Baruch College

Equity Markets Microstructure Seminar

Using Trading Floors and Teaching Microstructure

Dates
November 5-6, 2009 with an opening reception on November 4th

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
  • Bloomberg, LP
  • International Securities Exchange
  • The NASDAQ OMX Education Foundation
  • Pipeline Trading Systems LLC


Purpose

The seminar is designed to be a catalyst for introducing course materials on trading and market structure into business and financial computing 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 business 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!

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
Wed.
Nov 4
6:00 Wine Reception   
Baruch College Subotnick Center,
151 East 25th Street, ground floor, Room H-125
Thurs.
Nov 5
Using Trading Floors: Workshop     
8:15 Registration and Coffee
8:30 Welcoming Remarks
8:45 Benefits, Uses, and Financing of Trading Rooms   –  Holowczak
9:45 Panel: Trading Room Directors Speak  –  Holowczak
  • Jonathan Clarke, Georgia Institute of Technology
  • David Haushalter, Pennsylvania State University
  • Martin Maurer, University of Illinois
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 Dark Pools and Fragmented Markets  –  Schwartz
4:30 Keynote Speaker:
Gary Katz, President and CEO, International Securities Exchange
5:00 Sponsor Displays
6:30 Cocktails and Dinner  –   The Black Duck Restaurant, 122 East 28th Street, Between Park and Lexington Avenues
Fri.
Nov 6
8:30 Coffee
9:00 Quote Driven Market: Simulation  –  Sipress & Weber
10:15 Keynote Speaker:
Alfred Berkeley, Chairman, Pipeline Trading Systems LLC  
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