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15th Annual Equity Markets Seminar

Teaching Trading, Liquidity and Market Structure: 
An Experiential Learning Conference

 

Dates
Seminar:  March 2, 2018

Pre-Seminar Dinner:  March 1, 2018

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

Sponsors

Bloomberg for Education

S&P Global Market Intelligence

Purpose
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.

Computer Simulation
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.

Registration
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!

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 to find the best deals.

PROGRAM

Thurs.
March 1

 

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
9:30

Discussion:  Trading vs. Investing
Moderator:  David Krell, Krell Partners
Bruce Kamich, Baruch College
Deniz Ozenbas, Montclair State University
Akin Sayrak, University of Pittsburgh

10:15 Coffee Break
10:45 Simulation as a Learning Tool - Weber
12:00 p.m. Teaching Tools and Financial Data Needs
Moderator: Rich Jakotowicz, University of Delaware
Howard Bernheim, S&P Global Market Intelligence
Rob Langrick, Bloomberg for Education
Bruce Weber, University of Delaware
12:30 Lunch
1:15 Teaching Tools: Demonstration - Schwartz & Weber
3:15 Coffee Break
3:30 On the Road to Experiential Learning Panel
Moderator:  Robert Schwartz, Baruch College
Nazli Sila Alan, Fairfield University
John Paul Broussard, Rutgers University
Bora Ozkan, Temple University
4:00 Teaching Tools: Demonstration - Schwartz & Weber
5:00 Conference concludes