{"id":228497,"date":"2025-08-07T14:01:38","date_gmt":"2025-08-07T18:01:38","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=228497"},"modified":"2025-08-21T13:39:30","modified_gmt":"2025-08-21T17:39:30","slug":"trading-places-interns-take-the-mic-with-nasdaqs-kevin-davitt","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/trading-places-interns-take-the-mic-with-nasdaqs-kevin-davitt\/","title":{"rendered":"Trading Places &#8211; Interns Take the Mic with Nasdaq&#8217;s Kevin Davitt"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">What happens when the next generation of market minds sits down with a seasoned pro? In this special intern-led episode, Nasdaq\u2019s Kevin Davitt joins the IBKR interns for a conversation on options, volatility, and what it really takes to succeed in today\u2019s markets. Intern participants include Ben Raposo, Ethan Xu, Hadi Khamsi, Jessica Lasley, Rishin Mitra, Trevor Black, and Tyler Knohl &#8211; some appearing on-screen, others contributing questions behind the scenes.<\/p>\n\n\n\n<iframe title=\"Trading Places - Interns Take the Mic with Nasdaq's Kevin Davitt\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=6cnwz-193e58b-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-282\">Summary \u2013 IBKR Podcasts Ep. 282<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Welcome to a very special edition of the IBKR Podcast. My name is Ben Raposo and I&#8217;ll be the host for today. We will be handing the mic over to the 2025 IBKR interns. In this episode, we&#8217;re very fortunate to be joined by Kevin Davitt, the Head of Index Options Content at Nasdaq. Kevin has been on the IBKR Podcast in the past, and us interns are thrilled to gain his insights as both a trader and an educator. The focus of today&#8217;s conversation revolves around the current markets, volatility, and the future of trading itself. Kevin, really good to meet you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ben, I am traveling today and I hope the internet complies, but I am super excited about this. I&#8217;ve enjoyed our conversation before we kicked off. Let&#8217;s do this. This is gonna be fun.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-0\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Let&#8217;s jump right into it. I&#8217;m gonna ask a few questions to get to know a bit about you, and then we&#8217;re gonna turn it over to my fellow interns for their more technical questions. Firstly, I think this is a very important topic. Do you drink coffee or do you drink tea?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-0\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oh, coffee nonstop.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-1\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I&#8217;m right there with you and I would speak on behalf of the other interns I think there as well. And then on a more important note, what made you break into finance and make it your career and really life&#8217;s profession?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-1\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s a fun question. So I would say broadly, exposure. When I was young\u2014so I grew up caddying\u2014and as a sort of function of that, I was exposed to successful people from the age of 13. I saw how frequently those people were connected to the derivative markets in Chicago, and that certainly piqued my interest. I studied finance and poli sci in college. I did think I wanted to go to law school. I took the LSAT, I did the whole shebang. But when I got a chance to work on a trading floor in the late nineties, I remember my first day\u2014it was unlike anything I had ever been exposed to. I was hooked and I haven&#8217;t looked back.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-2\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s fantastic and really good to hear. And I think some of the interns and people in our age group are along the lines in similar situations. So what would be one piece of advice that you would have for one of us interns or a beginner in the industry? And would you recommend getting an MBA coming out of our undergraduate?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-2\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oh. Okay, so on the MBA question, I&#8217;m not sure I&#8217;m totally the right guy to answer that because I didn&#8217;t get one. But that&#8217;s no knock. What I would say is that it seems like the industry right now values a CFA a great deal. But I would also recommend thinking about how the world might change a decade from now, and that is difficult. In terms of recommendations, I would say networking is something that I undervalued when I was younger and that I consider invaluable at this point in time. I know there will be a continued impact of technology and sort of flattening of the world, but we are ultimately humans, and we like to work with people that we have a relationship with and that we respect.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And the earlier you cultivate a relationship and you get to learn from people that are in a business, I think there is nothing you can do that will have a longer-lasting impact than network young and consistently\u2014and be genuine about it, I think, is a distinguishing characteristic. Not necessarily opportunistic, but genuine.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-3\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I think that&#8217;s really good advice. Thank you for that. And moving on to how you really gather your content and your knowledge growth\u2014do you have a favorite book or podcast that has really shaped how you think as an individual and shaped how you think about the industry?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-3\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">That&#8217;s a fun question, and there&#8217;s so much opportunity to engage with content these days. I would find it really hard to pick just one. And for books, they&#8217;re like albums for me in the sense that when you read them can be as important as what you read. So let me think of an example there.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like I read <a href=\"https:\/\/www.amazon.com\/Portrait-Artist-Young-Thrift-Editions\/dp\/0486280500\">Portrait of the Artist as a Young Man<\/a>\u2014a James Joyce book\u2014and <a href=\"https:\/\/www.amazon.com\/Also-Rises-Dover-Thrift-Editions\/dp\/048684854X\/ref=sr_1_2_sspa?crid=27J8TTYNZ0IWG&amp;dib=eyJ2IjoiMSJ9.p5yjEQ1kHCCYLEf121rLNXI9O6lgjDVvK_9BZMqNYmwGf3duz-RLQ_qhWplxLz5yg_MbXRnuLIfvaoXM3s7an1Qu9WcpQjvN5WRrEViJwj-Og_M5nWBVPIy0iGoNgTXS16H3CPKMG54HdhSSVYu6bqzC2DgYisWv32sW0JJFGCJWgBUgp7njo9VjMK8Ed9d3WIPk13EuvxMjA27gqI6O4bAyDKntMjyaxor_oQLFBHMjwqZU-ReEIHt6mNqYW_9e_Rsv5lcpTuCKQMXjzfS-oCoQ2YDw8CnM68HIbs5pBSk.HcM56BFVbe01F-y7FiycAgs4xJvhp3cGBFn-NCGn-JM&amp;dib_tag=se&amp;keywords=The+Sun+Also+Rises&amp;qid=1754589345&amp;s=books&amp;sprefix=the+sun+also+rises+%2Cstripbooks%2C99&amp;sr=1-2-spons&amp;sp_csd=d2lkZ2V0TmFtZT1zcF9hdGY&amp;psc=1\">The Sun Also Rises<\/a> by Hemingway when I was like 19, and it was really important when I was 19. But it would probably be less so now. When I think about capital markets, I think about <a href=\"https:\/\/www.amazon.com\/Liars-Poker-RIsing-Through-Wreckage\/dp\/B09QY1QV4X\/ref=sr_1_1?crid=265CGKD6BMPFT&amp;dib=eyJ2IjoiMSJ9.9d11eW7cUCtccJTNw5Z1Uo9yrDzEwaN1xoMll05i_ylEdz_pdwBLvuwlI_t3CCKmhOO8JJA7JOE0Lz8bQxI1E8jO9iYO9l7glN5DHncTIISE6mcReqFNuti5GyaoWUkAqYtjYZmxmjc1QyFB_n3IiK5VUlujcSihr9FEP4z-wDOUDFMlUdrfcBvD7gY_hA5jtKB_2yIo02a80__jgSoRaH3uKoiXEvP65Wh9YkRtgwE.kEw3SHOtmdDVmmlPhYFV7LgSlVA3EF-1BKuX2uOsV4A&amp;dib_tag=se&amp;keywords=Liar%27s+Poker&amp;qid=1754589369&amp;s=books&amp;sprefix=liar%27s+poker%2Cstripbooks%2C81&amp;sr=1-1\">Liar&#8217;s Poker<\/a>, which is a Michael Lewis book that I consider exceptional. It&#8217;s so well written and such a narrative about the early evolution of the derivative markets\u2014more specifically mortgage derivatives in the late seventies and eighties.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Michael Lewis, for me, is like Patrick Radden Keefe in the sense that he can take esoteric topics and make them really captivating because of his narrative skill. The Big Short written by somebody else just wouldn&#8217;t have the same impact. I think about Andrew Ross Sorkin&#8217;s Too Big to Fail\u2014that&#8217;s pretty fabulous.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But one more specific to this industry and thinking probabilistically\u2014which we mentioned earlier\u2014I&#8217;m in Vegas and it&#8217;s somewhat ironic, but the importance of thinking probabilistically: this book called <a href=\"https:\/\/www.amazon.com\/Getting-Best-David-Sklansky\/dp\/1880685043\">Getting the Best of It <\/a>is wonderful.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-4\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Those are some really good insights and I think we&#8217;ll have to give those a look. Kevin, thanks for playing along with those quick questions. Now we&#8217;re gonna hand things over to the 2025 IBKR intern class for their questions. Kicking it off with Jessica. Jessica, go ahead.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jessica-lasley\">Jessica Lasley<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hi Kevin. Thank you for being here and taking the time to speak with us. So I&#8217;ll be asking questions on behalf of two interns. The first question comes from Ethan Xu: What are the most underappreciated economic indicators that investors overlook?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-4\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ooh, okay. Let me think about this one. So I focus on index derivative markets, and so that will inform my thinking here. I think that most people that primarily focus on equity markets\u2014so buying and selling stocks\u2014tend to often overlook how information-rich the option market is, whether they use options or not. So I think about something like the value of a straddle going into earnings, which is front and center right now. The options market does a great job of predicting what type of move, what type of volatility you should expect at the single name level. And similarly, at the index side of things, understanding relative volatility levels and the mean-reverting tendencies of volatility can be instructive, even if you don&#8217;t use options.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, I think I&#8217;m of the opinion that avoiding bad investment decisions can be as important as making good ones. I think that&#8217;s something that&#8217;s difficult to quantify, but I believe it strongly.Last point here: I think that people tend to overvalue some indicators that have worked the last time something happened. And I think you need to be flexible and not over-index to one or two specific indicators. So no real specific answer there, but like weighing the potential benefit of any given indicator and understanding that the next time something happens, the same indicators may or may not work.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jessica-lasley-0\">Jessica Lasley<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thank you. Next are from Trevor Black. The usage of options as a trading tool has evolved. Have the core principles stayed the same, or are we looking at a fundamentally different market mechanic?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-5\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Okay, option markets have most certainly evolved. But\u2014words matter\u2014and when I think about core principles, that implies something really fundamental to me. That\u2019s bedrock. So my belief is that that remains unchanged. Options remain tools for exposure, for risk management. That was the case thousands of years ago when forward contracts were introduced in the time of Hammurabi. That was the case in the 1850s when futures markets were standardized. That was the case in 1973 when equity options were first launched. The ways that these tools can be employed, with respect to things like time and place, have certainly evolved. But fundamentally, they are the same tools.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, I think that there are scientific principles at work\u2014really the math behind them\u2014but then there is the art: the practical expression of that view. And I think you need to understand the core principles to be successful in that creative application. Hopefully that addresses the question.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jessica-lasley-1\">Jessica Lasley<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, thank you. And my last question\u2014how does psychology play into the modern trader\u2019s mindset, and is it more or less important today than in past decades?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-6\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oh, okay. Psychology. Good question. I would argue that it&#8217;s at least as important, if not more important, than in the past. And my opinion there is informed by the fact that risk gets repriced\u2014both up and down\u2014more quickly these days. And so I think having a disciplined plan requires a strong psychology, and that is much easier said than done. It\u2019s a little bit clich\u00e9, but you need to want to protect capital and grow money more than you want to be right.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Humans can be really stubborn, and that can be super costly in some markets where risk is being repriced quickly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jessica-lasley-2\">Jessica Lasley<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thank you. I\u2019m now passing the mic on to Tyler.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tyler-knohl\">Tyler Knohl<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hi Kevin, Tyler from the Institutional Services team. And my first question for you is: as markets begin expanding their operating hours and trading is becoming more and more fast-paced, how do you see trading and overexposure and burnout among professional and retail traders being managed going forward?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-7\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah, for people your age, I think that could be a front-and-center concern. Ultimately, time is gonna tell on what we\u2019re calling the \u201c24-by-5\u201d evolution. But I\u2019m gonna take maybe a reductive analogy from another consumer market. Back in the day\u2014I know I&#8217;m sounding like the old guy here\u2014but you could only shop between, let&#8217;s say, nine and five for most consumer goods. Back when my mom was growing up, everything was closed on Sunday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And 25 years ago, you had the rise of e-commerce where you could theoretically shop anytime for anything you want. People value that. I can tell you that I&#8217;m not one of the people that wakes up for bargains super early on Black Friday. I&#8217;m not randomly ordering stuff at 2:00 AM on Amazon or Shopify. But some people work odd hours, and some people in capital markets are in Europe or Australia or South America. And our markets being available more broadly, I think, is inherently a good thing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s clearly been valuable globally from the e-commerce standpoint, and I think the evolution in capital markets is gonna be similar. And my one sort of broader point is: I think humans are nothing if not super adaptable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tyler-knohl-0\">Tyler Knohl<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thank you. And then onto my second question. Considering the recent acquisition of Stanley\u2019s market-making department by Citadel\u2014and Citadel\u2019s growth in the options order flow market\u2014how do you see this affecting the options industry, specifically for retail brokers who have fewer alternatives than ever and have reduced negotiating power?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-8\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Okay. So, Citadel has been a leader in capital markets for many years\u2014whether you&#8217;re talking about the equity side of the business or the derivative side. I would say that these markets, both equities and derivatives, are probably the most competitive in the world. And Citadel has plenty of competition. Are they good at what they do? Absolutely. Is Jane Street or Susquehanna or Wolverine or Akuna or Old Mission or CTC or Belvedere, IMC, Optiver, or DRW? There are probably countless other ones that I&#8217;m not mentioning. Are they good at what they do? Do they compete for order flow? The answer is yes, and that is still the case.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think that in the business, margins have been squeezed and you have to be very good at what you do to stay in this business. But the knock-on effect of that is that it&#8217;s never been better for end users of options in terms of all-in costs\u2014which are approaching zero, effectively. And ultimately, I think that&#8217;s what&#8217;s most important.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tyler-knohl-1\">Tyler Knohl<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">So would you say that this acquisition is going to be a net positive for the options order flow market?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-9\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I would say it\u2019s no different. I don\u2019t think there will be any drop-off. And I do have to be careful, because as an exchange employee, we work with a wide variety of market-making firms, and so I\u2019m apprehensive to take a position one way or another.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But our markets have evolved countless times over decades, and generally, things skew for the better across the user base in this business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tyler-knohl-2\">Tyler Knohl<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oh, very cool. Thank you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-10\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tyler-knohl-3\">Tyler Knohl<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">And I\u2019ll be passing it back to Ben then.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-5\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hello again, Kevin. I think we are in the age of information and knowledge, and education is really at the core of that. So from your perspective in teaching others about markets and trading\u2014what\u2019s a common misconception, or the largest misconception, you encounter again and again while educating others?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-11\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Really good one. Okay, let me think about that just a bit. Common misconceptions&#8230; All right. A couple of things spring to mind that I think are somewhat related. I think the way that markets are covered\u2014or the way people think about opportunity in capital markets\u2014tend to fall either too much one way or too much the other way. And let me explain what I mean by that. So you mentioned that we\u2019re in the information or social media age. I agree. The coverage of that, I think, tends to skew in one situation to the \u201cget rich quick,\u201d \u201cthis is easy,\u201d \u201cif you just do X, Y, and Z you\u2019re gonna be flying private too.\u201d That is disingenuous, and it\u2019s dangerous. The corollary there, I think, is that people who market derivatives as easy\u2014or getting into this business as easy\u2014is patently untrue. It is difficult, just like anything worthwhile.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, the flip side is that there\u2019s a lot of really high-end derivative research and coverage that\u2019s just that\u2014it skews, for many people, a little bit too academic, a little bit too wonky, and it can be hard to follow without a degree in econometrics or something. And that\u2019s the coverage that I think can be off-putting for people, and that they think: \u201cThis is too complicated to understand.\u201d My belief is that there\u2019s a big middle if you think about a normal distribution curve.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And speaking to that audience is rewarded\u2014if you are willing to put in work to understand the risks as well as the potential use cases and the potential rewards. That\u2019s how you can genuinely meet people where they\u2019re at. And it doesn\u2019t shy away from the risk element of this. We don\u2019t want to make markets seem too easy\u2014nor too academic.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-6\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I think it&#8217;s a really important thing to note\u2014being aware of all that&#8217;s available. Are there certain things that, to go off that last question, we as people trying to learn should stay away from?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-12\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I would say that you should try to cultivate an information sort of chamber that doesn&#8217;t just echo what you think. Challenging your conceptions is really powerful, and the more you&#8217;re able to challenge your original inclination\u2014and either back that up or change your opinion\u2014I think the more kind of anti-fragile, to use a term, you&#8217;d become.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-7\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Good to know. Thank you for that.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-13\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yeah.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-8\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Last question from me: what would you say is the biggest threat to modern-day business leaders and businesses that most of them aren&#8217;t really prepared for?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-14\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Man, that&#8217;s real speculation there. You&#8217;re bringing the heat. I think the sort of easy answer would be the potential impact of generative AI, but I&#8217;m not gonna go with that one. I&#8217;m gonna use the pandemic as an example of an unknown unknown\u2014and I think those are the biggest risks to leaders, to businesses, to markets. It&#8217;s the thing that you don&#8217;t know you&#8217;re unprepared for because it is impossible to prepare for. We are great in the information age at modeling scenarios based on historical data. We&#8217;re not good at imagining: what if something that never happened before happens? And I&#8217;m not saying pandemics never happened\u2014they did\u2014but not at that scale. I realize that&#8217;s a non-answer, but I genuinely believe that unknown is the greatest risk, always.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-9\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I think we&#8217;ll just have to stay on our toes for now. That&#8217;s it from me. I&#8217;m gonna pass it over to my colleague. Go ahead.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-hadi-khamsi\">Hadi Khamsi<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thank you, Ben. So now switching gears back to the options market, Kevin\u2014how has the surge in retail options trading over the last few years altered the role of institutional investors?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-15\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Okay, I&#8217;m not sure that I would argue that X necessarily influences Y. Let me talk through that. I don&#8217;t think that one negatively impacts the other\u2014and I want to explain that. I think it&#8217;s quite the opposite. So we talk a lot about\u2014there&#8217;s a lot of buzzwords like \u201cecosystem,\u201d which is one of those amorphous terms that is powerful. But understanding what it means, I think, is the key. A thriving ecosystem requires different players with different incentives, different goals. And I think that&#8217;s a good way to think about capital markets. Options are standardized contracts. Now, as a retail trader, I don&#8217;t really care who is on the other side of the trade. I&#8217;m concerned with getting the best price\u2014whether I want to buy an option or sell an option. But big picture\u2014you, this group is in college\u2014you\u2019ve probably had an econ class, and as dry as it can be, the rules of supply and demand are unequivocally front and center with respect to capital markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, what we&#8217;re talking about here is that the demand side of the equation has grown meaningfully. The thing that we&#8217;re not addressing is the fact that the supply side has grown to meet it every step of the way. Now whether we&#8217;re talking about short-dated options or options that expire three to five years in the future, the fact that the OCC stands between all buyers and sellers and this whole business keeps growing\u2014it strikes me as something where we have really what I would refer to as durable growth. So I don&#8217;t think that is mutually exclusive.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-hadi-khamsi-0\">Hadi Khamsi<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">So when you&#8217;re comparing options activity across different global markets, what stands out the most\u2014particularly about the U.S. market structure?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-16\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I like that. And just to be clear, I&#8217;m by no stretch of the imagination a market structure expert. But I do think a couple of things stand out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I&#8217;ve mentioned already the level of competition\u2014that&#8217;s arguably the case across the U.S., across industries. In the U.S., we foster competition and an entrepreneurial spirit in a way that no other place has matched.I think we also have a really robust regulatory framework, and that matters a great deal. In my opinion, markets\u2014and so many other things\u2014ultimately boil down to a matter of trust.And I&#8217;m gonna be a little bit reductive again, but I don&#8217;t understand exactly how all the intricacies of plumbing work. But I know I have access to clean water, and the stuff I wanna flush out goes out. And I trust that it works the same way for my neighbor, and that there\u2019s oversight there.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think that markets are built on trust and the expectation of a level playing field. And U.S. markets have more trust than any place else in the world. I think that plays a role in why we continue to see demand from elsewhere\u2014from Europe, from Asia, from South America, and elsewhere. They want access to our markets because they are trusted.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-hadi-khamsi-1\">Hadi Khamsi<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thank you so much for your insights, Kevin. Now I\u2019ll pass it over to my colleague to talk about zero-day options.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rishin-mitra\">Rishin Mitra<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hi Kevin. Thanks for taking the time to speak to us. I work with the Securities Lending team, and I\u2019ve got a quick couple of questions for you.So I was just curious: what do you think is driving the explosive growth in zero-day-to-expiration options? And do you think, in your opinion, it\u2019s sustainable in the long run?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-17\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Let me start with the last part\u2014\u201cIs it sustainable?\u201d This has\u2014now we&#8217;re talking about three years on from everyday options being available at the index and index ETF level\u2014so that&#8217;s a fairly meaningful track record. I think that hints at the potential that there is sustainable, real growth here. Going back to the first part of it\u2014what\u2019s driving it? A whole bunch of things. When you see growth like this, it&#8217;s never just one thing. I would distill what&#8217;s driving it into utility. Options are valuable generally, but that tremendous feedback mechanism that we get\u2014and the ability to monetize or to use them flexibly across the sort of time spectrum\u2014is really valuable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And so absent the ability to express your view and to monetize these tools, I don&#8217;t think you would see the growth that we have to date.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The other side of my thinking is that there are ebbs and flows in markets, and perhaps we move to a point where it retracts a bit. But I don&#8217;t think that we&#8217;re going to see the interest in relatively short-dated options dry up.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think we have a very real thing here that will likely spread in time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rishin-mitra-0\">Rishin Mitra<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">So how would you say the zero-day-to-expiration products change intraday volatility and risk profiles? When you look at institutional desks like the big hedge funds\u2014Citadel, Point72\u2014versus when you look at retail traders and investors?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-18\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Okay, so I would argue that there&#8217;s no right answer here. But based on what I know, I would argue that expiring options have generally been volatility-reducing because you can be more precise with your risk exposure.Now, the other thing I want to point out is that for every option that&#8217;s bought, there&#8217;s a seller\u2014and there&#8217;s a natural balance or stasis. Again, talking in biological or ecology terms here\u2014the ecosystem. But on the point of risk profiles, you now have so many alternatives with which to manage your risk. And I could use an option that expires later on today\u2026 tomorrow, when there&#8217;s more earnings reports\u2026 or Thursday after Netflix reports. I could go out two weeks. I could go out two years. The point there is that flexibility is valuable\u2014and it&#8217;s valuable to both individuals and institutions. And markets are really good at finding balance. Is it possible in certain scenarios for markets to become imbalanced? I would say yes, in the short term. But in the long term, supply and demand\u2014again, the econ that you&#8217;re gonna take or have taken in college\u2014it rules the roost. Maybe that\u2019s wonky, but it&#8217;s true. And so I think the value is unequivocally positive. Because you have the ability\u2014whether you&#8217;re sitting at Point72 or Citadel or wherever, or you are me managing your own money and buying and selling a few options here and there\u2014the value is the same. And I don&#8217;t think that there&#8217;s a tremendous systemic risk.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-rishin-mitra-1\">Rishin Mitra<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Sounds good. Thank you once again for taking the time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-10\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Well, Kevin, on behalf of myself and the fellow interns, we really appreciate you joining us and for this awesome discussion that we just had. Best of luck with your travels back home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kevin-davitt-19\">Kevin Davitt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thank you. I hope the video wasn&#8217;t too laggy and the sound isn&#8217;t bad. I wish you all the best. Work hard. At the end, the road is long\u2014and nice job. Continue networking. Figure out what it is you like about different positions. There are so many different opportunities in these markets. Thank you for having me on this afternoon.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ben-raposo-11\">Ben Raposo<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Cheers. Thanks, Kevin. For our listeners\u2014if you enjoyed this episode, feel free to check us out on the IBKR Campus, as well as YouTube, Spotify, Apple Music, or wherever you download your podcasts. Thanks for tuning in, everybody. Have a nice day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What happens when the next generation of market minds sits down with a seasoned pro? In this special intern-led episode, Nasdaq\u2019s Kevin Davitt joins the IBKR interns for a conversation on options, volatility, and what it really takes to succeed in today\u2019s markets. Intern participants include Ben Raposo, Ethan Xu, Hadi Khamsi, Jessica Lasley, Rishin Mitra, Trevor Black, and Tyler Knohl &#8211; some appearing on-screen, others contributing questions behind the scenes.<\/p>\n","protected":false},"author":1280,"featured_media":228501,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10842,13857],"tags":[15761,18480,15696,20435,20431,12743,8950,16202,20433,18549,19320,20436,10995,778,4574,11736,20434,18053,20432],"contributors-categories":[13576,13756],"class_list":["post-228497","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-podcasts","category-podcasts","tag-derivatives-market","tag-finance-podcast","tag-financial-education","tag-futures-and-options","tag-ibkr-interns","tag-index-options","tag-institutional-investors","tag-intern-experience","tag-intern-qa","tag-investing-tips","tag-kevin-davitt","tag-market-structure","tag-market-volatility","tag-nasdaq","tag-options-trading","tag-retail-trading","tag-stock-market-insights","tag-trading-strategies","tag-zero-day-options","contributors-categories-interactive-brokers","contributors-categories-nasdaq"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trading Places &#8211; Interns Take the Mic with Nasdaq&#8217;s Kevin Davitt<\/title>\n<meta name=\"description\" content=\"What happens when the next generation of market minds sits down with a seasoned pro? 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