Kelly Evans and Brian Sullivan are live for a special 2-hour broadcast from the Cboe’s iconic trading floor in Chicago with Chicago Fed President Austan Goolsbee, Ariel&#x27;s John Rogers, Cboe CEO Craig Donohue, Northern Trust CEO Mike O&#x27;Grady, Harris Oakmark&#x27;s Bill Nygren, and more.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

CNBC @ Cboe: Live from Chicago 6/25/26

The Exchange

# Full Transcript

**Podcast:** The Exchange

## Participants

- **Kelly Evans** (None)
- **Brian Sullivan** (None)
- **Bill Nygren** (Harris Oakmark Funds)
- **Craig Donahue** (CBOE)
- **Austin Goolsbee** (Federal Reserve)
- **Phil LeBeau** (CNBC)
- **Rick Santelli** (CNBC)
- **Mike O'Grady** (Northern Trust)

## Transcript

You're listening to The Exchange. Here's today's show. Thank you very much, Scott. And live from the iconic city of Chicago from the Cboe Trading Floor, home of market makers and traders carrying on a tradition here that has lasted for more than five decades and is now where we see some of the most innovative products in the market.

I'm Kelly Evans, along with Brian Sullivan. He's way behind me back there in the pits with the traders. Brian, we'll see you in a second. We're all glad to be here. What better welcome for CNBC, by the way, than this Wrigley Field, home of the Cubs. Thank you for this incredible welcome to the city of Chicago. We'll talk more about their city's whole array of sports teams, Brian, later this hour. Yeah, it's amazing. And you know, Kelly, I'm married to a Chicagoan. So that Wrigley Field sign,

I love it very much. So look at all these people back here. This is still a massive part of the trading process. One of the most important exchanges in the entire world. A lot of the stuff you may buy or sell or want to buy or sell comes through here. And we have got a huge show coming up from Chicago over the next two hours. Look at this lineup. Chicago Fed President, Austin Goolsby, John Rogers, aerial investments. The CBO CEO, Craig Donahue. Hey, this is his house. So everybody back

there, you better behave. Michael O'Grady, CEO of Northern Trust, Bill Nygren of Oakmark Funds, and maybe a few surprises all along the way. It is going to be a fun and big two hours. All right. So we know this, the CBO formally welcomed CNBC to their trading floor earlier this year, because we got this, this tall drink of water here from Virginia, Oliver Rennick. He has been part

of the action since day one. Here he is. And, uh, great to have you guys. Great to have, we got, by the way, three high school Virginians here. That's right. Winchester. Yeah. Warrington. Yeah. And Lexington. The 540 party, another way to put it. So first, before we get into all the day's action today, we got Mike Rob, we got a lot of stuff going on. What's it like being here? Because this is so critical, the men and women that are here, this is still so critical to the way the financial markets operate. Yeah. It's amazing. The first thing that you realize is that there's no

other place like it in the world. Literally, this is the last standing bastion of physical trading in a world that generally people think has been taken over by algos. But as you can see, it's not the case. The best way to think about this floor is something between a giant and very loud insurance market and a big poker room. Most of what's happening behind you is big institu...

CNBC @ Cboe: Live from Chicago 6/25/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

CNBC @ Cboe: Live from Chicago 6/25/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.