The Next Big Thing In Capital Markets | David Goone

Speaker 0: Forward guidance is brought to you by Van Eck, a global leader in asset management since 1955. You'll be hearing more about a Van Eck ETF later on, but for now, let's get into today's interview. Very pleased to welcome to forward guidance for the first time David Goone, CEO of tZERO. David, welcome.

Speaker 1: Good to see you. Hi, Jack. Thanks for having me.

Speaker 0: It's my pleasure. I wanna first start off by asking you about your previous job. You had a long tenure at the Intercontinental Exchange, ICE, where, you were the chief strategy officer. They're a powerhouse in the financial services business. They own the New York Stock Exchange among many other businesses.

I understand you you started there quite early into the life cycle of that company. Tell us about that. How did you first get there, and what was your experience like?

Speaker 1: I was an executive at the, Chicago Mercantile Exchange based out of Chicago. I was on the executive management team, and I was running, the products, basically. So lot of the product design and and, marketing, you know, bringing the products to marketing, everything around the products there, all the products at at the Chicago Mercantile Exchange. And I got approached, at the end of the year 2000 about, joining a company that was doing interesting things or was about to do some interesting things in the energy space with an online exchange, and they were based out of Atlanta. But th

You know, they had a technology background, they had some background, the CEO had some background in in the electricity markets, but really, was not involved in the broader markets like the Chicago Mercantile Exchange was. Met with the CEO, very dynamic guy named, Jeff Sprecher, who's still currently the CEO. But we got along well, and over a series of months, he convinced me to jump ship as they say, and go into what was basically a start up, based in Atlanta. So that's how I started there. We were going after, you know, the natural gas and electricity markets as well as the, originally the o

It was a very interesting time. Enron online was the dominant online, energy trading pioneer, shall they say. So you basically tried it traded on the Internet with Enron. That was one group that was backing, Intercontinental Exchange was people trying to compete. All the competitors of Enron trying to compete with energy.

Enron Oh, DynaG. Dyna g. Yeah. I mean, just Reliant, AEP, host of others. That was one group.

And then there was another group that was trying to compete with an open outcry exchange in New York. NYMEX would trade in oil and metals, and that was all the largest oil companies and investment banks. It was BP, Shell, Total, you know, Goldman Sachs, Morgan Stanley, Deutsche Bank, Stockton. I think those were I don't think I missed any. And that group was trying to, have an online, electronic trading, competitor to, the New York Mercantile Exchange.