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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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 - - - - - - - - - - - - - - - - - - - - - - - - - -  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  Hosted on Acast. See acast.com/privacy for more information.

After mounting a comeback, Netflix shares recently hit all-time highs. But its success is in stark contrast to the rest of Hollywood, which is struggling to adapt in an industry that is becoming more and more dominated by tech companies. The FT’s Los Angeles bureau chief Chris Grimes explains how Netflix came out on top and how its dominance could change the rules of Hollywood. Clips from AP Archive, CBS, Evening Standard, Reuters, NBC - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: How Netflix won the streaming wars Netflix profits surge after password-sharing crackdown Streaming wars are over and Netflix won Netflix faces tough battle in advertising wars - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Chris Grimes (@grimes_ce) 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 Hosted on Acast. See acast.com/privacy for more information.