Phil is joined by his old boss and mentor, Laura Morrison. Laura talks about her career at NYSE and how she left NYSE to build an ETF listing venue at CBOE. She discusses the challenges in building a business line from the ground up, and how the exchange has led the ETF industry on countless market structure initiatives. Laura then breaks the news of CBOE’s new market maker incentive program, which can be the catalyst for significant market quality improvements in ETF trading. They discuss the exchange’s value proposition and why competition among listing exchanges is so fierce. Phil notes that Laura’s teams are defined by their scrappiness, and then Laura explains her leadership style and how trusting and empowering employees can be the best way to motivate them. The conversation closes out with Laura’s love of classic cars and which classic car is her all time favorite.