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Debating High Frequency Trading
Start Date: 4/30/2013Start Time: 6:00 PM
End Date: 4/30/2013End Time: 8:00 PM
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Event Description:

About the Program

High Frequency Trading (HTF) refers to the use of sophisticated algorithms and powerful computer systems to process securities’ transactions at exceptionally fast speeds.  Often, these trades are of a high volume and the positions are held for an extremely short time.  More than 50% of U.S. stock trades are the result of HFT.

Proponents of HFT claim the practice benefits capital markets and investors by reducing market volatility, lowering transaction costs and improving liquidity.  They are reluctant for government to introduce regulations which may hinder these benefits.

Those concerned with HFT argue risk controls are ignored or circumvented to obtain speed.  Opponents also point to recent academic studies which seem to indicate HFT actually increases bid-ask spreads and volatility.  They call for regulation ranging from a tax on high volumes of order cancellations to a licensing requirement for HFT firms.

Who’s right?  Join us on April 30th, hear from experts on both sides of the issue and decide for yourself.  The program will be followed by a networking reception.

About the Speakers

SAL ARNUK, Themis Trading


Sal Arnuk is partner, co-founder and co-head of equity trading of Themis Trading LLC. Mr. Arnuk has extensive experience in equities trading and is an expert in electronic trading and market structure. He is also the co-author of Broken Markets -- How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence.

Prior to Themis, Mr. Arnuk worked for more than 10 years at Instinet Corporation, where he headed the team responsible for equity sales and trading for major institutional money managers. He is a frequent speaker at industry conferences on issues involving market access, algorithmic trading and other sell- and buy-side concerns such as Trader Forum, Waters, The National Organization of Investment Professionals (NOIP) and Fusion IQ's Big Picture conference.

He has provided expert commentary for media outlets such as the Associated Press, BBC Radio, Bloomberg Television & Radio, BNN, CNBC, Fox Business, NPR, Barron’s, The New York Times, The Wall Street Journal, USA Today, Time, Los Angeles Times, Bloomberg News, Institutional Investor, Pensions & Investments and Advanced Trading.

Mr. Arnuk also has co-authored articles for Traders Magazine, Dow Jones and Journal of Investment Compliance.

Mr. Arnuk graduated from New York University’s Stern School of Business with an MBA in Finance and received a Bachelor’s Degree in Finance from SUNY Binghamton University.


Bernard Donefer is a Distinguished Lecturer and the Associate Director of the Subotnick Financial Services Center at Baruch College, CUNY.  He is an Adjunct Associate Professor and Fellow, Center for Digital Economy Research at NYU Stern and was previously Adjunct Assistant Professor at Fordham.

Professor Donefer enjoyed a 35-year career in the international financial services industry, working with banks, exchanges, regulators and securities firms in the US, Europe and Asia, before beginning his teaching career in 2003.  He is principal of Conatum Consulting LLC. He teaches “Risk Management for Non-Quants”, “Capital Markets Bootcamp” and the “New Equity Markets” at public seminars and to corporate clients such as the SEC, FRB, DTCC, IIROC, Alliance Bernstein, Getco, ITG, etc. in the US, Canada and Europe.  He has been an expert witness in financial software patent and fraud cases, testifying in federal court.

A frequent industry commentator, Prof. Donefer chaired and moderated panels at algo and hedge fund trading conferences on the challenges, risks and opportunities of electronic trading in global markets. He has been quoted in the NY Times, WSJ, Bloomberg, FT, IBD, Reuters print and TV, BBC World Service, etc.

Professor Donefer earned his M.B.A. from NYU Stern.


6:00 pm - Registration
6:15 pm - Discussion
7:30 pm - Q&A
8:00 pm - Networking Reception


Complimentary pre-registration is required to attend this program. Register online, by phone or e-mail:

  1. Complete the online registration form
  2. Call us at 646-312-3231
  3. E-mail us at
Location Information:
Baruch College - Administrative Building
135 East 22nd Street
Room: Room 301 – Administrative Lounge
Contact Information:
Name: Matthew LePere
Phone: 646-312-3231
  • Robert Zicklin Center for Corporate Integrity

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