Baruch College

9th Annual Equity Markets Microstructure Workshop

Teaching Microstructure and Running Trading Rooms

Dates
November 10-11, 2011

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
NASDAQ OMX Educational Foundation
Rise Display
International Securities Exchange
Capital IQ, a Standard and Poor's Business


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 Gretchen.Schnee@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.
Nov 10

Using Trading Floors: Workshop     
8:15 Registration and Coffee
8:30 Welcoming Remarks
8:45 Presentation - Ryan Cahoy, Rise Display
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 – Alice Heerse & 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

From Demand Curves to Market Outcomes:

An Economics Application –  Schwartz

3:15 Coffee Break
3:30

Call and Continuous Trading:

Simulation –  Sipress & Weber

4:45 Presentation - Frank Hatheway, NASDAQ OMX
5:15 Displays and Discussion with Sponsors
6:30

Cocktails and Dinner  –   The Black Duck Restaurant

122 East 28th Street, Between Park and Lexington Avenues

Fri.
Nov 11
8:30 Coffee
9:00

Quote Driven Market:

Simulation  –  Sipress & Weber

10:30 Coffee Break
11:00 Presentation - Gary Katz, International Securities Exchange
11:30

Dark Pools and Block Trading:

Simulation  –  Sipress & Weber

1:00 Lunch  
2:30 Conference ends