“The most liquid stocks in the world used to trade at a minimum spread of one-eighth, but was quite often trading at a quarter spread. If you were an average retail investor buying 100 shares, you would have been paying an extra $25 for that stock, just in terms of the spread costs (putting commission aside). Today, that quarter spread is less than a penny.”

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“What [the dot-com bubble] made clear to me was that the marketplace and what was actually going on in the world of software development were two very different things.”

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“Today, exchanges are, at their core, technology companies as well as marketplaces.”

Adena Friedman loves working with interns. After all, she began her career as an intern at Nasdaq a number of years ago.

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“We’re in a very exciting industry. Fundamentally, the demand for risk management in our financial markets to service the real economy is not going to disappear. It may change on the margins and people are going to leave the business, but it is going to be here and innovating for a long time to come.”

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Recent advancements in technology have led to a monstrous spike in trades and trade messaging. Meanwhile, new regulations are requiring banks, brokers, dealers and futures commission merchants to not only store all of this new data, but also to conduct surveillance for trade infractions such as spoofing, layering or “banging the close.”

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