Teaching Trading, Liquidity and Market Structure:
An Experiential Learning Conference
Pre-Seminar Dinner: March 1, 2018
Bruce W. Weber
In industry, trading is recognized as a professional activity; in academia, it is not. Investment courses deal with risk and return; it should be risk, return and liquidity. Investing involves stock selection; trading involves the implementation of an investment decision, and trade execution matters. Good trading enhances portfolio performance just as poor trading undermines it. Managing trade execution is important, not only for people on a trading desk, but also for portfolio managers and corporate executives. Today, students can complete their finance courses without knowing about trading costs, the complexities of price discovery, and the realities of market structure. They graduate clueless about what it takes for professional investors to implement investment decisions in real world marketplaces. The purpose of this seminar is to call attention to the learning deficit, and to consider how it might be overcome, and how educational trading rooms can be a driver of this critical component of a finance education.
A market simulation, TraderEx, will be used extensively in the trading seminar. 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 can see their results in real-time, and can analyze their decisions after a simulation run. Continuous order driven markets are simulated, along with call auctions, a block trading facility and hybrid combinations. Participants gain experience by competing with each other in a networked environment and assessing performance afterward.
The registration fee is $275, which covers seminar materials, continental breakfast, lunch, and a gala dinner, the evening prior to the seminar. To register, please print the registration_form and fax to: Eileen Stempel at 646-312-3530 or email Eileen.Stempel@baruch.cuny.edu following instructions on registration form. Seating is limited!
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|6:30 p.m.||Pre-Seminar Cocktails and Dinner - – The Blue Bell Cafe, 293 Third Avenue (between 22nd and 23rd Streets)|
|Fri. March 2||8:15 a.m.||Registration and Coffee|
|8:45||Welcoming Remarks: H. Fenwick Huss, Dean, Zicklin School of Business|
|9:00||Overview - Schwartz & Weber|
Discussion: Trading vs. Investing
|10:45||Simulation as a Learning Tool - Weber|
|12:00 p.m.||Teaching Tools and Financial Data Needs
Moderator: Rich Jaktowitz, University of Delaware
Howard Bernheim, S&P Global Market Intelligence
Rob Langrick, Bloomberg for Education
Bruce Weber, University of Delaware
|1:15||Teaching Tools: Demonstration - Schwartz & Weber|
|3:30||On the Road to Experiential Learning Panel
Moderator: Robert Schwartz, Baruch College
Nazli Sila Alan, Fairfield University
Bora Ozkan, Temple University
|4:00||Teaching Tools: Demonstration - Schwartz & Weber|