Baruch College

Financial Markets Conference

40 Years Of Experience With NMS: Who Are The Winners And What Have We Learned?

Date
Wednesday, November 11, 2015

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

Conference Organizers
Robert A. Schwartz
Larry Tabb

Sponsors

BATS Exchange
BIDS Trading
CBOE Holdings, Inc.
Instinet
Jones Trading
Modern Markets Initiative
Nasdaq
PDQ ATS Inc. 
Portware
TABB Group

 

     Fencers with conf logo

Purpose

The 1975 Congressional Securities Acts Amendments, by calling for the institution of a National Market System, jump started far reaching change in the equity markets. The ensuing years have brought a succession of further regulatory initiatives, substantial technology development, major alterations in the competitive environment and never ending debate and research on the part of regulators, industry participants, and academics. The debate will continue in this conference. The overriding question is, after 40 years of experience with NMS, who are the winners and what have we learned?


Registration
Registration fee of $495 (US) per attendee must be received by October 11, 2015.  After this date, registration will be $595 (US).  Please print the registration_form and fax to Darya Vronska at 646-312-3530 or email Darya.Vronska@baruch.cuny.edu.  Call 646-312-3512 or email Darya.Vronska@baruch.cuny.edu with any questions.

 

Program
8:15 Reception and Coffee
9:15

Greetings: H.Fenwick Huss, Dean, Zicklin School of Business, Baruch College, CUNY

9:30

Opening Remarks:
Robert Schwartz, Speiser Professor of Finance, Zicklin School of Business, Baruch College, CUNY

9:45

Opening Address: Thomas Gira, Executive VP of Market Regulation, FINRA

10:15

Refreshment Break

10:45

Panel: Technology challenge to regulators

Moderator: Larry Tabb, CEO, TABB Group
John Adam, Portware        
Gregg Berman, Ernst & Young                                                                          Anthony Fortunato, Instinet
Greg Wood, Deutsche Bank
John Zecca, NASDAQ OMX

11:45

Luncheon Address: Nandini Sukumar, CEO, World Federation of Exchanges

12:15 Lunch
1:00

Panel: Has NMS-Induced Competition Delivered?

Moderator: Tim Mahoney, CEO, BIDS
Nazli Sila Alan, Fairfield University
Bryan Christian, BATS                                                                                                 Stephen Cavoli, Virtu Financial                                                                                           Joe Gawronski, Rosenblatt Securities
Dave Weisberger, RegOne

2:00

Panel: Fair & Level Playing Fields: A good Regulatory Goal?

Moderator: Amber Anand, Professor, Syracuse University
Alan Hill, Jones Trading
Bill Harts, Modern Markets Initiative
Gary Stone, Bloomberg
Nina Mehta, Journalist and Author
Adam Sussman, Liquidnet

 

3:00 Refreshment Break
3:30

Panel:What Have we learned?

Moderator: Bob Pisani, CNBC
William Brodsky, Chicago Board of Options Exchange
Arthur Cashin, UBS
Richard Lindsey, Callcott Group

 

4:30

Panel: The Buyside Responds

Moderator: Pete Jenkins, PDQ ATS Inc.
Andy Brooks, T. Rowe Price
Curt Engler, JP Morgan Asset Management
Frank Loughlin, Alliance Bernstein
Enrico Cacciatore, Voya Investment Management
Robert McGrath, Schroders


5:30 Wine Reception