12th Annual Equity Markets Microstructure Workshop

Dates February 5-6, 2015 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 Lerner College of Business & Economics University of Delaware Richard Holowczak Zicklin School of Business, Baruch College, CUNY Gregory Sipress TraderEx
Sponsors Bloomberg Institute Capital IQ, a Standard and Poor's Business International Securities Exchange NASDAQ OMX Educational Foundation

Purpose
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.

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

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 hotels.com or expedia.com to find the best deals.

PROGRAM
Thurs. 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
	10:30	Simulation as a Learning Tool: Schwartz, Sipress & Weber
	12:00	Presentation: Howard Bernheim, Capital IQ
	12:30	Lunch
	Teaching Microstructure: Seminar
	1:15	The Economic Structure of an Order Driven Market: Simulation –  Sipress & Weber
	2:30	Understanding the Causes of Fat Tailed Returns Distributions: A Simulation Analysis - Schwartz
	3:15	Coffee Break
	3:30	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
	6:30	Cocktails and Dinner  –   The Blue Bell Cafe 293 Third Avenue (between 22nd and 23rd Streets)
Fri. Feb 6	8:30	Coffee
	9:00	Developing Trading Scenarios with TraderEx: Simulation Sipress & Weber
	10:30	Coffee Break
	11:00	Presentation - Gary Katz, International Securities ExchangeCoffee Break
	11:30	From Demand Curves to Market Outcomes: Simulation  –  Sipress & Weber
	1:00	Lunch
	2:30	Conference ends