Baruch College

21st Annual Global Equity and Derivatives Markets Seminar
GEMS 2016

"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, former CEO, Deutsche Börse

Dates
Monday, June 20 through Wednesday June 22, 2016

Location
Baruch College
Subotnick Center, 151 East 25th Street, New York City


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

Sponsors:

NASDAQ

PDQ

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

 

THE SEMINAR

Objectives
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

    Bruce

 TRADEREX Computer Simulations

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.

BS
RS

 

Participants

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 approximately 35 in order to ensure maximum interaction.

 

GEMS Program

June 20

9:00
Operations of an Order Driven Market Schwartz
10:00
Introduction to Trading Simulation Weber
10:45
Coffee Break
11:15
TraderEx Simulation: Order Driven Market

Sipress & Weber

1:15
Lunch
2:15
TraderEx Simulation: Quote Driven Market

Sipress & Weber

3:30

Volatility, Liquidity & Asset Pricing

Schwartz

4:30
Coffee Break
5:00-
6:00

Roundtable:
Technological Innovation and Market Structure

  • Speakers: Greg DePetris, Faraz Javaid, Sayena Mostowfi, and Justin Schack*
Steil
6:45
Depart for Cocktails and Dinner

GEMS Program

June 21

9:00
TraderEx Simulation: Call Auction

Sipress & Weber

11:00
Coffee Break
11:30
TraderEx Simulation: Lit Market, Dark Pool

Sipress & Weber

1:00
Lunch
2:00
Technological Innovation and Market Structure Steil
4:00
Coffee Break
4:30-
5:30

Roundtable:
Exchange Strategy, Ownership and Governance

  • Speakers: Ed Ditmire, Diego Perfumo, Richard Repetto and Salah Saabneh**
Steil
6:45
Depart for Cocktails and Dinner

GEMS Program

June 22

9:00
TraderEx Simulation: Further Applications

Sipress & Weber

10:30
Coffee Break
11:00
New Directions for Market-Making

Schwartz & Ozenbas***

12:30
Lunch
1:15

Exchange Strategy, Ownership and Governance

Steil
3:15

Seminar Ends

*Greg DePetris is a Managing Director of PDQ Enterprises, LLC.

*Faraz Javaid is a Portfolio Manager at Athena Capital Research.

*Sayena Mostowfi is Principal and Head of Equities Research at TABB Group.

*Justin Schack is Managing Director/Partner at Rosenblatt Securities.

**Ed Ditmire is Vice President, Investor Relations for Nasdaq.

**Diego Perfumo is Partner and Managing Director at Equity Research Desk LLC.

**Richard Repetto, CFA is a Principal of Sandler, O'Neill + Partners.

**Salah Saabneh is a Partner at Manikay Partners, LLC.

***Deniz Ozenbas is Professor of Finance at the Feliciano School of Business, Montclair State University.

 

Registration
The registration fee is $3000 if received by May 17, 2016.  After May 17th, the fee will be $3600. The registration fee covers lunch, dinner and refreshments, as well as course materials. To register, please print the registration form and email to (Eileen.Stempel@baruch.cuny.edu), or fax to 1-646-312-3530. Payment can be made by check or funds transfer.

GEMS Payment by check
Fax or email the registration form
to reserve a seat right away as space is limited.
Then, please make check payable to GEMS FINANCIAL SEMINARS and mail to:
Eileen Stempel (name must be on check)
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 $100 for cancellations received in writing (email or fax) no later than May 21, 2016.

Hotel Information

We can email you a list of hotels within walking distance of Baruch College. We have no special rates or blocked rooms with these hotels.  They are only suggestions based on proximity to the seminar.  We also strongly suggest using travel websites to find the best deals.

TS organizers

 

Past Participants include:             

Accenture
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 

Bombay Stock Exchange                                   

Borsa Italiana
BPI Dealer
Brown Brothers Harriman
BT Radianz
Bulgarian Embassy to Switzerland
Bulgarian Stock Exchange
Bursa Malaysia Berhard
Channel Islands Stock Exchange
Chi-X
Citadel
Clearstream Banking
Clearstream International - Deutsche Börse Group
Comision Nacional del Mercado de Valores, Spain
Consob
Copenhagen Stock Exchange

Council on Foreign Relations

Danmark National Bank
Deutsche Börse AG
Dresdner Kleinwort
Dubai International Financial Center
EASDAQ
Efficient Frontiers
EFG Eurobank Securities
Eurex Frankfurt AG
Euronext
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
Hewlett-Packard
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
Liquidnet
Lombard Odier & Cie
London Stock Exchange
Malta Financial Services Authority
Malta Stock Exchange        

Market Acumen Ltd.
McKinsey & Company
MCX Stock Exchange
Mees Pierson
Merrill Lynch
MICEX Stock Exchange
Montreal Exchange
Mozambique Stock Exchange
NASD
Nasdaq
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
Pcubed                                 

Peter Randall and Partners          

Phillips & Drew
Pipeline Trading Systems
Plexus Group
Quadriserv, Inc.
RBC Capital Markets
Reuters LTD                      

Rosenblatt Securities
Saudi Stock Exchange
Scudder Kemper Investments
Stockholm Stock Exchange
SunGard
SWX Swiss Exchange
Tabb Group
Tel Aviv Stock Exchange
Thomson Reuters
TIAA-CREF Investment Management                           

TMX Montreal
Toronto Stock Exchange
UBS Investment Bank
Universitaet Karlsruhe          

University of Delaware
University of Geneva
University of Lugano
University of Vienna
Vancouver Stock Exchange

Vicitek LLC
virt-x
Warburg Dillon Read
Warsaw Stock Exchange
World Federation of Exchanges