Baruch College

12th Annual Equity Markets Microstructure Workshop

Teaching Microstructure and Running Trading Rooms

February 5-6, 2015

Baruch College,
Wasserman Trading Floor,
Subotnick Center
151 East 25th Street, New York City

Robert A. Schwartz
Zicklin School of Business,
Baruch College, CUNY

Bruce W. Weber
Lerner College of Business & Economics
University of Delaware

Richard Holowczak
Zicklin School of Business,
Baruch College, CUNY

Gregory Sipress


Bloomberg Institute
Capital IQ, a Standard and Poor's Business
International Securities Exchange
NASDAQ OMX Educational Foundation


This workshop examines the principles of trading and market structure, and will be a catalyst for introducing course materials into university economics, finance, IT, financial engineering, and other business programs.  By the end of the seminar, participants will be able to incorporate a one- or two-session module into their courses and have the foundation materials for a trading and microstructure course that runs a half term or full term.

Computer Simulation

A market simulation, TraderEx, will be used extensively in the trading seminar.  It is designed for broader use in business courses.  TraderEx is an interactive simulation model originally developed by Schwartz and Weber, that enables participants to enter orders into a computer-driven market that generates order flow, and 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 and assessing performance afterward.


The registration fee is $275, which covers seminar materials and meals.  To register, email 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!

Book A Hotel Right Away! NYC Hotel Rooms fill quickly!
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 their proximity to the school. We also strongly suggest using travel websites like or to find the best deals.


Feb 5

Running Trading Rooms     
8:15 Registration and Coffee
8:30 Welcoming Remarks
8:45 Presentation: Rob Langrick, head of Bloomberg Institute
"How Bloomberg Helps You Level the Playing Field"
9:15 Innovative Uses of Trading Floors Across the Academic Curriculum – Holowczak
10:00 Coffee Break

Simulation as a Learning Tool: Schwartz, Sipress & Weber


Presentation: Howard Bernheim, Capital IQ

12:30 Lunch
Teaching Microstructure: Seminar

The Economic Structure of an Order Driven Market:

Simulation –  Sipress & Weber


Understanding the Causes of Fat Tailed Returns Distributions:
A Simulation Analysis - Schwartz

3:15 Coffee Break

The Economic Structure of a Quote Driven Market:

Simulation –  Sipress & Weber

4:45 Presentation - Frank Hatheway, Chief Economist, Nasdaq OMX
5:15 Displays and Discussion with Sponsors

Cocktails and Dinner  –   The Blue Bell Cafe

293 Third Avenue (between 22nd and 23rd Streets)

Feb 6
8:30 Coffee

Developing Trading Scenarios with TraderEx: Simulation
Sipress & Weber


Coffee Break

11:00 Presentation - Gary Katz, International Securities ExchangeCoffee Break

From Demand Curves to Market Outcomes:

Simulation  –  Sipress & Weber

1:00 Lunch  
2:30 Conference ends