Equity Markets Microstructure Seminar
Using Trading Floors and Teaching Microstructure
Dates Location |
Organizers Bruce W. Weber Richard Holowczak Gregory Sipress
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Sponsors
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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!
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PROGRAM | |||
| Wed. Nov 4 |
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| 6:00 | Wine Reception Baruch College Subotnick Center, 151 East 25th Street, ground floor, Room H-125 |
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| 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
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| 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 |
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| 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 |
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| 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 | ||
