The Short Version

The Short Version turns podcasts into what was actually said. Every weekday we take the shows worth knowing about — macro, markets, tech, power — and boil each episode down to the argument, the takeaways, and the calls, if anyone was brave enough to make them. An hour of someone talking becomes a few minutes of you reading. You listen to the episodes that earn it and skip the rest with a clear conscience.

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This morning’s edition:

Odd Lots

CME's Terry Duffy on the Disconcerting State of Finance Regulation

Oct 20, 2026 · 30m · 3 min read

Terry Duffy, CME's longtime chairman and CEO (stepping into an executive-chairman role next year), argues the state of US financial regulation is "disconcerting": the CFTC has approved all 2,500 self-certified contracts submitted since the second Trump administration took office, including markets he considers facially manipulable. He reiterates CME's legal position — now the subject of litigation against the CFTC — that perpetual futures are mislabeled swaps, directly disagreeing with Don Wilson. He expects GPU futures, already a trillion-dollar-plus market, to grow to multiples the size of crypto by 2030, and confirms CME and Nasdaq will launch 23.5-hour cash equity trading by year-end as a step toward what he calls an inevitable 24/7 market structure, currently gated by the banking system's inability to fund a $76 trillion equity market over a weekend.

This is the super-short version — click for the full summary →