I spent nearly a decade as a quant trader.
Building systems. Tuning algorithms. Bleeding for every ounce of P&L. One bad month and you don't sleep.
In 2022, I was in a meeting with a biz dev guy from the NSE. We were talking the massive numbers printed by top quant shops.
Then he said something that stopped me cold: "All of this pales in comparison to NSE itself."
His description of the business of India's largest exchange was simple: a machine you turn on at 9:00AM, turn off at 3:30PM, and count the money.
I felt sick. In a good way.
The exchange has no dog in the fight. It collects the toll while traders fight each other on its rails. Many exchanges run 50%+ NET margins. Not gross. Net.
Traders eat what they kill. Exchanges own the jungle.
An exchange is one of the best business shapes that exist. In the same league as ads, payment processing, and insurance. A toll booth on human activity.
I knew right then I'd build one someday.
Last year I stepped away from trading to build something venture scale.
My first instinct was to build an exchange. But I didn't pull the trigger and went on a soul search instead. And six months and many pivots later I ended up exactly where I started: building an exchange.
The last bit of math I did in my head: if I'm leaving a stable cash flowing business to start another, might as well just go for the jugular. This should be the last business I build and the one I run for the rest of my life.
And funnily enough it's one that demands everything I enjoy and am good at: trading, building, marketing, branding, design, community, social media. All of it.
At the risk of sounding melodramatic: I've been a gambler for nearly a decade, and now I'm building the casino.
Yesterday,
@omnibook_xyz went live on testnet.
The machine is on.