Baruch College

Financial Markets Conference

Market Integrity: Do Our Equity Markets Pass the Test?

Tuesday, October 8, 2013

Baruch College
55 Lexington Avenue at 24th Street
William and Anita Newman Vertical Campus 14th floor, Conference Center
New York City

Conference Organizer
Robert A. Schwartz


BATS Exchange
BIDS Trading
Bloomberg Tradebook LLC
Chicago Board Options Exchange
Deutsche Borse AG
Direct Edge
International Securities Exchange

ITG Inc.
Nasdaq OMX
NYSE Euronext
Tabb Group




A number of sharp intra-day price swings in recent years have called much attention to the integrity of our equity markets. From the perspective of both the exchanges and their customers, what is the integrity of our markets with regard to price discovery? What is the integrity of the broader marketplace, and of our regulatory environment? How is market integrity impacted by a spectrum of market structure issues, including system reliability, inter-market competition, fragmentation, transparency, and fairness? These are among the questions that the conference will address. Throughout, we will ask, "do our markets pass the test"?

Registration fee of $495 (US) per attendee must be received by September 20, 2013.  After this date, registration will be $595 (US).  Please print the registration_form and fax to Lauren Wheatley at 646-312-3530.  Call 646-312-3512 or email with any questions.


8:15 Reception and Coffee

Greetings - David Christy, Provost and Senior Vice President of Academic Affairs, Baruch College, CUNY


Opening Remarks - The Low Down on High Intra-Day Volatility:                        Robert Schwartz, Speiser Professor of Finance, Zicklin School of Business, Baruch College, CUNY


Panel: Integrity of Price Discovery - Perspective of Exchanges

Moderator: Joe Gawronski, President and Chief Operating Officer, Rosenblatt Securities

Colin Clark, Senior Vice President, Strategic Analysis & Market Data, NYSE Euronext
Tom Farley, Senior Vice President of Financial Markets, IntercontinentalExchange
Eric Frait, Vice President, Business Strategy, Chicago Board Options Exchange
Bryan Harkins, Chief Operating Officer, Direct Edge
Frank Hatheway, Chief Economist, The NASDAQ OMX Group, Inc.


Refreshment Break


A Global Perspective: Huseyin Erkan, CEO, World Federation of Exchanges


Panel: Integrity of Price Discovery -Perspective of Customers

Moderator: Ian Domowitz, CEO, ITG Solutions Network, Inc. & Managing Director, ITG Inc.

John Donahue, Senior Vice President, Head of Equities, Fidelity Capital Markets
Timothy J. Mahoney, CEO, BIDS Trading L.P.
William Lishman, Head of Equity Trading Americas, Schroders
Lin Peng, Associate Porfessor, Zicklin School of Business, Baruch College, CUNY
Adam Sussman, Partner, Director of Research, TABB Group

12:30 Lunch

Luncheon Address: Andreas Preuss, Deputy Chief Executive Officer, Deutsche Börse AG


Panel: Integrity of a Marketplace

Moderator: Bob Pisani, Correspondent, CNBC

Joe Bonocore, Managing Director and Deputy Treasurer, Citigroup
Gary Katz, CEO, International Securities Exchange
John Kelly, Chief Operating Officer, Liquidnet
Keith Ross, CEO, PDQ Enterprises LLC
Lee Van Slyke, President, !Re

3:00 Refreshment Break

Traders Perspective: Andrew M. Brooks, Vice President and Head of U.S. Equity Trading, T. Rowe Price Associates, Inc.


Panel: Integrity of Market Regulation

Moderator: Ken Lehn, Samuel A. McCullough Professor of Finance, Katz Graduate School of Business - University of Pittsburgh

Eric Budish, Associate Professor of Economics and William S. Fishman Faculty Scholar, Booth School of Business - University of Chicago
Deanna Dobrowsky, Vice President, Market Regulation Policy, Investment Industry Regulatory Organization of Canada

Tom Gira, Executive Vice President and Head of Market Regulation, FINRA
Craig M. Lewis, Director and Chief Economist, U.S. Securities and Exchange Commission
Eric Swanson, General Counsel, BATS GLobal Markets, Inc.
Steve Wunsch, Wunsch Auction Associates, LLC

5:00 Wine Reception