ETF flows, basis trades and liquidity dynamics

Sam Gaer’s career spans several major shifts in market structure — from the open-outcry pits of COMEX to high-frequency trading and now crypto derivatives.

Sam began his career as a teenage runner on the COMEX floor during the gold boom of the early 1980s before becoming a copper pit trader himself. While most traders relied purely on instinct, Sam was already experimenting with technology — building early pricing tools that helped identify inefficiencies in spread markets.

His path eventually led beyond the trading floor into exchange technology and market infrastructure, including building trading software that was later acquired by the New York Mercantile Exchange. In recent years, Sam has focused on crypto markets, where he applies traditional derivatives frameworks to volatility, options, and digital asset trading.

In this episode, Sam shares insights from decades of experience across multiple market regimes and discusses how trading edge evolves as markets and technology continue to change.

In this episode, we explore:

· Getting introduced to markets as a teenager

· Life inside the COMEX copper trading pits

· Early use of computers to price commodity spreads

· Inefficiencies in open-outcry markets

· Building exchange technology and selling Trading Gear to NYMEX

· The transition from pit trading to electronic markets

· Market structure lessons from traditional derivatives markets

· Why Sam shifted his focus to crypto markets

· Opportunities in crypto options and derivatives

· Convexity, volatility, and institutional trading frameworks in digital assets

About the guest:

Sam Gaer, Chief Investment Officer of the Directional Strategy at Monarq Asset Management, has more than three decades of experience across derivatives trading, exchange technology, and quantitative strategy development.

He previously served as Chief Information Officer of the New York Mercantile Exchange (NYMEX), where he helped modernize the exchange’s trading infrastructure. Earlier in his career, he was a floor trader on the COMEX commodities exchange and later founded Trading Gear, a technology firm whose trading software was acquired by NYMEX. Sam has also launched and managed quantitative trading strategies focused on derivatives and volatility markets, and today works on institutional trading approaches within digital asset markets.

Links + Resources:

· Website:  https://www.monarq-am.com

· Email:  investors@monarq-am.com

Sponsor of Chat With Traders Podcast:

 Trade The Pool:  ⁠http://www.tradethepool.com

Time Stamps:

Please note: Exact times will vary depending on current ads.

00:00   Intro and Background

01:48   Early career: COMEX runner to copper pit trader
06:40   Programming background and early trading automation
16:19   TradingGear: pivot to exchange software and NYMEX sale / CIO role
21:09   Trading style evolution: scalping to event-driven and electronic trading
23:42   High frequency trading, FINRA experience and entrepreneurship
25:09   Transition into crypto: Katana Financial and early crypto market making
28:01   Crypto derivatives focus: options, convexity and strategies
34:19   Recent crypto market decline: causes, liquidations and regulatory uncertainty
39:51   Institutional adoption, ETFs (IBIT) and market-structure impacts
42:57   Tokenization, real-world assets and digital asset treasuries (DATs)

56:17   Reflections on markets, challenges and use of AI

58:36   Closing remarks and contact information

Trading Disclaimer:

 Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice.

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