RiskReversal Pod Bill Capuzzi & Tom Sosnoff: The Men Behind The Curtain
Mar 16, 2026
Tom Sosnoff, entrepreneur and trading-platform founder now launching LossDog with an AI focus. Bill Capuzzi, CEO of Apex Fintech Solutions running core market infrastructure for millions of retail accounts. They discuss retail options sophistication and global growth. They explore AI for fraud reduction, operational friction, and product design. They critique prediction markets’ fee structures and regulatory tensions.
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Retail Options Evolved Into Strategic Portfolios
- Retail options trading matured from speculation to strategic portfolio use.
- Bill Capuzzi: Apex now supports ~40 million accounts globally and customers build multi-leg strategies, not just one-off calls or puts.
Thinkorswim Survived By A Small Clearing Firm
- Tom Sosnoff recalled Thinkorswim's early clearing struggles with big firms refusing them.
- A small Dallas firm Penson (later part of Apex) took them on and became foundational as Thinkorswim grew to billions in customer assets.
Options Now Dominate Retail Trading Activity
- Options penetration among retail exploded from single digits to ~70% of retail activity.
- Tom Sosnoff: Options went from ~9% of retail to mid/high 50s at TD and after Robinhood/tasty it's now in the low 70s of retail trading.