Baruch College

19th Annual Global Equity and Derivatives Markets Seminar – GEMS 2014

"GEMS is a unique learning experience as well as an excellent opportunity to engage in an exchange of ideas with other industry leaders." - Reto Francioni, CEO, Deutsche Börse (guest speaker on June 10)

Monday, June 9 through Wednesday June 11, 2014,
with an opening reception and Hors D'Oeuvres on Sunday evening, June 8th.

Warsaw Stock Exchange
ul. Książęca 4, Warsaw

Seminar Organizers
Robert A. Schwartz, Zicklin School of Business, Baruch College, CUNY
Benn Steil, Council on Foreign Relations
Bruce W. Weber, Alfred Lerner College of Business and Economics, University of Delaware

Hosted by

Warsaw Stock Exchange

Co-Hosted by


                in cooperation with Zicklin School of Business, Baruch College, CUNY 

1  w





Through state of the art interactive trading simulations, graphics-aided lectures, and two industry-expert panel discussions, GEMS provides critical, in depth, hands-on exposure to the latest developments in the securities trading industry, focusing particularly on:

  • The benefits and limitations of different trading structures
  • The impact of technology on the development of trading systems and market structure
  • The economics of high-frequency trading
  • Trading without intermediaries
  • The changing needs of institutional investors
  • Combining different trading structures to achieve a superior trading environment
  • The changing governance structure and role of securities exchanges
  • The changing requirements for effective market regulation, including an analysis of EU and US regimes
  • The effect of cross-border competition and collaboration on European and US trading structures
TraderEx Computer Simulation

GEMS features a series of interactive computer simulations, designed by Robert Schwartz, Bruce Weber, and Greg Sipress, to provide participants with hands-on experience in making tactical trading decisions and implementing them in different market environments.  The simulation exercises are an invaluable tool for deepening understanding of how the structure of trading influences actual trading behavior.

Participants enter orders into a computer-driven market that generates order flow, responding directly to participants’ orders.  Participants see their results in real-time, and analyze them with the instructors after play.  Continuous order driven and quote driven markets are simulated, along with hybrid market structures that incorporate call auctions and dark liquidity pools.




GEMS is aimed at securities industry professionals concerned with trading systems, from both a user and a designer point of view.

The curriculum is ideally suited to the needs of exchange executives, broker-dealers, fund managers, market services providers and regulatory authorities.  A select number of academicians are also included.

Participation is limited to 35 in order to ensure maximum interaction.


GEMS Program

June 8
7:30 pm
Opening Reception and Hors D'Oeuvres
June 9
Dynamics of an Order Driven Market Schwartz
Introduction to Trading Simulation Weber
Coffee Break
TraderEx Simulation: Order Driven Market

Sipress & Weber

TraderEx Simulation: Quote Driven Market

Sipress & Weber


Continuous Market Trading:

Problems and Proposal

Ozenbas* &


Coffee Break

Technological Innovation and Market Structure

  • Giovanni Beliossi, FGS Capital
  • Alasdair Haynes, Aquis Exchange
  • George Kledaras, FIX Flyer
  • Peter Randall, Peter Randall & Associates
Cocktails and Dinner
June 10
TraderEx Simulation: Call Auction

Sipress & Weber

Special Address: Reto Francioni, CEO, Deutsche Börse
Coffee Break
TraderEx Simulation: Lit Market, Dark Pool

Sipress & Weber

Technological Innovation and Market Structure Steil
Coffee Break

Exchange Strategy, Ownership and Governance

  • Adam Maciejewski, Warsaw Stock Exchange
  • Bernardo Mariano, ERDesk
  • Martin Reck, Deutsche Börse AG
  • Cees Vermaas, NYSE Euronext Amsterdam


Cocktails and Dinner
June 11
TraderEx Simulation: Further Applications

Sipress & Weber

Coffee Break
Intra-Day Volatility Schwartz

Exchange Strategy, Ownership and Governance


Seminar Ends

* Deniz Ozenbas is Professor of Finance at Montclair State University.

To Register
To register, email (, or fax (1 646 312 3530), the following information to Lauren Wheatley:

First Name   Last Name
Job Title, Company/Organization
Mailing Address
Tel. Number
E-Mail Address

The registration fee is US $3000 if received by May 12, 2014.  After May 12th, the fee will be US $3600. The registration fee covers lunch, dinner and refreshments, as well as course materials.
Payment can be made by check or funds transfer.

Payment by check
Fax or email to reserve a seat right away.

Then make check payable (in US Dollars) to GEMS FINANCIAL SEMINARS and mail to:
Lauren Wheatley
Baruch College/CUNY
One Bernard Baruch Way, Box B10-225
New York, NY 10010 USA
Tel 1-646-312-3512

GEMS Payment by funds transfer
Upon receipt of your registration email or fax, we will provide you with an invoice with the funds transfer instructions.

GEMS Cancellation Policy
Should you be unable to attend, a substitute delegate is always welcome at no extra charge prior to the start of the Seminar. Alternatively, we will make a prompt refund less a service charge of US$ 100 for cancellations received in writing (email or fax) no later than May 16, 2014.

Hotel Information
For our guests we have reserved a block of rooms from June 6th- June 12th at the Sheraton Warsaw Hotel. To reserve a room please click on the following link If you have any trouble please call Lauren Wheatley at 646-312-3512.

June 6th – June 8th

Single room: 300 PLN per night

Double room:   350 PLN per night

June 9th – June 11th

Single room: 600 PLN per night

Double room: 650 PLN per night

The room rate includes buffet breakfast served at the hotel restaurant.

The rates are net of VAT (8.0% per night per room - 30 PLN).

Guests can make their reservation until May 19, 2014.

After this date, guests can make their reservation based upon availability for the best available rate. If you will be staying at another hotel, please let us know. 


TS organizers


Past Participants include             
American University of Paris
Amsterdam Stock Exchange

Aquis Exchange
Archipelago Exchange
Athens Exchange SA
AXA-Sun Life
Banco Porgugues de Investimento
Bank of England
Bear Stearns International Limited
Bloomberg Financial Markets
Bolsa de Madrid
Bolsa Nacional de Valores, Costa Rica
Borsa Italiana
BPI Dealer
Brown Brothers Harriman
BT Radianz
Bulgarian Embassy to Switzerland
Bulgarian Stock Exchange
Bursa Malaysia Berhard
Channel Islands Stock Exchange
Clearstream Banking
Clearstream International - Deutsche Börse Group
Comision Nacional del Mercado de Valores, Spain
Copenhagen Stock Exchange
Danmarks National Bank
Deutsche Börse AG
Dresdner Kleinwort
Dubai International Financial Center
Efficient Frontiers
EFG Eurobank Securities
Eurex AG
Eurex Frankfurt AG
European Capital Markets Institute
Exchange Lab
Federation of Euro Asian Stock Exchanges
Federation of European Securities Exchanges
FGS Capital LLP
Financial Technologies India Ltd (FTIL)
FIX Protocol Limited
Foreign & Colonial
GETCO Europe Limited
Goldman Sachs
IBM Global Banking and Financial Markets
Iceland Stock Exchange
ICMA Centre, University of Reading
Instinet Group, Inc.
Institutional Investor Journals
Investment Industry Regulatory Organization of Canada
Investment Technology Group
Irish Financial Regulator
Irish Stock Exchange
ISE Stock Exchange
Istanbul Stock Exchange
ITG Europe
KJPOH Enterprises L.L.C.
Korea Exchange

Kredietbank S.A.
Kuala Lumpur Stock Exchange
Lava Trading
LD Pensions
Lek Securities
Lime Brokerage
Lombard Odier & Cie
London Stock Exchange
Malta Financial Services Authority
Malta Stock Exchange
McKinsey & Company
MCX Stock Exchange
Mees Pierson
Merrill Lynch
MICEX Stock Exchange
Montreal Exchange
Mozambique Stock Exchange
Nasdaq OMX
National Bank of Yugoslavia
NeoNet Securities
Nomura Research Insitute Europe Ltd.
NYSE Euronext
Oliver Wyman & Co.
OM Technology
OMX Exchanges
Ontario Securities Commission
Ontario Teachers’ Pension Plan
OptiMark Technologies
Optiver Holding BV
Phillips & Drew
Pipeline Trading Systems
Plexus Group
Quadriserv, Inc.
RBC Capital Markets
Reuters LTD
Saudi Stock Exchange
Scudder Kemper Investments
Stockholm Stock Exchange
SWX Swiss Exchange
Tabb Group
Tel Aviv Stock Exchange
Thomson Reuters
TIAA-CREF Investment Management
Toronto Stock Exchange
UBS Investment Bank
Universitaet Karlsruhe
University of Geneva
University of Lugano
University of Vienna
Vancouver Stock Exchange
Warburg Dillon Read
Warsaw Stock Exchange
World Federation of Exchanges