"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 3)
Dates
Monday, June 3 through Wednesday June 5, 2013,
with an opening reception and Hors D'Oeuvres on Sunday evening, June 2 at the Scandic Anglais.
Location
Nasdaq OMX Stockholm
Tullvaktsvagen 15
115 56 Stockholm
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
in cooperation with Zicklin School of Business, Baruch College, CUNY

Sponsors


Media Partner

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 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 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.
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 35 in order to ensure maximum interaction.
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| June 2 |
7:30 pm |
Opening Reception and Hors D'Oeuvres at Scandic Anglais |
| June 3 |
9:00 |
Dynamics 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 |
2:00 |
TraderEx Simulation: Quote Driven Market |
Sipress & Weber
|
3:15 |
Special Address: Reto Francioni, CEO, Deutsche Börse |
3:45 |
Coffee Break |
4:00-
5:00 |
Roundtable:
Technological Innovation and Market Structure
- Giovanni Beliossi, FGS Capital
- Alasdair Haynes, Aquis Exchange
- Robert Smith, GETCO LLC
Further Speakers TBD |
Steil |
7:00 |
Cocktails and Dinner
|
| June 4 |
9:00 |
Dynamics of a Call Auction |
Schwartz |
9:30 |
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 |
4:15-
5:15 |
Roundtable:
Exchange Strategy, Ownership and Governance
- Judith Hardt, Federation of European Securities Exchanges
- Frank Hatheway, Nasdaq OMX
- Joseph Massey, MCX Stock Exchange
- Martin Reck, Deutsche Börse
|
Steil |
7:00 |
Cocktails and Dinner |
| June 5 |
9:00 |
TraderEx Simulation: Further Applications
|
Sipress & Weber
|
11:00 |
Coffee Break |
11:30 |
Intra-Day Volatility |
Schwartz |
12:30 |
Lunch |
1:15 |
Exchange Strategy, Ownership and Governance |
Steil |
3:00 |
Seminar Ends |
To Register
To register, email (Lauren.Wheatley@baruch.cuny.edu), 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
Fee
The registration fee is US $3000 if received by May 4, 2013. After May 4, the fee will be US $3600. The registration fee covers lunch, dinner and refreshments, as well as course materials.
Payment can be made by check or funds transfer.
Payment by check
Fax or email to reserve a seat right away.
Then make check payable (in US Dollars) to GEMS FINANCIAL SEMINARS and mail to:
Lauren Wheatley
Baruch College/CUNY
One Bernard Baruch Way, Box B10-225
New York, NY 10010 USA
Tel 1-646-312-3512
GEMS Payment by funds transfer
Upon receipt of your registration email or fax, we will provide you with an invoice with the funds transfer instructions.
GEMS Cancellation Policy
Should you be unable to attend, a substitute delegate is always welcome at no extra charge prior to the start of the Seminar. Alternatively, we will make a prompt refund less a service charge of US$ 100 for cancellations received in writing (email or fax) no later than May 9, 2013.
Hotel Information
For our guests we have reserved a block of rooms from June 2nd- June 5th at the three suggested hotels below. To reserve a room please click on one of the links below and use the event booking code: BSTO020613. On the right hand side of each website there is a section called "Book a Hotel". Under this category you will have to enter the dates you will be staying and it will ask, " Do you have a booking code?" Enter BSTO020613 here. This will allow you to access the GEMS special discount rate. If you are planning to stay longer than the blocked dates (June 2nd-5th), please call the hotel of your choice directly. The hotel number is listed on the individual websites. You will need to ask for Group Reservations, then give them the event code and your arrival and departure dates. If you have any trouble please call Lauren Wheatley at 646-312-3512.
Scandic Anglais
Humlegardsgatan 23, 102 44 Stockholm
Superior Room/Suite :1890/3490 SEK- per room per night including breakfast
City tax (included in the rate shown on the web link)
Scandic Park
Karlavagen 43, 102 46 Stockholm
Standard Room :1,590 SEK- per room per night including breakfast
City tax (included in the rate shown on the web link)
Scandic Grand Central
Kungsgantan 70, 111 20 Stockholm
Standard Room :1,590 SEK- per room per night including breakfast
City tax (included in the rate shown on the web link)
Guests can make their reservation until April 28, 2013.
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.
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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.
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
McKinsey & Company
Mees Pierson
Merrill Lynch
MICEX Stock Exchange
Montreal 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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