One Kronos Rewriting Wall Street

The source provides excerpts from a video transcript featuring the founders of One Kronos, Kelly Little Page and Steven Johnson, a relatively new stock exchange that now handles a significant percentage of all daily US equity trades due to its innovative approach. The discussion focuses on the company's origin, detailing how the founders, who met in middle school, combined insights from auction theory and experience in quant finance to address inefficiencies in traditional capital markets, which they liken to problems in a distributed database system. They explain that One Kronos utilizes combinatorial auctions to allow institutional traders to execute complex, multi-stock trades as a single, "atomic" transaction, solving the "exposure problem" prevalent in older trading models. The founders also recount the long, difficult six-year journey from going full-time on the company to its launch, including solving two major deep tech problems and navigating the stringent regulatory environment to introduce their novel trading mechanism.