Equity Perps With Annanay (QFEX)
Episode publishedPodcast: Smac Talk | Crypto, Markets, T...Smac Talk | Crypto, Markets, Tech
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I know we've talked before, but I actually don't know a ton about what you were up to before QFX. By the way, am I is it QFX?
Yeah. QFX. Okay. Cool.
Yeah. What you were doing ahead of QFX kinda like that ended up making you decide this is probably the thing that's worth working on or spending the next decade of my life building.
Yeah. So I I worked in HFT. So I I studied math in in college, then I started at Cambridge, then worked in HFT right out of the bat. So I I joined Flow Traders. One of the first people in the crypto team there, just before they were doing all the token stuff that they're famous for. Built like new desk there with some like altcoin strategies that was like very popular back in 2020, 2021. And then I got poached to tower, headhunted there, had towered it extremely well. The year they hired me, the 2021, like nearly to be in crypto. And yeah, it's it's basically my experience in HFT and really un
So what was this before was this before or after crypto? Like, did you start your career trading crypto? Or was it like, oh, you started and you you started working on crypto and then you moved to other commodities? Like, what what was the yeah. I guess what
was I started in crypto. So I started in crypto. Was like a big I mean, I got nerds by crypto to be honest. Like 2017, that first bubble, was still in college and like, yeah, I was just like, what is this? Thing? So at one point I knew all the op codes for script, Bitcoin's transaction hashing language and all this stuff. And I was like, wow, this is pretty cool. It doesn't really have any uses, probably not. Then I forgot about it for a bit. And then when I started my first job, they're like, there's this Crypto Desk. I was like, it sounds perfect. I already know about this stuff. I've been f
Is that do you think that like some of that is a function of just the legacy nature of the way traditional markets have been set up and, like, the actual market structure across these? Because when you think of if I wanna trade, I don't know, pick an asset, like, it basically trades in one place for the most part, maybe two put like, you can argue what it is, but it doesn't trade in a 100 places the way crypto kinda it's like, if I'm gonna trade Bitcoin, I sure. I can trade it on a SEX. I can trade it on a DEX, and then, you know, I can trade
it on a a bunch of different places. And so you have kind
of this idea of more than one venue where you can actually trade the thing versus in, I don't know, traditional markets. Typically, you're trading it on one venue for the most part. And then two is, like, alright. That's good in some sense and bad in some sense when you think of them cool. That that means liquidity is in different places. I think crypto especially finds itself struggling with market making because then it's like, cool. What you know, how does that function if we're market making an yeah. So is that is that when you talk of, like, crypto markets are potentially more efficient o
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