Terry Duffy on the CME's Big Push into Retail Trading

In this episode of the Odd Lots podcast, hosts Tracy Alloway and Joe Weisenthal interview Terry Duffy, the chairman and CEO of CME, about the evolution of trading, the retail revolution, and the partnerships developing between traditional exchanges and retail-oriented platforms. Duffy discusses CME's partnership with FanDuel to offer event contracts, the impact of technology and AI on the markets, and the importance of regulation and education for retail participants. The conversation also covers political betting markets, tax treatment of futures contracts, competition in the treasury futures market, and the potential for perpetual futures. Duffy shares his views on government shutdowns, risk management, and the blurring lines between institutional and retail investors, as well as CME's partnership with Google Cloud.