"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 (our guest speaker on June 8)
Dates
Monday, June 6 through Wednesday June 8, 2011,
with an opening reception on Sunday evening, June 5.
Location
Grand Hotel Oslo
Karl Johans Gate 31
NO-0159 Oslo, Norway
Seminar Organizers
Robert A. Schwartz, Zicklin School of Business, Baruch College, CUNY
Benn Steil, Council on
Foreign Relations
Bruce W. Weber, London
Business School
Hosted by

Oslo Stock Exchange
in cooperation with Zicklin School of Business, Baruch College, CUNY

Sponsors
Chi-X Europe Limited
Deutsche Börse AG
IBM
Oslo Børs ASA
Thomson Reuters
THE SEMINAR
Objectives
Through interactive lectures, panel discussion, and computerized trading simulation sessions, GEMS provides a comprehensive overview of the workings of the equity markets, 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 role of dealer intermediaries
- 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 stock 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 simulation sessions designed 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.
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 amongst participants.
Media Partner - Financial News
We are delighted to announce Financial News as a media partner to GEMS 2011. Financial News is a leading provider of news, analysis and comment on the Investment Banking, Securities and Fund Management industry. Visit www.efinancialnews.com today. For license information email licensing@efinancialnews.com.
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| June 5 |
7:30 |
Drink and snack reception at the Grand Hotel Oslo |
| June 6 |
| 8:30 |
Dynamics of an Order Driven Market |
Schwartz |
| 10:00 |
Introduction to Trading Simulation |
Weber |
| 10:30 |
Coffee Break |
| 11:00 |
TraderEx Simulation: Order Driven Market |
Sipress & Weber |
| 1:00 |
Lunch |
| 2:00 |
TraderEx Simulation: Quote Driven Market |
Sipress & Weber |
| 3:45 |
Coffee Break |
4:00-
5:00 |
Roundtable 1:
Technological Innovation and Market Structure
- Greg DePetris, Quadriserv
- Piet Van de Velde, IBM
- Steven Wilson, Thomson Reuters
- Steve Wunsch, Wunsch Auction Associates LLC
|
Steil |
| 7:00 |
Depart Hotel
(informal bring sweater/coat for possible chilly evening) |
| 7:30 |
Dinner - Taste and Sights of Oslo |
| June 7 |
| 9:00 |
TraderEx Simulation: Call Auction |
Sipress & Weber |
| 11:00 |
Coffee Break |
| 11:30 |
Intra-Day Volatility |
Schwartz |
| 1:00 |
Lunch |
| 2:00 |
Technological Innovation and Market Structure |
Steil |
| 4:00 |
Coffee Break |
4:15-
5:15 |
Roundtable 2:
Exchange Strategy, Ownership and Governance
- Alasdair Haynes, Chi-X Europe
- Bente A. Landsnes, Oslo Børs ASA
- James Ross, NYSE Euronext 2006-2010
- Cees Vermaas, NYSE Euronext Amsterdam
|
Steil |
| 7:15 |
Depart Hotel
(bring sweater/coat for possible chilly evening and maximum 15 minute walk from hotel to dinner)
|
| 7:30 |
Cocktails and Dinner -
Oslo Børs ASA |
| June 8 |
| 9:00 |
A Stock Exchange: The Place Where Prices are Found |
Schwartz |
| 10:00 |
Special Address: Reto Francioni, CEO, Deutsche Börse |
| 10:30 |
Coffee Break |
| 11:00 |
TraderEx Simulation: Lit Market, Dark Pool Hybrid
|
Sipress & Weber |
| 1:00 |
Lunch |
| 2:00 |
Exchange Strategy, Ownership and Governance |
Steil |
| 3:45 |
Seminar Ends |
To Register
To register, email (Gretchen.Schnee@baruch.cuny.edu), or fax (1 646 312 3530), the following information to Gretchen Schnee:
First Name Last Name
Job Title, Company/Organization
Mailing Address
Tel. Number
E-Mail Address
Fee
The registration fee is US $3000 if received by May 4, 2011. After May 4, the fee will be US $3600. The registration fee covers lunch, dinner and refreshments, as well as course materials.
Payment can be made by check or funds transfer.
Payment by check
Fax or email to reserve a seat right away.
Then make check payable (in US Dollars) to GEMS FINANCIAL SEMINARS and mail to:
Gretchen Schnee
Baruch College/CUNY
One Bernard Baruch Way, Box B10-225
New York, NY 10010 USA
Tel 1-646-312-3512
Payment by funds transfer
Upon receipt of your registration email or fax, we will provide you with an invoice with the funds transfer instructions.
Cancellation Policy
Should you be unable to attend, a substitute delegate is always welcome at no extra charge prior to the start of the Seminar. Alternatively, we will make a prompt refund less a service charge of US$ 100 for cancellations received in writing (email or fax) no later than May 9, 2011.
Hotel Information
We have reserved rooms at The Grand Hotel and arranged for the following rates:
| Standard single room |
NOK 1725,- |
| Standard double room |
NOK 1975,- |
| Extra for superior room |
NOK 250,- |
| Extra for deluxe room |
NOK 800,- |
| Ladies Floor |
NOK 2160,- |
| Junior suite |
NOK 3690,- |
| Suites |
from NOK 8500,- |
Kindly review the Grand Hotel Oslo's web site
for pictures of our rooms and suites. Prices include breakfast buffet, free wireless Internet, and complimentary use of the swimming pool, fitness centre, steam bath and sauna at Artesia SPA Grand Hotel.
Please download the GRAND HOTEL REGISTRATION FORM, which references booking code 6160259, in order to receive these GEMS rates. The cut-off date for guaranteed reservations at the discounted rate is May 15, 2011. After this date bookings are subject to availability. For any changes to your hotel reservations, please contact The Grand Hotel, tel +47 23 21 22 00 or email reservations-grand@rica.no and reference booking code 6160259. PLEASE NOTE THAT GEMS RATES CAN ONLY BE OBTAINED THROUGH EMAILING OR FAXING THE GRAND HOTEL REGISTRATION FORM.
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Past Participants
include |
Accenture
American University of Paris
Amsterdam Stock 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
Chi-X
Citadel
Clearstream Banking
Clearstream International - Deutsche Börse Group
Comision Nacional del Mercado de Valores, Spain
Consob
Copenhagen Stock Exchange
Danmarks National Bank
Deutsche Börse AG
Dresdner Kleinwort
Dubai International Financial Center
EASDAQ
Efficient Frontiers
EFG Eurobank Securities
Eurex AG
Eurex Frankfurt AG
Euronext
European Capital Markets Institute
Exchange Lab
Federation of Euro Asian Stock Exchanges
Federation of European Securities Exchanges
FGS Capital LLP
FIX Protocol Limited
Foreign & Colonial
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.
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
McKinsey & Company
Mees Pierson
Merrill Lynch
MICEX Stock Exchange
Mozambique Stock Exchange
NASD
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
Pcubed
Phillips & Drew
Pipeline Trading Systems
Plexus Group
Quadriserv, Inc.
RBC Capital Markets
Reuters LTD
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
Toronto Stock Exchange
UBS Investment Bank
Universitaet Karlsruhe
University of Geneva
University of Lugano
University of Vienna
Vancouver Stock Exchange
virt-x
Warburg Dillon Read
Warsaw Stock Exchange
World Federation of Exchanges |
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