Marketplaces: Then and Now – Art Hahn
Art Hahn, Katten Muchin Rosenman LLP
“There are no franchises in the financial industry. You’re going to be living in a changing environment.”
The financial industry is constantly changing, with technology being one of the biggest contributors to the change. Before computers played a significant role in the markets, a trading pit was a physical location where buyers and sellers could see who they were performing transactions with. With today’s technology, it becomes a little harder to visualize the buyers and sellers interacting with each other on a daily basis.
Art Hahn, a partner with law firm Katten Muchin Rosenman LLP, breaks down the pieces of a marketplace and offers advice on how to thrive in it. Hahn encourages his audience to “become students of change” and prepare for the future. New technology will give buyers and sellers a different edge in the marketplace that previous market participants did not have before. Hahn mentions “The Club”, which consists of the market participants who currently have an edge in the marketplace. He explains how the members of “The Club” will change over time, depending on who is able to adapt to new changes in the market. One significant change included the creation of the Commodity Futures Trading Commission (CFTC) in the wake of the London Options scam. While the CFTC was created to regulate the markets and ensure fairness, there are still market participants with a slight edge over others, but according to Hahn, this does not always signify who is right and wrong.
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