sonali basak -- sonali, thanks a lot. sonali basak and alison williams joining us.rg. ♪ ♪ alix: something i am keeping my eye on, we learned new york city is short about 55,000 vaccines, and part of that is due to the weather, so they may have to cancel some appointments. we are going to get hit with a storm tomorrow. also, we had issues may be getting vaccines from areas that were already hard-hit by an arctic freeze that has really decimated texas. so another hurdle in terms of getting everything out fast. guy: it just makes you realize how connected everything is, even within the united states. it is fascinating to see what is happening. the cold weather we have been talking about hitting texas so hard also impacting a bunch of things. you have been following what has been happening with the energy story. there's also a chip story to emerge, a plant being affected by the cold weather down there, so this story is coming together. even just within the united states, highlighting the complexity of supply chains and how fragile they are once they start to be hit by t

joining us is ken moelis, and wall street correspondent sonali basak. thank you, and thank you, ken, for joining us. you raised millions of dollars for a spac and put that together in months. you told us you think it is the future of the market. however, we already have spac volumes ballooning to about half of the record we saw last year. how could this possibly continue? ken: good to be on, sonali. first of all, you have to size it for many decades now. money has been pouring into alternatives. i think it is for trillion dollars in private equity. what have they had all this time? they've had the ability to sit down with a company, look at their projections, get to see what the inside of a company and what their future looks like. the same with late stage working capital, which has diverted many companies from going public. in fact, over the last 20 years, i think there's 50% less stocks trading publicly than there were 20 years ago. so what the spac market is probably up to $350 billion today, ash so with the stock market -- so with the spac market pro

also with us is sonali basak.ow concerned are you about the structure of this market, are there places where the market needs to be overhauled, or is there systemic risk out there? howard: when you short a stock, you can only make a certain amount of money. most people didn't think about what infinite risk means, but you learned what it means. a stock can go up 400 times, and that is pretty extraordinary. the market took one day to figure it out, and that was pretty impressive. all of the clearing corps raise their margins to make sure that people could trade the stocks. you have to have money to pay. the people that by these stocks, they care if they sell it, they get money. the market took one day to figure it out. now, it is good to go. of course there are risks i'm about the system has figured it out. sonali: you have been building up your prime brokerage for quite a bit. what are your clients doing to react to this flush of retail traders that are driving up single name stocks or playing in the market for lon

here is sonali basak on why transactions between retail brokerages and large high-frequency trading firmsave raised eyebrows in the financial world. ♪ sonali: day traders are piling into the stock market and major wall street firms are paying lots of money to handle their trade. it has outraged some who feel the relationship to wall street is a bit too close. it is called payment for order flow. and it a key pillar of trading. a brokerage like e*trade or robinhood will direct orders to a market maker like citadel securities. in return, those market makers will pay the brokerage a small fee. those firms are making money on spreads for stocks and options and the sec has traditionally accepted them as a way to transfer some of the market making profits to the brokerages. it helps the market maker in return amass greater volumes of trade. ultimately, bringing them more money. they add up. they reached about $3 billion across the industry in 2020. the schwab organization, robinhood, and e*trade brought in the most fees, with schwab and td taking in 1.4 alien dollars. citadel securities, which

also with us, sonali basak.et's talk about the relationship to what we are seeing with the payroll numbers which is disappointing, but points to better things ahead and an equity market that is at record highs. what do you make of where we are at the moment? clearly, the markets have front run the recovery. too much? do we need to talk about bubbles? peter: let's just talk about the labor market. the numbers are somewhat disappointing. trends have been pretty strong. we continue to see labor recovery, unemployment continues to drop. it may not be moving at the speed that we want, but i think you had a guest on earlier and they said it well. if you look at the labor construct today back in march, you would have said, this is terrific. you are continuing to see feeling in the labor force without, recovery in the leisure industry and travel industry and that is going to come later in the year. that gets me back to the market. the market said, i think there is a recovery. i think it will be strong. i think the value

joining us is kristin declark and sonali basak.some serious animal spirits in this market for a long time -- what is the demand takedown? kristin: across-the-board on the ipo calendar, it converts everything across-the-board in terms of the etm product. the ipo's priced this year so far over 40%. every single stack is up trading above issue price. it is a strong market across-the-board. alix: does that mean spac is becoming so much of the volume? kristin: you are seeing investors really piling into the front end of the spac because they are working. even from the investors side, if 20% to 30% of the spacs did not find an acquisition, the returns are strong enough because of the aftermarket trading of the ones that are. we are finding acquisitions and that's getting muddled into the way investors are thinking about spacs. they are forming new strategies to participate in the spac ipo. alix: we know with the immediate calendar looks like. we saw bumble looking to raise more money here. what is your pipeline look like? kristin: i woul

emily: bloomberg's sonali basak with more on the upcoming hearing i am joined by duke law professor gina-gailher. thank you so much for joining us. do you see a problem with payment for order flow? gina-gail: yes. payment per order flow i think is a troubling aspect of the market that has definitely allowed platforms like robinhood and e*trade to gloat -- grow significant a by attracting retail investors with this promise that there is no cost to their trade. however as we always say, there is no such thing as a free lunch. so this is being paid for in some way by the retail traders, these day traders. they are paying for these transactions in some way, and there is some question as to whether or not they are fully aware of the extent to which they are bearing the cost for this supposedly free service. and that is what payment for order flow -- emily: i believe robinhood would say we disclose this to our customers, we disclosed this many time during the process. is that not enough? gina-gail: there is some disclosure going on for sure. this is something that the sec is requiring of these brok

haidi: sonali basak there. next, the deep-freeze in texas issuing little signs of abasing. rippling into a shock for the world's oil markets. we have the latest on that story. this is bloomberg. ♪ this is bloomberg. ♪ shery: half an hour away from trading in japan and south korea. let's turn to sophie for what to watch. sophie: asx 200. the benchmark is little changed. stocks reacting to earnings report from across sectors. anc gaining ground. mining and construction services player and rw on the back of its results. we are seeing the move higher in yields pause with the 10 year yield below 137. oil picking up. check out gold. holding losses near to month lows after the bounce we saw in the greenback overnight. checking in on the terminal. i will show you right now, the reflation trade took a breather yesterday. the rise across the commodity index has tracked the push higher in breakevens which are now above 2.2 on the 10 year. helped along overnight by solid u.s. retail sales data as well as the push higher in producer prices. oil in focus. the beauty i above 61 this morni