When it comes to trading, Wall Street’s investment banks are falling further behind. And independent trading firms, such as Jane Street and Citadel Securities, are taking the lead in everything from stocks and options to derivatives and crypto. The trading firms argue that they’ve made the process more efficient, but what risks does that carry? The FT’s US banking editor Joshua Franklin explains.

Clips from Lionsgate

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For further reading:

New titans of Wall Street: how trading firms stole a march on big banks

New titans of Wall Street: how Jane Street rode the ETF wave to ‘obscene’ riches

‘King of the geeks’: how Alex Gerko built a British trading titan

The limits of bond market electronification

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On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Wall Street’s new trading titans