Baruch College

11th Annual Equity Markets Microstructure Workshop

Teaching Microstructure and Running Trading Rooms

Dates
February 6-7, 2014

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

Capital IQ, a Standard and Poor's Business
International Securities Exchange
NASDAQ OMX Educational Foundation
thinkorswim by TD Ameritrade



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 Lauren.Wheatley@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.
Feb 6

Using Trading Floors: Workshop     
8:15 Registration and Coffee
8:30 Welcoming Remarks
8:45 Presentation  - Mary Ryan, thinkorswim by TD Ameritrade 
9:15 Innovative Uses of Trading Floors Across the Academic Curriculum –  Holowczak
10:00 Coffee Break
10:30

Simulation as a Learning Tool:
TradewindBusiness - Avi Seidman

11:30

Simulation as a Learning Tool:
TraderEx & TraderVest – Schwartz, Sipress, & Weber

12:30 Lunch
Teaching Microstructure: Seminar
1:15

The Economic Structure of an Order Driven Market:

Simulation –  Sipress & Weber

2:30

Understanding the Causes of Fat Tailed Returns Distributions: A Simulation Analysis–  Schwartz

3:15 Coffee Break
3:30

The Economic Structure of a Quote Driven Market:

Simulation –  Sipress & Weber

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

Cocktails and Dinner – The Blue Bell Cafe

293 Third Avenue (between 22nd and 23rd Streets)

Fri.
Feb 7
8:30 Coffee
9:00

Presentation – Howard Bernheim, Capital IQ

9:30

Developing Trading Scenarios with TraderEx:

Simulation  –  Sipress & Weber

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

From Demand Curves to Market Outcomes:

Simulation  –  Sipress & Weber

1:00 Lunch  
2:30 Conference ends