Equity Markets Microstructure Seminar

Dates November 13-14, 2008 with an opening reception on November 12th Location Baruch College, Wasserman Trading Floor, Subotnick Center 151 East 25th Street, New York City http://www.baruch.cuny.edu/map.html	Organizers Robert A. Schwartz Zicklin School of Business, Baruch College, CUNY Bruce W. Weber London Business School Richard Holowczak Zicklin School of Business, Baruch College, CUNY Gregory Sipress TraderEx
Sponsors International Securities Exchange Pipeline Trading Systems Rise Display The NASDAQ OMX Educational Foundation Thomson Reuters Vhayu Technologies

Purpose
The seminar is designed to be a catalyst for introducing course materials on trading and market structure into MBA programs.  By the end of the seminar, faculty participants should be able to incorporate a one- or two-session course module on microstructure and equities trading in a capital markets course, and/or have the foundation materials for a half semester or a full semester microstructure course.

Computer Simulation
An equity market simulation will be used extensively in the trading seminar.  It is designed for broader use in MBA courses.  TraderEx, an interactive simulation model originally developed by Schwartz and Weber, enables participants to enter orders into a computer-driven market that generates order flow, and that responds directly to participants’ orders.  Participants see their results in real-time, and can analyze their decisions after a simulation run.  Continuous order driven and quote driven markets are simulated, along with call auctions, a block trading facility and hybrid combinations.   Participants also gain experience by competing with each other in a networked environment.

Registration
The registration fee is $275, which covers seminar materials and meals.  To register, email antoinette_colaninno@baruch.cuny.edu with your name, address, job title, phone and fax numbers, and email address.  We will then email you an invoice with payment instructions.  Seating is limited!

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PROGRAM
Wed. Nov 12
	6:00	Wine Reception
Thurs. Nov 13	Using Trading Floors: Workshop
	8:15	Registration and Coffee
	8:30	Welcoming Remarks  –  Dean John Elliott
	8:45	Benefits, Uses, and Financing of Trading Rooms   –  Holowczak
	9:45	Panel: Trading Room Directors Speak  –  Holowczak David Haushalter, Smeal College of Business, Pennsylvania State University Jonathan E. Clarke, College of Management, Georgia Institute of Technology David Louton, C.V. Starr Financial Markets Center, Bryant University
	10:45	Coffee Break
	11:15	Ecology of an Order Driven Market: Simulation –  Sipress & Weber
	12:45	Lunch
	Teaching Microstructure: Seminar
	1:45	Simulation as a Learning Tool  –  Schwartz, Sipress & Weber
	2:15	Call and Continuous Trading: Simulation  –  Sipress & Weber
	3:30	Coffee Break
	4:00	Markets at Risk  –  Schwartz
	4:30	Keynote Speaker: Jim Leman Head of Capital Markets, Westwater Corporation
	5:00	Sponsor Displays
	6:30	Cocktails and Dinner  –      The Black Duck, 122 East 28th Street    Between Park Avenue South and Lexington Avenue
Fri. Nov 14	8:30	Coffee
	9:00	Quote Driven Market: Simulation  –  Sipress & Weber
	10:15	Keynote Speaker:   Gary Katz, President and CEO, International Securities Exchange
	10:45	Coffee Break
	11:15	Dark Pools and Block Trading: Simulation  –  Sipress & Weber
	12:30	Lunch   (Vertical Campus, 14-250)
	1:30	Building Financial Models with Real-Time Market Data   –  Holowczak
	2:30	Conference ends