards and all of the prices were being constantly written on the boards by chalkies. They call them. And they had described having a lazy Susan with one computer monitor on the lazy Susan that three brokers were sitting at and they were spinning it around. And of course in that lazy Susan were ashtrays embedded. It's a completely different world. Isn't it?

Dan (8m 43s):
That is true. That is true. Yeah. You know, I mean, for awhile, you know, we, we talk about today that, you know, you click on a trade, you click and before you can take your next breath, you've got a trade confirmation, right. It's a complete difference from where it was. I mean, you even when online kicked in, in the, in the late night, in the early nineties, yeah. I mean, it was still not online. You know, people would go to a website and put an order and somebody would inside receiving part of the computer. See it, take a note and then go ahead and punch it in. Right. It was like, I guess it's online, but there is an online element to it, but it's really not real time and online. So we went from those legacy chalkies and tapes and chalkboards and even online.

Dan (9m 28s):
It was just being able to access from a computer, but behind the scenes, it was actually still being done manually with the person running with a notepad. Right. So, so I think we we've come a long way. Right. And I think now we have built this with a very unique, robust capital markets, but the demand, the hunger to invest into the capital markets came at a, such a pace in the nineties that, you know, we kind of this, the whole industry kind of just backed itself up. Right. You know, it's like duct tape, you know, to, you know, normal tape, it's a bubblegum at strings and they all put this together. And so I think the time had come by 2010 after the financial crash too, to just reinvent this.

Dan (10m 13s):
I mean, you just cannot have the same crap all over again. Right. And so, you know, entrepreneurs like us start building rebuilding this of folks who are simplifying the back offices and, you know, folks like us, we're saying, Hey, and let's drive simplicity and convenience. And, and let's, let's let everyone come into the market. And so if you think qualms like, and start building that, what I call as automation, simplification, redoing the core infrastructure of the capital markets. So we were much better prepared when pre pandemic and post, you know, the pandemic actually drove hundreds and January, 2022, January 2021, 30 million new traders that jumped in the U S markets. Right? So, but this time we came, we were, I'm sure you heard of some failures here and there were much more prepared.

Phil (11m 2s):
So let's talk about what a market maker is because when you press that button, it's got to go somewhere. That order has got to go somewhere. And most of the trades I believe go or into the hands of market makers, what is a market maker?

Dan (11m 14s):
I see a lot of traders traders like you and me think that our trades are settled. Our trading order is satisfied in an exchange. That's just not true. 99.99%. Or you can add a few more nines after those nines. I mentioned, dude, actually ever touch exchange in real time. So what happens basically is when you place a trade in the market, right? So you think it's, it's actually very simple. You have an account where you have got some cash sitting in it. Once you place a trade, it's verified to make sure you have the money. And once it's verified that you have the money, you know, want to get the best price for your purchase or for your sale or where you want to take a look at it.

Dan (12m 0s):
And so what happens is that validation is provided by the broker dealer where it's actually getting you the best price. And then it is sending it to a market maker and they pick and choose which market maker to send it to in some cases, or in some cases we do it a little bit more automated. And at the market maker is a person who's ba... who's matching the need of someone to buy to the need of someone to sell it satisfying. The settlement rate. And those firms have spent so much time and energy and, and, and basically automation that they have basically kind of become that layer that is sitting between where the retail trades are and exchanges, and only then they can settle it.

Dan (12m 44s):
It goes further down the chain. So I think to the market maker is a simple, fast electronic entity that is actually matching buying and sellers. They are just aggregating volumes from all the locations and creating a small marketplace for themselves and they make some spreader and use, but that's what they fundamentally do. So one of the stuff that people, your market makers are sometimes looked at as, as basically not good people sometimes, right? They're looked at as, as a folks who are basically making money of retail trades, but what people don't understand sometimes as a fact that these market makers are the reason why you have the fully automated electronic markets today.

Dan (13m 24s):
I mean, you got to put you in, you see these ads on television. Somebody is actually in between a golf shot, he's actually buying shares, or he's on, he's on a path Metro train in New York and he's, and he's placing trades. And then he's getting backfills immediately. And a big chunk of why you get those fast paced fills or, or your orders are settle is because of these market makers. So, so a market maker is more recently there become quite a bit of conversation about the mind makers today are an essential, we are not a market maker, trader is not, but the market makers play a significant role in the fast execution of these trade offers.

Phil (13m 59s):
So I've heard traders and brokers complaining about what they call algos what's algorithmic trading. And how does it affect you when you're placing an order? Is it, are they really as evil as much market makers are seen to be?

Dan (14m 14s):
Yeah. See, I mean, I mean, everybody say the algo is such a generic term, Phil. I mean, it's anything that's basically running some kind of a logic thing if it happens to be. And if a and B happened to see, and if ABC and D happened to E right, and being able to execute those complex on what I call as automated ways of investing are, is generally what we refer to as algos. But see, at the end of the day, if you think about the traditional brokerage stack or the investing stack Phil, there is end retail customer. There is a broker dealer, like somebody like us, right.

Dan (14m 54s):
And there's a clearing operation, right. And then there is a market settlement operation, right. So how algos are there on multiple of these layers, a lot of retail traders today write their own trading algorithms. Right. And what, what has happened recently is, you know, over the last 10 years, what was traditionally locked within the four walls of a legacy hedge fund has now become open. I mean, this whole lot of retail investors create write algos in Python and all kinds of programming languages and automate their own personal strategies. Right? At the same time market makers also have to execute algorithms to settle the trades. So, I mean, the word algorithms basically have got to have had a lot of negative connotation recently, maybe for the last 10 years, they get more noisy right now with, with the way media works, the promotion of an, of an idea that they are basically have written automation to read or predict what retail investors do and try to work against them.

Dan (15m 58s):
And that kind of sentiment is what has created a lot of this one. And then, but with the realities, algorithmic training is it's just not bad. I mean, the it's just not, they are the folks who are actually carrying the burden and to keep these markets vibrant and keep the volumes going, I think more and more, they there's enough regulation in the market that kind of, you know, basically, you know, it goes ahead and controls and what they do. I mean, there is areas that this market stack can improve, right? I mean, there, there, there could be different treatment to algo kind of volumes and the way market makers make money and all that, there could be different treatments to that, but they're all, we'll have time at what I think sometimes because of the recent hype in media, we tend to have a binary view saying, this is good.

Dan (16m 42s):
This is bad, but we never asked the question, okay, if this is bad, without that structure, how are you going to function? Right? And so the gap is not filled. So I, so I think algos serve two purposes. They serve a purpose of automation. It sort of drives a lot of the volume in the market and it's, it's, it, it is what, you know, some of the more advanced trading that basically has happened and the ability for retail investors to create those algos is basically coming from folks like us or unbundling that capability. The last, over the last decade, there have been quite a few incidents where these algos have worked against the retail investor. But I think now you have with the new regime here, a lot of this as being is, is regulated out.

Dan (17m 25s):
And broker dealers like us are forced to basically create a whole bunch of controls to protect the retail investors. So I think it is heading in the right direction and more and more, I think you stop seeing algos in the retail context, much negatively, but you're always going to have that automation. You're never going to get away from it.

Phil (17m 43s):
And ultimately it's about price discovery. Isn't it? That's what we're all ending up at

Dan (17m 48s):
Price discovery.

Phil (17m 50s):
You mentioned the number of new trading accounts over the last few years. Has there been a problem giving such free access to markets, to beginners in investing? Because a lot of them are beginners. They've never done this before. And then suddenly they see themselves as hot shot wall street traders, and it's not going to always pay off isn't it, especially when you get into something as volatile as options, and I'm having to understand the maths behind how options operate.

Dan (18m 17s):
Yeah. I mean, I see, I see, I think about 25 million traders jumped after 2016. Okay. New funded accounts are jumped into the market, right? Nodding, if you add the number of accounts, I mean, it'll probably much larger than that. And what has happened during the pandemic just before in the early stages of the pandemic, that all other ways for people to engage their money into just never was really so work sports was gone. The casinos in Vegas were gone, right, or, or practically on hold. There was not there not sports split around. And so, and there was this unending cycles of news and the stock market became an index of wellness.

Dan (19m 3s):
The stock market is doing well. That means eventually the country's doing, and there's no other, there's no other way for people to experience the country than, than just that. So I fundamentally think that that kind of situation created a lot of what we call as hunger to invest. And that has actually created a lot of these, a graduation effect in the market. People started getting into options much like nothing else to do. They were at home working from home largely. And they got into a lot of these advanced instruments, like options. Right. And, you know, and that's the reason why you won't believe in it, the number of new trading account or more trading accounts that started doing options in the year 2020, 2021 than the 10 years before that.

Dan (19m 44s):
Right. And so these pandemic created a massive graduation effect in a massive way for people to trade options. Now talking about the morality of what has happened, right. And what's good and what's not, not good. I mean, I, this is my personal opinion about it, right. I think broker dealers in general could have done a better job at vetting these customers for suitability, but, but there was a rush, there was a demand, there was a rush and, and there were wild times. And so I think that that mitigating control kind of basically was lost a little bit. Some folks like, you know, I think the legacy brokers continue to do the right way. I mean, we are, we are very, very mature for when we, we, we never, even that, that time we, we did a lot of suitability.

Dan (20m 30s):
A lot of these younger apps were just throwing out the capability for free. And most of them right now are suffering. Right. The reason that they're suffering right now is for a very simple reason, and that is that they've taken a shortcut to the graduation effect. And right now they just, they're forced now having to build a building when the folks are only in the building. Right. So versus versus having to deal with the ha ahead of time. So I, yeah, I think so. I, my take on it as basically it's a two-sided coin on one side, great to have on the 25 million new investors, just in the U S great to have a lot of international accounts. They know if you're from Australia, you know, the number of people actually, who are opening accounts in the U S has tremendously grown, right?

Dan (21m 12s):
So lot more new people, young millennial, young investors who want to manage their money. All that is absolutely great, but there was a lot more, and, you know, doing suitability is not denying access. And I think so sometimes that's misunderstood, right? And so I think what the industry is now doing is the right path is to putting more controls and insisting on education. And for example, education is the key. The owner. In fact, I predicted that means stock rallies will are going, will become less and less around. The same reasons is in the sense that, you know, there's a graduation effect, purely from the trainer perspective, they know how to handle the markets better than jumping into options.

Dan (21m 52s):
A lot of new educators have come and know regulation is also catching up. All of these factors are going to create a much what I call it, vibrant and stable system versus a wild wild west we had in 2020.

Phil (22m 3s):
And on the positive side, you can learn with very small amounts of money, really can't you. It's not going to cost you a huge amount of money. You're not going to be throwing away a whole stake options trading because you can practice at very, very much lower cost levels now.

Dan (22m 19s):
Okay. No, absolutely. I think what, what is the, one of the most positive things that has happened? The economy changes that are offered in the market is the way people consume content and get educated is all bite-size. I mean, they learn in small tidbits and in the continuous intelligent way, number one, that is actually creating a lot of education and the friction of people coming into the markets has also come down tremendously. You can easily open an account with a small amount of money. I mean, for example, folks like Tradier, or let you open an account with zero minimum, right? So the good part about what's happened in the market recently is the friction is down. Education is being consumed in micro talk bites, and there is a demand for that education.

Dan (23m 3s):
And, you know, people have burned themselves a little bit, so they are learning to have to go back to education and do it better this time.

Phil (23m 9s):
And that's really where a platform that's using Tradier in the background can provide great value. It can be all about education. And right at the end of it is the process of actually placing those trades.

Dan (23m 22s):
Yeah. We take pride in the fact that we are the largest brokerage that has got the largest number of educators in our umbrella. We have about 66 educational partnerships where we, these folks actually hit the different kinds of traders. So they are have, they have an amazing responsibility. And the challenge of speaking at the Cboe event ent, we, we partner with Cboe and when we have three educational events ourselves, and maybe we do a lot of education, we partner Cboe educational events. We run our own events. We sponsor partner events. We've got satellite events with a lot of content on our website, a lot of videos with an options, route TV, all about education. But I think what is happening in the market is that I think customers are realizing that they are better be educated and bearish markets like the one you're seeing right now actually pushes them towards education.

Phil (24m 12s):
I like that bearish markets pushes them towards education. You really got to start knowing what you're doing when the markets are going backwards, don't you?

Dan (24m 22s):
There's

Phil (24m 23s):
No, there's no way out of it. Is there?

Dan (24m 25s):
No, I know. I mean, there's, let's be honest about it. I mean, we have had a decade where, I mean, we have had literally seven years where the market was just going one way, This is going one way. And it was just going one way and it was going up. I think when you have that, that being replaced by highly volatile and some negative sentiment and negative bearish, or they call us perception, sometimes reality of the market, it forces people to have a plan, right. It forces people to be consistent, right. Because then it forces people to be disciplined. Right. And also forces people not to have unrealistic expectations, but to have actually some real expectations.

Dan (25m 5s):
Right. For example, you can invest in one and hope that you're going to hit the jackpot, right? So it forces you to have diversity. So it, on the whole, it forces you to be tremendously prepared. Right? And I think that's what is happening right now is that need to be tremendously prepared is being also being supported by hundreds of educators and regulate to tightness. So I think you're going to see a lot more responsible marketers that we have seen. And that's one of the reasons I was predicting that, you know, meme, stock rallies or the game stops, and the AMC is where, you know, there's really no fundamentals in the business, but the business is basically hasn't has grown, you know, 10 X, 12 X in stock price, those kinds of rallies you'll still see them, but not to the extent that you see them, because it, now that the market has learned the value of being responsible, I think

Phil (25m 51s):
So in your opinion, a new investor just opening up their brokerage account today for the very first time, what are some of the fundamentals that they need to understand before placing that first trade

Dan (26m 3s):
Since they need to understand? And this is only like I speak about this quite a bit. The first and the foremost thing they need to understand is the fact that they could use all of it. Don't invest anything in the market that you are not willing to lose. So don't take hard-earned dollars. I think people need to understand that, you know, don't invest something that you're not ready to lose. Number one rule, right? And number two, after that is they need to understand there's a lot of sophistication in the market. There is a lot of data in the market and there is a lot of free content available in the market. And it's important for you to incrementally, gradually find your comfort zone and then be active in the market.

Dan (26m 51s):
There is no shortcut to success in the Cain, in the stock market. I say this to everyone, there's no shortcut, right? Folks are who do well, are the folks who will, who are they're consistent, disciplined, planned, and prepared. So I always tell traders, before you jump into the stock market, education is key. And number two is don't put in money at, you're not willing to lose.

Phil (27m 15s):
It's also interesting that you say that there's many international investors coming in and trading in the U S and I've noticed that here in Australia, there's that urge people are not interested in the traditional stocks on the Australian stock market. You know, they want to invest in Google and apple and Microsoft. And why wouldn't you?

Dan (27m 34s):
Yeah. See, I said this, I said this on CNBC too. And that is one of the most under-reported story is his concentration towards the U S markets. And we believe that there's roughly around 6.5 to 7 million of the 25 million accounts that came in actually international accounts. So we have got a tremendous influx of international accounts in the market. A couple of reasons for that number one is people live the U S brand to get up in the morning and you brush your teeth with Colgate, right? And then you, you take, you buy a car, you use the phone, you, you interact, you communicate, and you associate, most of this is associated with the brands in Silicon valley.

Dan (28m 16s):
And that's what you're fundamentally doing. Right? And so people like to invest in what they're associated with. And I think so that has created tremendous amount of interest in the U S capital markets. That's where these companies are listed. Number one, number two is also the fact that I, that, that I think it makes economical sense because of the depreciating of the currencies in many of these developing countries, having your money in dollars actually has a much more appreciative effect than anything else because the currency conversion, locally has a huge thing. And lastly, and most importantly is I think the barriers have come down in folks like Tradier. I mean, you can have from India and build a trading platform tomorrow for Indian investors.

Dan (28m 57s):
Right? So, so I think all these factors have led to a lot of influx of there's interest. There is capability and the market itself, everything doing well for awhile, right? So you have all these factors that basically come in. But, you know, I think when we're coming into a very, very interesting stage in the us stock market, that is the retail stock market is today in the equity space is 30%, sometimes 30% in the option space, almost touching 40% of retail is the single largest block in the U S I mean, you're coming to a point where on many days, you know, if you break up institutional into couple of, into the segments, retail is the single largest block.

Dan (29m 39s):
And now you have the situation where volumes are actually driven by a lot of international citizens. We just don't live in the U S so what happens to policy? What happens to local fiduciary policy in India, in Australia in, I mean, we have the supportive from New Zealand to, I mean, not all of a sudden those trading volumes ha I mean, and what happens there and their perception of what happens actually drives volatility in fluctuation, you swap you've come into a very unique phase with retail being such a large segment. And many of these accounts coming to the U S internationally. I mean, the traditional idea that your US fiduciary policy and us or local geopolitical situations are not the only drivers for volume and volatility in the market, you're coming to a point where United States, I, there was an interesting article that I saw with a number of Indians opening up accounts in the U S markets.

Dan (30m 32s):
I mean, what happens with the geopolitical situation between India and China could actually have an impact as there's, obviously there's a volume impact the market. It's kind of just funny. I think this, this forces, the U S interesting challenge is going to be, you know, how do the regulators think of their fiduciary responsibilities beyond their, the four walls of their own countries and interesting challenge? I think

Phil (30m 57s):
So if listeners want to find out more about Tradier, where, where can they go?

Dan (31m 0s):
Oh, it's simple, good www.tradier dot com and check us out. You can call the number on the S on the website, or send an email it's www.tradier.com. And we love to pick up the phone and we'll get back to you. And, you know, and, you know, getting all of me is also fairly easy. I'm quite active out there, you know, promoting my point of view, as you know, just any of this, you can private message me through any of the social channels. Let me have your response,

Phil (31m 28s):
Dan Raju, thank you very much for your time today.

Dan (31m 30s):
Thank you, Phil. Thanks so much really enjoyed it.

Phil (31m 33s):
If you found this podcast helpful, please tell a friend, especially if it's someone who needs to start thinking about investing for their future, you'll be helping them and helping me to keep this show on the road.

Chloe (31m 44s):
Stocks for beginners is for information and educational purposes, only it isn't financial advice and you shouldn't buy or sell any investments based on what you've heard here. Any opinion or commentary is the view of the speaker only not stocks for beginners. This podcast doesn't replace professional advice regarding your personal financial needs circumstances or current situation.

Phil (32m 2s):
And thank you for listening to my podcast.

Stocks for Beginners is for information and educational purposes only. It isn’t financial advice, and you shouldn’t buy or sell any investments based on what you’ve heard here. Any opinion or commentary is the view of the speaker only not Stocks for Beginners. This podcast doesn’t replace professional advice regarding your personal financial needs, circumstances or current situation.

 

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