Global Head of Financial Sector Research, @BBGIntelligence. Recipient '22 STA DMP Award. Opinions are my own & not of @Bloomberg

Cape Cod, MA
Joined April 2009
I agree w/Chris that with the recent ANPR the CFTC is talking the helm of bringing crypto under its wing. This is good for investors, as a regulated market is better than an unregulated one. But the CFTC is stretching pretty far and I am sure courts will be called to weigh in
The @CFTC has opened a federal front door for America's crypto exchanges. In @thehill, I explain why it rests on authority Congress already gave the agency, and why it's good policy for investors, innovation and the U.S. economy. thehill.com/opinion/finance/…
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Larry Tabb retweeted
One of the things I'm extremely proud of is how the @BBGIntelligence, Bloomberg @economics and @BloombergNEF policy analysts come together and work an issue from multiple angles, all the time advising our clients on exactly what they need to know for their portfolios and investments. So on October 28 at 10:00 a.m. Eastern, please join us for a live briefing on the US midterms and how the outcome will reset the policy and regulatory outlook. Registration link: bloom.bg/3VSVmJS
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Larry Tabb retweeted
The entire term structure of @nvidia H100 GPU rental rates continues to rise.
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Larry Tabb retweeted
fyi
The AI boom is increasingly being built on borrowed money. AI-related bond issuance has surged to $419 billion so far in 2026, 90% higher than all of 2025. Every equity bubble inevitably becomes a credit bubble before it bursts.
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Larry Tabb retweeted
Really enjoyed being back on Odd Lots with @TheStalwart and @tracyalloway. Would indeed have been fun to debate perps with Terry Duffy. We clearly have different views… Following my prediction on last year's recording that in 10 years compute will be bigger than oil, this year I revealed the name we use at DRW for the profit margin between tokens and GPUs: the crunch spread. Oil into fuel: crack spread. Soybeans into meal and oil: crush spread. Nat gas into power: spark spread. As with those markets, futures on both the GPU hours and tokens eventually will let you trade—and hedge—the crunch. Listen to Odd Lots on Spotify: open.spotify.com/show/1te7oS… Listen to Odd Lots on YouTube: youtube.com/playlist?list=PL… Listen to Odd Lots on Apple Podcasts: podcasts.apple.com/us/podcas…
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I asked @CMEGroup CEO Terry Duffy if, in his view, there are literally any laws anymore when it comes to financial regulation.
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I am happy to build that stuff for you, but hell no will we let our stock trade on those things :-)
“We have determined that our shares should not trade on a venue that does not display best prices in real time, report to the consolidated tape, or provide the transparency investors expect,” said a Nasdaq spokesperson wsj.com/finance/stocks/from-…
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My thoughts on AI in Trading and how it will impact the technology platforms for trading: linkedin.com/pulse/ai-tradin…
🤖 Made with AI
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Looks like @TXStockExchange got $DDS close right today :-) Either that or @Bloomberg did :-) auctions.txse.com/
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Another problem with closing Dillards ($DDS) today That 50pt drop at the close and 30pt rebound right after the close isn't what most traders would call normal
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Chatted w/@TXStockExchange folks. Seems on Monday, market makers weren't looking at them for the close, and yesterday data vendors weren't looking at them for the closing print. They just put an interesting auction webpage. Lets see what happens this eve auctions.txse.com/
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Introducing Liquid Inference by Architect, a new LLM model router where inference providers compete dynamically to offer lowest-cost tokens. Providers onboard in minutes, not weeks. Buyers have full price visibility and receive 20% of referred fees in free inference. More info: Liquid Inference can be used in place of any OpenAI or Anthropic API-compatible backend. Behind it, our team has leveraged our experience trading and building financial exchanges to create real-time two-sided price discovery for inference. Benefits for buyers and providers: INFERENCE BUYERS • Fully compatible with agentic coding tools: Claude Code, Codex, OpenCode, Cursor, Pi, Cline, and many more. Full multi-modal support. • Hundreds of open- and closed-weight models. Create routing rule presets or use our Auto routing algorithms. • Providers compete dynamically on price for every prompt, offering the lowest marginal cost. • Sign up for free with email, first 500 users get $20 of free inference. • Receive 20% of referred fees as free inference, 10% for second-level referrals. INFERENCE PROVIDERS • Onboard through the Liquid Inference app. We verify new providers in minutes, not weeks. • All prompts are OpenAI API standard. Simple REST/Websocket API to register models and quotes. • Update quotes dynamically based on your own costs. Monetize GPU capacity only when you want. • Standardize payouts via Stripe, full itemized records of all jobs performed.
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The close is the most important daily print. Over the last 20 years, & increasingly volume backs up into the close. Its considered the benchmark price. Most mgrs do most of their trading in the last 30min, and its usually the most stable part of the day. Not the last 2 days
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I think @TXSE needs to work a bit on its closing process for Dillards ($DDS) and Sun Oil (sun-token:native). Stability of the close is one of the most important functions of a listing exchange.
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I saw this and was wondering why? I wonder if this is some quid pro quo? You lay off this and we will give you that. Seems strange.
LOL. CME announced at 5pm Friday that it’s dropping plans for 24/7 oil trading over concerns about… staffing. Thought nobody would notice.
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