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Speaker 1: Yeah, Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene Jearlie.

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Speaker 1: We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course, on the Bloomberg I

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Speaker 1: want to begin with the trade situation, the president's summing

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Speaker 1: confusion of frustration among fellow political leaders. Economists at most

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Speaker 1: Wall Street banks, though, are barely changing their forecast for

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Speaker 1: solid global growth this year, as they estimate only modest

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Speaker 1: fallout from a skirmish over commerce. John, I guess to

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Speaker 1: discuss I'm ready pleased to say, is John Riding rt

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Speaker 1: Q Economics Chief Economists and he joins us here in

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Speaker 1: New York. Morning to John. John, talk to me about that.

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Speaker 1: Then your base case for global growth and whether this

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Speaker 1: trade skirmish and all headlines we see on the front

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Speaker 1: pages really matter. Well, they could matter, And the problem

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Speaker 1: is it's a low probability tail risk. But the tail

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Speaker 1: risk event if it does go badly into a trade war, Um,

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Speaker 1: what would have a debilitating effect on a global economy? Uh,

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Speaker 1: the pattern of economic growth in the decades coming up

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Speaker 1: into the last decade the financial crisis was that global

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Speaker 1: trade grew at a multiple of global GDP growths. Of

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Speaker 1: global GDP growth was growing good x percent. Trade was

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Speaker 1: growing good one point five to two x percent, So

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Speaker 1: we were becoming more globally integrated. And now into that

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Speaker 1: we then start viewing trade with this more sevent century

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Speaker 1: pre Adam Smith kind of mercantiles view were, if my

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Speaker 1: country is running a trade deficit, that's just bad. I'm

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Speaker 1: I'm losing uh, And it misses the fact that there

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Speaker 1: are massive trade those going both ways. So I kind

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Speaker 1: of liken it. I don't know you've had this experience,

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Speaker 1: but when when Britt first comes to America and they

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Speaker 1: try and exit a conversation, they say thank you, and

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Speaker 1: the American says you're welcome, but the brit has to

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Speaker 1: thank you supposed to end the conversation, So thank you,

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Speaker 1: you're welcome, and then you end up missing your flight

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Speaker 1: because you you can't John and Me every every month exactly.

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Speaker 1: So the problem is who has the last words. So

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Speaker 1: the US does tariffs, there's a retaliation. Now, then what

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Speaker 1: happens next. If that's the end of it, that's fine,

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Speaker 1: But if the US has to do a you're welcome

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Speaker 1: another round of tariffs, and then you're a pastor do

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Speaker 1: another round of thank you tariffs. Then things can get

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Speaker 1: to get pretty messy. So for investors, though you don't

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Speaker 1: trade the tail risk, do you? You trade the base case?

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Speaker 1: And the base cases everything's okay? Is that the advice

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Speaker 1: you give to clients at the moment, I think that

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Speaker 1: things are in some we're not in a risk off well,

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Speaker 1: I think let's take an example of Italy. Right, do

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Speaker 1: we plunge into a risk off world last week? No?

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Speaker 1: We we we we did. We had a bumb market

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Speaker 1: that was very short in the US and over at

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Speaker 1: Skis and looking for an excuse to correct, and and

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Speaker 1: Italy gave us a momentary flight to quality. But do

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Speaker 1: we have the clear drivers, the clear drivers, strong, clear

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Speaker 1: profit growth. I would say the answer to that is no.

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Speaker 1: So we are in a position where the markets can

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Speaker 1: be buffeted by But by these events and tariff announcements

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Speaker 1: have been uh buffeting events uh in the marketplace, well

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Speaker 1: yields have been kept. And I just wondered to what

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Speaker 1: extent our investors being lulled into a false sense of

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Speaker 1: security because we finally have some some real stability and

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Speaker 1: say the treasury market with yields to pin down to

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Speaker 1: a round about to nighty. What the political concerns have

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Speaker 1: ultimately done in Italy around the trade situation is put

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Speaker 1: a lid on long yields in the United States on

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Speaker 1: a tenure, for instance, and that supports risk assets. John,

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Speaker 1: and I just wonder whether we are being lulled into

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Speaker 1: a false sense of security in the short term. Well,

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Speaker 1: I do think yields are going high because I'll tell

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Speaker 1: you that the Fed has appears to have more clarity

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Speaker 1: and more confidence in the economy than it has had

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Speaker 1: before in this rate hiking cycle. So Governor Lyle brain

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Speaker 1: And was in New York last week. Who were there?

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Speaker 1: Are you know? She she could have talked more about

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Speaker 1: things that could muddy the waters caused the Fed to pause.

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Speaker 1: She didn't focused on the fundamentals of full employment and

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Speaker 1: the unemployment rate going lower, on being near the inflation target.

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Speaker 1: So the Fed is going to be continuing to high

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Speaker 1: crates in June, in September, I think in December, and

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Speaker 1: then I do think the yields are going to respond

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Speaker 1: to that because the Fed has two instruments. Like she

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Speaker 1: talked about the yoke. But the FED is going to

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Speaker 1: be reducing its balance sheet and putting those long dated

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Speaker 1: assets into the market at the same time as the

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Speaker 1: fiscal deficit is increasing. So look, we were looking at

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Speaker 1: three quarter percent ten ye yielding off forecast at the

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Speaker 1: end of the year at the beginning of the year.

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Speaker 1: A lot of people didn't bin into that forecast too much,

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Speaker 1: for we were almost there a couple of weeks ago.

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Speaker 1: So treading water for a period of time. Uh, you know,

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Speaker 1: is not too surprised. The vector's certainly right direction. We're

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Speaker 1: going to digress your folks. We welcome all of you

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Speaker 1: worldwide radio London as well in coast to coast, and

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Speaker 1: I make jokes about English football with John, but actually

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Speaker 1: this is really cool, John writing, you were just in Kiev.

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Speaker 1: Let's report on Kiev in the Championship game. And what

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Speaker 1: did you see in Ukraine? What can you tell us

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Speaker 1: about what you observed in Kiev the city. Well, you know,

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Speaker 1: we observed a lot of police and a lot of

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Speaker 1: National Guard. We observed that the Liverpool fans were hungrier

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Speaker 1: to go to Kiev despite logistical problems getting there than

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Speaker 1: real Madrid fans for going to a Champions League final

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Speaker 1: just seems to be oh, yes, we're in one again.

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Speaker 1: So the Neutrals, Uh, the tickets Liverpool, Well, you know,

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Speaker 1: we could do a whole thing on contingent markets and

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Speaker 1: how you wafer could better allocate. But but away from

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Speaker 1: the football and the very dubious behavior of Sergio Ramos

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Speaker 1: uh towards Mohammad Salah and it turns out to the

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Speaker 1: goalkeeper carry us as well. Um, away from that, you know,

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Speaker 1: here's the country that's divided, um, you know with the Crimea,

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Speaker 1: the west uh, West Ukraine on on the one hand

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Speaker 1: being independent and then the eastern Crimea is sort of

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Speaker 1: being under Russian occupation. Yet the country goes on the

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Speaker 1: biggest football team by the way, uh donet shacks are

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Speaker 1: has moved out of the we's kind even planet's home

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Speaker 1: stadium because we have had to move to Western Ukraine.

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Speaker 1: This is a record. You brought this up, Tom, you

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Speaker 1: did this. No, I think it's actually it's interesting going

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Speaker 1: into the World Cup, which lets be honest, within the

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Speaker 1: Bloomberg World folks, is a huge, huge deal. How big

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Speaker 1: a deal is it that America is not in the

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Speaker 1: World Cup? I bust John's chops about Italy. But America

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Speaker 1: is not there either, right, Well, I think it was.

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Speaker 1: First of all, its surprising because America has a relatively

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Speaker 1: straightforward path to getting into the World Cup and qualifying

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Speaker 1: compared to any given country in Europe. So it was

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Speaker 1: pretty pretty poor performance. But it has shaken up the

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Speaker 1: fundamentals of soccer uh in the US um and it's

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Speaker 1: going to continue to do so. But whether it will

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Speaker 1: reduce eyeballs on screens, I don't think so. It's a

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Speaker 1: you know it, it's a global sport. But but just

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Speaker 1: one moment, going back to the Ukraine. You know, one

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Speaker 1: of the interestings I've learned it's the third highest coder

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Speaker 1: country after the US and in India's a lot of

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Speaker 1: a lot of coders, lived computers in Ukraine. Computer stuff. Okay, well,

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Speaker 1: thank you John writing with an update there on the

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Speaker 1: World Cup. Thanks to the US. Not when they're there's

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Speaker 1: other other nations that will not be there as well.

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Speaker 1: It's gonna weigh on credit volume. According to HSBC, you're

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Speaker 1: gonna get in the name in the near term. You'll

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Speaker 1: get I mean a heavy pre football new issue calendar

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Speaker 1: because you won't want to be issuing during the games.

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Speaker 1: He was talking about Mr sal and I gotta be honest,

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Speaker 1: I gotta get a speed on it, because they have

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Speaker 1: no idea what we'll do that in a commercial breaks

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Speaker 1: tump that we'll do that. Okay at times you remember

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Speaker 1: the Just yesterday we got the Supreme Court ruling having

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Speaker 1: to do with the case Masterpiece Ach Shop versus the

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Speaker 1: Colorado Civil Rights Commission. And of course this had to

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Speaker 1: do with the baker who refused to decorate a wedding

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Speaker 1: cake for two men because he said that he has

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Speaker 1: religious objections to same sex marriage. Well, here to tell

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Speaker 1: us more about this ruling is Bloomberg's own Bloomberg Law.

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Speaker 1: Supreme Court reporter Kimberly Robinson. Kimberly a pleasure to talk

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Speaker 1: to you. Tell us about this case, and is this

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Speaker 1: considered a narrow ruling or is this something that will

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Speaker 1: be applied on a wider basis. Well, the ruling was

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Speaker 1: expected to come down as a five four decision given

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Speaker 1: the UM you know the class at issue here between

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Speaker 1: First Amendment rights and UH anti discrimination laws. But in

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Speaker 1: fact the court came down seven to two. UM. But

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Speaker 1: it's really a narrow ruling that is really confined to

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Speaker 1: the facts of this case, and so I don't expect

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Speaker 1: this court this decision to really have a broader impact. Uh.

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Speaker 1: There are several cases, though, waiting in the weeks that

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Speaker 1: could have a bigger impact, such as what Well. The

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Speaker 1: Court on Thursday will consider whether or not to take

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Speaker 1: up the case of a Washington florist who similarly refused

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Speaker 1: to make flower arrangements for a same sex wedding because

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Speaker 1: she had religious objections. And if the Court takes this

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Speaker 1: case um, it has potential to have a much bigger

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Speaker 1: impact because some of the problems that the Court found

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Speaker 1: with this most recent case master Piece Cake Shops, are

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Speaker 1: not present in this h Washington Florist case, such as

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Speaker 1: what what are what is different about different about this? Well?

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Speaker 1: What are The problems that the court had h in

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Speaker 1: the Masterpiece Cake Shop case was that it said, you know,

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Speaker 1: there may be times when religious objections have to give

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Speaker 1: way to anti discrimination laws. But the court decided not

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Speaker 1: to look into that question because it said, no matter

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Speaker 1: what the ultimate an outcome is the Commission in Colorado,

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Speaker 1: who considered the issue below, considered it shows some some

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Speaker 1: religious hostility and so it takes the case back to

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Speaker 1: the state too to do do over am I correct,

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Speaker 1: and that this is an incredibly busy June for you

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Speaker 1: and Greg's store. That this is just crazy. It is

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Speaker 1: a very very busy June. June is typically the busiest

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Speaker 1: months same court any term, but this term, not only

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Speaker 1: do we have a large number of cases still outstanding,

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Speaker 1: but just the the impact that these cases could have

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Speaker 1: is it's potentially blockbuster. Which one are you looking at more?

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Speaker 1: I mean, you're the grizzled pro you're the rest of

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Speaker 1: it's the blur. Which is the case you're really focused on?

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Speaker 1: I think the case it has the biggest potential to

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Speaker 1: make the largest impact. Two partisan gerrymandering cases, one out

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Speaker 1: of Wisconsin and one out of Maryland, and that could

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Speaker 1: just drastically change the way the state legislatures draw voting districts.

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Speaker 1: Uh even even even going to the midterm elections, that

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Speaker 1: could be an adjustment. Well, that's what I was just

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Speaker 1: about to say was that importantly, though these cases are

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Speaker 1: likely become too late to have an impact for the elections,

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Speaker 1: but we're looking really for and then again the after

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Speaker 1: census um all the elections to follow that so won't

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Speaker 1: have an immediate impact, but we'll have a drastic impact

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Speaker 1: depending on how the court comes out. Um, well, you

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Speaker 1: know one of the things that we've gotta watches, you know,

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Speaker 1: the challenges to all these things. And I'm and I'm wondering, Kimberly,

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Speaker 1: it just to go back to the Baker case and

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Speaker 1: making products and offering services for same sex marriages. Um,

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Speaker 1: is there a likelihood that there's gonna be any kind

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Speaker 1: of organized rebuttal to this. Uh you you mean individual

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Speaker 1: continuing to uh refused to sell services. Yeah, exactly. Actually,

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Speaker 1: we see that across the country. It's not just confined

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Speaker 1: to this one Baker or this one floor. There are

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Speaker 1: a number of wedding service providers who have refused to

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Speaker 1: provide services based on their religious objections. So, uh, this

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Speaker 1: is really more of a national effort to kind of

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Speaker 1: test the lines and see how far antidiscrimination laws go

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Speaker 1: and how far religious objections and free speech objections go.

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Speaker 1: Thank you so much, Kimberly Robinson. Somehow I think we'll

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Speaker 1: be speaking to her more. Yes, it's uh, yeah, we were.

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Speaker 1: I should say we're hugely advantaged with Kimberly Robertson, with

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Speaker 1: us almost on the edge of legendary Gregg store for

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Speaker 1: Bloomberg News down in Washington. They've just got also going

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Speaker 1: to be very important. Uh see how quickly they get resolved. Yeah, well,

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Speaker 1: there we are, and it's it's four or five, six,

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Speaker 1: eight decisions, and part of it being the future makeup

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Speaker 1: of the court, which is not really a June issue,

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Speaker 1: but there it is. As we go to them. In

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Speaker 1: terms of certainly as well, it is good to catch

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Speaker 1: up with gene Monster legendary Piper Jeffrey and of course

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Speaker 1: with Luke Ventures right now, Jean, you're at the Apple

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Speaker 1: meeting and I guess you saw it as well. Explain

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Speaker 1: in English the media divide placed between Apple and the

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Speaker 1: rest of Silicon Valley. When you see those articles, when

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Speaker 1: you hear those thoughts, what's it mean that it's Apple

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Speaker 1: versus them? So Apple doesn't make or Apple makes their

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Speaker 1: money on selling hardware, and so that's that's their perspective.

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Speaker 1: The them is Facebook and Google and they make their

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Speaker 1: money on selling data. And Tim Cook has said this

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Speaker 1: in the past, is U don't make your money by

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Speaker 1: selling you the user out. That divide was never more

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Speaker 1: clear than it was yesterday at the Developer conference. And

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Speaker 1: so this is it's been a theme that Apple has

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Speaker 1: been approaching for a long time, but I think they

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Speaker 1: capitalized on all that happened to Facebook and broader privacy

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Speaker 1: and really emphasize that yesterday. What does it mean for

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Speaker 1: people that have an iPhone in their hand. It means

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Speaker 1: that you can be comfortable that your data is not

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Speaker 1: being shared, or when it is being shared, you will

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Speaker 1: be alerted more about how as being shared. So they're

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Speaker 1: building more tools to notify you where your data is going.

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Speaker 1: They're also putting in new protection around how like, for example,

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Speaker 1: your browser, the data that your browser collects. They emphasize

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Speaker 1: that there's a trick that most advertisers used to track

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Speaker 1: where you're going around the Internet. They're going to remove

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Speaker 1: that trick using suff are So as a as a user,

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Speaker 1: I think you should um feel good about using Apple

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Speaker 1: devices knowing that your privacy is being looked after. Gene Monster,

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Speaker 1: you will call the effort that Apple has always made

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Speaker 1: in the in the educational world, particularly seating younger users,

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Speaker 1: is what they're doing in sympathy with that trend. And

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Speaker 1: is this going to mean that parents are going to

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Speaker 1: look more favorably on Apple products than non Apple products.

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Speaker 1: There's there's a whole another piece to this, this has

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Speaker 1: been referred to as digital wellness. So we talked about

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Speaker 1: privacy here. There's also the piece about the usability and

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Speaker 1: too much device usage, and so this plays into what

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Speaker 1: you're seeing around what they've done with younger users historically

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Speaker 1: and how they're trying to play into that in the future.

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Speaker 1: And what they're allowing is you to be better aware.

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Speaker 1: This is kids and adults are like better aware of

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Speaker 1: which apps are using, is how much time you're spending

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Speaker 1: on your phone. And they're giving parents the ability need

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Speaker 1: to give time allowances on their kids phones. And so

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Speaker 1: for example, a parent could say that they only want

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Speaker 1: their kids on Instagram for thirty minutes a day or

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Speaker 1: on the internet for an hour a day. And so

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Speaker 1: I think that that's kind of on that process of

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Speaker 1: being kind of trying to as much as you can

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Speaker 1: uh and wanting a motive of profit. You know, they're

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Speaker 1: I think they're doing the right thing around device usage

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Speaker 1: in that context. I noted that if you upgrade their Safari,

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Speaker 1: the Safari browser right, this is UH instead of Chrome,

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Speaker 1: this is the Apple browser for the web. They offer

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Speaker 1: direct links to a variety of add ons from third

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Speaker 1: party companies. That do things such as secure your password,

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Speaker 1: but also make a big issue of blocking ads, blocking

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Speaker 1: the tracking that takes place while you're using Safari. Is

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Speaker 1: this going to continue and will other companies copy Apple?

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Speaker 1: Those third party security plug ins are available on sto far.

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Speaker 1: They're also available on other browsers like Chrome and and

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Speaker 1: Um in Firefox. What what is happening? The significance here

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Speaker 1: is that they're starting to add their own version of

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Speaker 1: those features as the fault in the browser and so um.

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Speaker 1: If you're somebody who doesn't want to add those those

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Speaker 1: plugins into your browser, you don't have to worry about

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Speaker 1: that as much in the future because those features are

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Speaker 1: going to be essentially standard. Gene, You've been one of

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Speaker 1: the great bulls on Apple. You've been a resilient bull

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Speaker 1: through thick and thin, and once again, Gene Munster is right.

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Speaker 1: I don't know what you're doing at Loup Venture's on

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Speaker 1: by hold Cell, but do you have an enthusiasm for

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Speaker 1: Apple coming out of this meeting as you've courageously had

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Speaker 1: over the last fifteen years. We do. We We leave

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Speaker 1: the bi hold Cell opinions up to the investor, but

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Speaker 1: we are positive on this story and we think that

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Speaker 1: it is going to move higher. And there's a paradigm

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Speaker 1: shift going on around how investors are thinking about the

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Speaker 1: Apple story. Every five or ten years, there's a new paradigm.

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Speaker 1: The overriding existing paradigm is to try to guess what

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Speaker 1: the next iPhone is going to be and what the

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Speaker 1: units of the iPhone are going to be in any

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Speaker 1: given quarter. But we think there's going to be a

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Speaker 1: shift to this belief from investors or maybe I should

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Speaker 1: say understanding that the iPhone is a stable business. It's

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Speaker 1: not a high growth business, but it's a zero to

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Speaker 1: five percent growing business and you can rely on that

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Speaker 1: quarter on quarter, and I think the evidence from the

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Speaker 1: Developers Conference yesterday would support that. And that's important because

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Speaker 1: then it gives investors the confidence to have some um

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Speaker 1: to give the valuation on their services business, the more

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Speaker 1: respectful valuation. So we think, uh, we're very optimistic about

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Speaker 1: this story. We think that this new paradigm shift around

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Speaker 1: stability and the iPhone is gonna play well for it,

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Speaker 1: very valuable. Think as much Gene Monster with the briefing

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Speaker 1: us at the Developers conference Apple Computer as well, he's

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Speaker 1: with Luke Ventures. Well, you know one of the competitions

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Speaker 1: that exists on Wall Street at least used to be

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Speaker 1: between exchanges between let's say, the New York Stock Exchange

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Speaker 1: and the NASDAC. Well, now that at least the New

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Speaker 1: York Stock Exchange is part of a much larger corporation,

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Speaker 1: let's find out if this kind of competition still exists.

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Speaker 1: I want to bring in Adina Freedman, the chief executive

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Speaker 1: of the Nastacadina, thank you very much for being in

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Speaker 1: our studios. Maybe just explained to people a little of

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Speaker 1: the history of this sort of competition between the NICETY

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Speaker 1: and the NASDAC, and how that competition has really seemingly

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Speaker 1: changed because of the pervasiveness of technology. Sure, well, when

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Speaker 1: NAZA was formed in ninety one, we were formed specifically

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Speaker 1: to be a competitor to the New York Stock Exchange,

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Speaker 1: to kind of be the first electronic exchange, to be

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Speaker 1: a way a new way for trading to occur, and

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Speaker 1: to attract the new companies and the new economy companies

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Speaker 1: to to go public. And when we first started, the

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Speaker 1: companies that came to NASAC weren't qualified for New York

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Speaker 1: companies like Intel and Applied Materials at that time. UM

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Speaker 1: couldn't otherwise be qualified to list on New York Today,

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Speaker 1: it is very much um. Every single listing on every

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Speaker 1: single IPO is up for is up for competition between

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Speaker 1: the two firms. But our two companies have changed a

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Speaker 1: lot in the last forty years. So NASAC today is

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Speaker 1: a global technology company that serves the global capital markets.

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Speaker 1: We obviously use our own technology for our markets here

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Speaker 1: in the US, but we also own the markets in

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Speaker 1: the Nordics, and then we have technology that we serve

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Speaker 1: over a hundred markets with our with our market technology today,

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Speaker 1: so we're a much bigger company than than we were

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Speaker 1: when we were created. And then New York is now

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Speaker 1: owned by the Intercontinental Exchange M, a large futures exchange

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Speaker 1: and a data company as well in the capital markets.

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Speaker 1: So today it's just that we're very chum, multi business

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Speaker 1: operations focused on technology and data. I look at what

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Speaker 1: you're doing, and I want to go to the controversy

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Speaker 1: the moment, which is I c O S. What a headache?

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Speaker 1: How are you? How are you attacking this topic? It

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Speaker 1: was a huge backstory at Davos this year, and it's

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Speaker 1: it's way high in the radar. The vast majority of people,

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Speaker 1: particularly gray Hair, are like, you're kidding me, And yet

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Speaker 1: Nasdaq is in the crosshairs of this genuine enthusiasm. But

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Speaker 1: real question about the underlying legality and proper process of

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Speaker 1: whatever and i c O is what are you dealing

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Speaker 1: with that? So our view is very consistent with the

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Speaker 1: SEC's view that i c o s are in essence

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Speaker 1: of securities offering UM. So therefore, to the extent that

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Speaker 1: they are being created and issued UM outside the spectrum

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Speaker 1: of a security is offering view is that those UM

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Speaker 1: that activity likely is not following the rule. You're not

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Speaker 1: going to participate well with regard to an unregulated i

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Speaker 1: c O UM in a space where the you know,

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Speaker 1: the the issue of the i c O is not

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Speaker 1: doing the proper job of disclosing information, not doing the

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Speaker 1: proper job of registering that as a security, that's not

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Speaker 1: a business that we're in or want to be in.

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Speaker 1: To the extent the SEC comes out with a regulatory

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Speaker 1: framework that UM then encourages these these i c o

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Speaker 1: s to do to work in a certain way, then

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Speaker 1: we would consider the potential for the Nazak private market

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Speaker 1: to be part of that. But that's a totally speculative

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Speaker 1: and and certainly right now it's it sits outside the

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Speaker 1: regultary framework. You grew up Adina in the million of

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Speaker 1: one of the great by side firms of all time,

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Speaker 1: t ro Price, your father was was a senior, senior

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Speaker 1: and esteemed officers. T ro Price developed what they developed.

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Speaker 1: I think everybody at the time knew what tro Price was.

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Speaker 1: And now people are sort of baffled by the nas

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Speaker 1: deck other than you ring a bell afternoon every afternoon

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Speaker 1: and a lot of people clap as well. What's been

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Speaker 1: the biggest surprise of joining nasdack about what NASDAC really

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Speaker 1: does well? When I joined NAZAC, originally I joined in

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Speaker 1: and we really were an equities exchange. We we basically

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Speaker 1: brought buyers and sellers together and allowed Yeah, we we

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Speaker 1: allowed innovative companies to raise capital. Today we um in

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Speaker 1: the last you know, since I joined in ninety three,

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Speaker 1: we've done a lot of acquisitions and we've built out

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Speaker 1: a lot of businesses that really allow us to play

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Speaker 1: a much larger role in the capital markets. So we

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Speaker 1: are a technology company. We provide our that we apply

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Speaker 1: that technology to to driving trading in our own markets,

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Speaker 1: to providing data and analytics to buy side firms, and

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Speaker 1: then we also um provide a lot of capabilities to

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Speaker 1: corporate clients. Is they're having to navigate this uh the

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Speaker 1: capital markets today. But I think that the thing that

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Speaker 1: is lease understood about us is that we are, in

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Speaker 1: fact a technology provider to a lot of other markets.

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Speaker 1: A Hunt and other exchanges and markets around the world

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Speaker 1: rely on us to power their own changes. You're underlying

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Speaker 1: wires in that is there trading for trading sake? Is

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Speaker 1: there too much trading because we're trading because we're trading

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Speaker 1: that we trade? Um? I think that I think frankly,

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Speaker 1: the ecosystem that's been created around trading, particularly in the

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Speaker 1: United States, it's a very very um uh diverse ecosystem.

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Speaker 1: You have professional traders, they are providing capital into the markets.

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Speaker 1: You have institutional investors coming in, you have retail traders

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Speaker 1: coming in, and that that confluence of all of that

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Speaker 1: supply and demand is what I think makes the US

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Speaker 1: markets great frankly, But you do have to recognize that

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Speaker 1: those professional traders are there to make money for money's sake,

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Speaker 1: but they are also providing capital into the markets. UM.

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Speaker 1: You mentioned earlier the connection with the Nordic countries and

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Speaker 1: UH Sweden a big investor in in the company, I

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Speaker 1: think eleven and a half percent UM. What would be

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Speaker 1: your position if a particular company can list in one

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Speaker 1: of the ball To or Scandinavian countries that beg your

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Speaker 1: pardon um and would like a listing in the Nastic

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Speaker 1: And I'm thinking here about the big changes in medical

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Speaker 1: UH and recreational marijuana and the ability to tap capital markets.

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Speaker 1: So not not focusing specifically on that particular industry. The

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Speaker 1: Nordic countries have a very vibrant capital markets UM as well.

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Speaker 1: So in fact, in the last two years we've had

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Speaker 1: a hundred new companies list on on our markets in

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Speaker 1: the Nordics, and so it's either Sweden, UM, Finland, Denmark,

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Speaker 1: Iceland and the three Baltic countries UM. So we have

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Speaker 1: actually had about a hundred companies each year and the

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Speaker 1: last two years come to the markets. It's a very

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Speaker 1: vibrant um vibrant market itself. But there are certain companies

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Speaker 1: that might choose to go to the Nordics as opposed

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Speaker 1: to coming to United States. We've had some non Nordic

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Speaker 1: companies come and choose to listen the Nordic markets, and

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Speaker 1: then there are other Nordic companies that choose to come

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Speaker 1: to the US because they want to tap a global

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Speaker 1: and a more global trading environment and a global investor base.

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Speaker 1: Do you have any thoughts about the trade wars that

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Speaker 1: seem to have broken out between the United States and

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Speaker 1: our allies and whether this is affecting UH foreign business

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Speaker 1: perspective when it comes to investing in the United States

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Speaker 1: since you have such a large representation of foreign investors. Yeah,

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Speaker 1: I think the first thing I would say is that

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Speaker 1: we certainly are a proponent of global trade, and I

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Speaker 1: think that it is um a challenge when you have

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Speaker 1: kind of these new contentious relationships at a macro level

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Speaker 1: in terms of just maintaining our global business. I think

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Speaker 1: that the the the European investors today are I think

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Speaker 1: being very sanguine about it. I don't think that they're

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Speaker 1: rushing to decisions or conclusions about it. I think that

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Speaker 1: they're they're making the right decisions in terms of continuing

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Speaker 1: to invest in the right US companies, are the right

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Speaker 1: global companies that are listed in the US, and vice versa.

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Speaker 1: So as of right now, we haven't seen a real

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Speaker 1: shift or change in the investment activity or attitude. Dina Freedman,

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Speaker 1: thank you so much, Chief executive officer with Deck, as

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Speaker 1: well as looking at the modern technology at all. Thanks

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00:28:08,880 --> 00:28:13,080
Speaker 1: for listening to the Bloomberg Surveillance podcast. Subscribe and listen

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Speaker 1: to interviews on Apple Podcasts, SoundCloud, or whichever podcast platform

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00:28:18,760 --> 00:28:23,040
Speaker 1: you prefer. I'm on Twitter at Tom Keane before the podcast.

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Speaker 1: You can always catch us worldwide. I'm Bloomberg Radio.