Quadrillions: You’re Already Late | Mike Belshe, Justin Peterson & Eric Saraniecki
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The traditional financial firms, they were caught a little bit off guard with how good the regulation got this year. So there's a real scramble. And even though, you know, everybody's very excited about the changes that have already occurred, it takes time for this to percolate through these massive organizations. And so all of a sudden, the things that were in the incubation lab that were kind of, you know, maybe they'd been set aside a few years back and then getting resurrected, there's a there's a scramble to figure out how how they're gonna participate.
Quadrillions is a miniseries produced by Blockworks and is sponsored by Canton Network. Nothing on this show is a recommendation to buy or sell securities or tokens. It's for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in companies, funds, or projects discussed, including those related to Canton Network. Alright, everyone. Welcome back to Quadrillions. We've got episode number two. This is quite possibly the best tr
Thank you very much. Having me.
Thank you. Yeah. Justin, I I thought we could start with you because the show is is named quadrillions. You are, I think, maybe the first website on the Tradeweb website, it actually it's the first time I've seen the word quadrillions on a website. It says 3.2 I'm looking at it right now. 3.2 quadrillion of USD traded since launch. So I would love to get a little bit of context behind that number and what it means for you guys.
Honestly, that sounds like, you know, marketing's gone gone pretty, worked pretty hard to get a big number on there. Know, we've been trading treasuries since '98. The, the, the firm started in '96. It was, the platform was built in a loft in Tribeca, so we've got our, we've got a good origin story there. And, you know, we've been trading treasuries ever, you know, since 'ninety eight and have added a considerable number of assets since then. So anything from all, you know, government bonds to mortgages, to, derivatives, all sorts, equity, credit, interest rate, the whole bit. And I joined the
How many buy side clients do you have, Justin? Like ballpark. Like, like how many different participants does it take to get to a number like that?
Oh, these days I would say the clients, thousands. I'm not going to say 10 thousands, but thousands for sure. And by that, I mean firms and those firms can have quite a bit of, quite a few traders. But also understand that we, we trade treasuries in a variety of ways, which is there's different sorts of markets. We have institutional, you know, where an asset manager may be trading with a dealer. We also have interdealer, so we have quite a few treasuries transacted that way. And then we also have retail where, know, a financial adviser on behalf of a client can can, you know, buy a treasury.
Yeah. I was gonna say Justin's being probably way too humble with this introduction of Tradeweb. It's a $22,000,000,000 company. It does I'm looking at your September report here. Total trading volume of 63,700,000,000,000.0, record average daily volume of 2,900,000,000,000.0. So, yeah, massive institutional player. Eric, I would love for you to so I wanna spend the next, like, forty five minutes just talking about institutional crypto adoption, which is this super kind of broad, fluffy thing. So I'd I'd love for you to maybe contextualize it a little bit. You you've been in the industry for I
It's a it's a hard thing to
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