Introducing the Innovators’ Exchange podcast, hosted by Hiten Patel, Global Head of Financial Infrastructure Technology, and Services at Oliver Wyman.

Join Hiten as he engages in insightful conversations with CEOs and founders who are shaping the landscape of financial technology, data, and software. In each episode, Hiten delves into their journeys to success, daily motivations, business visions, and the invaluable lessons they've gathered along the way.

Meet visionaries such as Maroun Eddé of Murex, Brad Levy from Symphony, Cat Long of Trace, Anand Sambasivan of Primary Bid, David Mercer of LMAX, and Bin Ren of Sigtech. From discussing the ever-evolving nature of capital markets to the symbiotic relationship between humans and AI, these conversations provide a unique perspective on innovation in the financial sector.

The latest episode of the Innovators' Exchange, recorded live in Boca Raton, features a lively panel discussing how market infrastructure is evolving beyond traditional futures into software, data, and energy/real-assets markets. In a debate about expansion versus retrenchment, Hiten Patel talks with Carsten Kengeter, CEO of 7RIDGE, Andrea Stone, CEO of Zema Global, and Sam Tegel, CEO of ElectronX, about trading, data analytics, and market structure.

Key themes include: technology and AI are powerful tools but can’t replace deep industry knowledge; energy markets bring unique physical, timing, and speed challenges that need new market designs and stronger data governance; and while these changes offer big opportunities — new products, liquidity pools, and participant types — they also bring systemic risks (credit and equity exposures) that financial market infrastructures (FMIs) must address with transparency and strong competitive advantages.

Key talking points:

• Carsten Kengeter on AI limits: Technology and AI now central and tend to benefit large incumbents, but these incumbents risk becoming complacent. His advice to large institutions is to focus deeper on sector expertise rather than broader areas and avoid investing in generic, leveraged software businesses.
• Andrea Stone on market design: Energy markets add physical complexity, making the progression from OTC to forwards to futures more complicated. There is a big timing gap: grid and operational data are almost real-time, but many contracts and risk models are slow and fixed. This means clean data, clear audit trails, and reproducibility are essential before using generative AI or probabilistic methods. Andrea suggests FMIs invest in deep sector knowledge, strong data governance, and tailored instruments (especially for mid-term risk), while focusing on transparency and liquidity.
• Sam Tegel on systematic risks: Rising renewable energy use causes significant intraday volatility, while growing AI and data-center demand increases overall power use, affecting both supply and demand. Market design should support direct market access and open connectivity so all participants can trade, building liquidity first on trusted hubs, then expanding to other grids. Sam shares his vision of applying modern quantitative models and market-structure lessons to power markets, unlocking finer detail, deeper liquidity, and clear value across the system.

This episode is part of Innovators’ Exchange, a series exploring financial infrastructure and technology. Tune in for an engaging look at key themes and opportunities for professionals and retail investors, including AI’s transformative role in financial markets.

On the latest episode of the Innovators' Exchange, Hiten Patel interviews Kunal Kapoor, CEO of Morningstar, a leading provider of independent investment research and financial services. Kunal shares his unique journey from joining Morningstar as a fresh college graduate in 1997, when the company had just over 200 employees, to leading it today as a global firm with more than 10,000 employees.

The conversation dives into Morningstar’s evolution from a mutual fund data provider to a diversified financial services company through strategic acquisitions such as Aspect Huntley, Micropal, DBRS, and PitchBook, and through expansion into investment management and credit ratings. Kunal shares his insights on navigating industry disruptions, including AI transformation, the growing importance of private markets, and shifting wealth management dynamics. He also reflects on how his leadership style was shaped by deep company experience, a founder’s mindset, and a commitment to embracing change.

Key topics include: 

• Early years: Kunal reflects on his upbringing, being born and raised in India, and gaining early independence through boarding school experience. He then moved to the US in 1993 for college education and joined Morningstar’s data collection team right after graduation in 1997.
• Morningstar’s growth: Initially a small company (about 200 employees in 1997) focused on Mutual Fund Binder and early software products; Morningstar’s growth was driven by a culture of ownership. Acquisitions of Aspect Huntley, Micropal, DBRS and PitchBook further allowed for international and capability expansion.
• Investment management and credit ratings: Kunal shares how responding to financial advisors’ needs by building portfolio management and managed account services and developing a global investment management business across multiple countries positioned Morningstar as the world’s fourth-largest credit rating agency.
• Views on AI, private markets, and wealth: Kunal argues AI disruption is real, but market reactions may overestimate short-term impact, with AI significantly enhancing personalization in investment management. He notes that private markets are growing due to companies staying private longer and changing capital raising but emphasizes the need for investors to understand liquidity and fee structures in these markets. As for wealth management, fees are likely to decline due to technological advances, so advisors must scale and add value.
• Leadership lessons: From Kunal’s experience, an insider perspective offers deep cultural and client understanding but requires an outside-in mindset to avoid complacency. He emphasizes the importance of adaptability and embracing change for both personal and professional growth.

This episode is part of Innovators’ Exchange, a series that explores the financial infrastructure and technology landscape. Tune in for a captivating exploration of key themes and opportunities for both professionals and retail investors, touching on AI's transformative potential in financial markets. 

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