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Past speakers
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Institutional Trading Forum,
2006
Thursday, November 16th
2006,
Le Merigot Hotel -
Santa Monica,CA
"The Quest for
Liquidity"
Competition, fragmentation and the quest for liquidity
With Regulation NMS, the Securities and Exchange Commission
sought to level the playing field and foster competition between
21st-century markets.
Although the broad reform will not be fully implemented until the
fall of 2007, many market centers have already forged alliances and
revamped their model to make the most of the competitive
environment.
Faced with so many new initiatives and market models, the
buy-side may be left wondering whether the plethora of execution
venues will enhance best execution.
Some already complain that Reg NMS is already bringing about
fragmentation with a proliferation of new exchanges, crossing
networks and ECNs. However, it is worth remembering that the
opposite of fragmentation is monopoly, which no one wants.
Fragmentation has resulted in a new addition to the financial
vocabulary, aggregators, much the same way that smart-routers were
en vogue during the golden age of the ECNs. While smart-routers
searched for the best price amid an array of marketplaces displaying
quotes, aggregators probe closed or dark pools of liquidity.
Whether the quest for liquidity will become easier when the New
York Stock Exchange becomes a hybrid market, surrounded by a dozen
electronic competitors, remains an open question.
The Financial News Institutional Trading Forum discusses
these developments as the search for liquidity and best execution
enters a new era.
To register to attend the Financial News Institutional
Trading Forum, please call 212-370-8509 or email: mailto:%20IBaland@efinancialnews.com?subject=FN
Events: ITF2006 - LA |
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Program |
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7:30 am |
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Registration &
Breakfast
Courtesy of:
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8:25 am |
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Chairman's Opening
Remarks
. Mohan
Virdee, Head US Office, Financial News |
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8:30 am |
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Keynote
Presentation
"The Economics of Reg NMS"
. Lawrence E. Harris, Fred V. Keenan Chair
in Finance Professor of Finance and Business Economics -
Marshall School of Business, University of Southern
California. |
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9:00 am. |
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PANEL DISCUSSION
ONE:
How will Reg
NMS affect the quest for Liquidity?
- By protecting the best electronic
quote, Reg NMS fosters competition among execution venues.
Is fragmentation still a concern in the era of smart-routing
and algorithmic solutions?
- Does the notion that "liquidity
begets liquidity" still hold or has technology bridged the
"navigation" gap?
- Does fragmentation support best
execution through algorithmic solutions? Does fragmentation
tighten the bid-ask spread and lessen volatility?
- Does Reg NMS favor best execution for
liquid stocks, but not so much for less liquid issues?
Moderator:
. Isabelle Clary, US Trading
& Technology Editor, Financial News
Panel Members:
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Scott Harrison, President & Chief Operating Officer,
UNX
. Brian Hyndman, President, BRUT, Senior Vice
President, Transaction Services, The NASDAQ Stock Market, Inc.
. Sang Lee, Co-Founder & Managing Partner, Aite Group,
LLC.
. Raj Nagella, Head of Trading, ETS, Bank of America
Securities |
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| 9:45 am |
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"The Emerging Trading Landscape: an
Interactive Poll"
. Steven B. Kreichman, MD, Global
Portfolio & Electronic Trading, Merrill Lynch |
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| 10:15 am |
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Refreshment Break |
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| 10:30 am |
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Breakout Session A
presented by: |
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"Everything you wanted to know about
Dark Liquidity but were afraid to ask!"
Presented by: Lehman
Brothers
Palisades I |
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"The Changing Face of Liquidity"
Presented by: Morgan Stanley
Palisades
II | |
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| 11:20 am |
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12:05 pm |
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PANEL
DISCUSSION TWO:
When
closed liquidity pools matters.
- Is liquidity an issue specific
to medium- and small liquidity stocks?
- Have closed liquidity pools such as
crossing networks solved the liquidity issue for non-liquid
stocks?
- Are brokers' solutions to connect
closed pools of liquidity contributing to best execution?
- Is the hunt for liquidity still an
expensive proposition for medium- and small-cap illiquid
stocks?
Moderator:
. Robert Iati, Partner, The TABB
Group
Panel
Members:
. Michael Bleich, Senior Vice
President, Head of Liquid Strategy Group, Lehman Brothers
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Alfred Eskandar, Director of Corporate Strategy, Liquidnet
. Ross Hutcheon, Director, Direct Execution Services, UBS
. David Karat, Senior Vice President, Algorithmic Trading,
ITG
. Michael Kustra, Head of West Coast Electronic
Trading, Executive Director, Morgan Stanley |
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| 1:00 pm |
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Luncheon |
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| 2:00 pm |
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"Financial Poetry"
. Skate
Pennystone from "The Chronicles of a Stock Junkie" |
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2:05 pm |
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PANEL DISCUSSION
THREE:
Will NYSE
hybrid be the one-fits-all solution?
- The new NYSE Hybrid market will soon
be rolled out. Will its mixed model of auto-execution and
specialists' intervention yield the best of both worlds for
all stocks?
- Can exchanges still handle large
orders? Will they need crossing solutions of their own?
- Will the NYSE's electronic format
drive the average trade size on exchanges even lower,
further fueling the popularity of off-exchange block
facilities?
- Should size play a role in price
discovery?
Moderator:
. Isabelle Clary, US Trading
& Technology Editor, Financial News
Panel Members:
. Joe
Gawronski, President/COO, Rosenblatt Securities Inc.
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David Harris, Executive Director, CBOE Stock Exchange
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David A. Herron, CEO, Chicago Stock Exchange
. Joseph
Rizzello, Chairman of NSX Holdings, Inc. & CEO of National
Stock Exchange, Inc. (NSX) |
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| 2:50 pm |
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Refreshment
Break |
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| 3:00 pm |
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Keynote
Presentation
An
Expert's View of the Industry
. Kevin J.P. O'Hara, Chief
Administrative Officer and Chief Strategy Officer, Chicago
Board of Trade (CBOT) |
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| 3:30 pm |
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PANEL DISCUSSION
FOUR:
The challenges of real-time
information
- The speed of trading and the
complexity of software programs are putting an unprecedented
emphasis on real-time data. Will the ability to crunch huge
amounts of data determine the winners?
- Are the increasing technology
challenges represented by speed and data processing changing
the buy-side/sell-side relationship?
- With so much information available,
is it any easier to ascertain that best execution has been
achieved and that buy-side customers pay the right
commission?
- Is alpha any easier to reach or does
a better portfolio performance require diversification? At
what cost?
Moderator:
. Steve McLaughlin, Managing
Partner,Financial Technology Partners
Panel Members:
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Doug Engmann, Chief Executive Officer of Fimat Preferred,
LLC.
. Richard Johnson, Senior Managing Director, Miletus
. Paul Kent, Director, Equity Sales, Jefferies
. Steve
Tullar, Director of Global Trading, Jones Trading |
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4:25 pm |
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Chairman's Closing
Remarks
. Mohan
Virdee, Head US Office, Financial News |
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| 4:30 pm |
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Wine Tasting
Reception
Courtesy of:
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Please note: This is a provisional
Agenda; Financial News US reserves the right to make
changes to timings, speakers and
topics. | |
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Key Note
Speakers |
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Lawrence E.
Harris - Fred V. Keenan Chair in Finance Professor
of Finance and Business Economics, Marshall School
of Business, University of Southern
California
Larry Harris holds the
Fred V. Keenan Chair in Finance at the USC
Marshall School of Business. Larry has written
extensively about trading rules, transaction
costs, index markets and market regulation. He
served as Chief Economist of the Securities and
Exchange Commission and played a key role in the
development of regulations implementing
Sarbanes-Oxley, the resolution of the mutual fund
timing crisis, and the drafting of Regulation
NMS.
Professor Harris authored Trading and
Exchanges: Market Microstructure for
Practitioners, which is widely regarded as a "must
read" in the securities industry. He has also
served as an associate editor of the Journal of
Finance, the Review of Financial Studies, and the
Journal of Financial and Quantitative and
Analysis. Harris received his Ph.D. in Economics
from the University of Chicago.
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Kevin J.P. O'Hara
- Chief Administrative Officer and Chief Strategy
Officer, Chicago Board of Trade
(CBOT)
Kevin J.P. O'Hara joined the
Chicago Board of Trade (CBOT) on May 8, 2006, as
Chief Administrative Officer and Chief Strategy
Officer. His duties include those of the General
Counsel as well.
Prior to joining CBOT, Mr.
O'Hara briefly served as Executive Vice President
and Co-General Counsel of NYSE Group.
Prior
to the merger of NYSE and Archipelago Holdings, in
March 2006, Mr. O'Hara had served as Archipelago's
Chief Administrative Officer, General Counsel, and
Corporate Secretary. Mr. O'Hara joined Archipelago
in May 1999.
From 1995 to 1999, Mr. O'Hara
worked in Romania and Lithuania, and traveled
extensively throughout the region, on the
development of the legal, regulatory,
technological, and financial infrastructure of
emerging capital markets.
Mr. O'Hara served
as Staff Attorney (1991-1993) and Senior Counsel
(1994-1995) in the Division of Enforcement of the
Securities and Exchange Commission in Washington,
D.C., where he prosecuted violations of federal
securities laws and regulations.
In 1993,
Mr. O'Hara served as a Special Assistant United
States Attorney for the Department of Justice in
Washington, D.C., where he prosecuted violent
street crime.
From 1988 to 1991, he
practiced corporate and commercial litigation at
the Chicago law firm of Ross & Hardies (today,
McGuire Woods Ross & Hardies).
Kevin
O'Hara earned a J.D. in 1988 from Georgetown
University Law Center and a B.A. in 1985 from the
University of Chicago. He is a member of the bars
of Illinois and the U.S. District Court for the
Northern District of Illinois, and the American
Bar Association, Illinois Bar Association, and
Chicago Bar Association. |
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Panel
Moderators |
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Isabelle Clary -
US Trading & Technology Editor, Financial
News
Isabelle joined Financial
News in February as U.S. Trading & Technology
Editor.
Prior to this, she was
Communications Director at Interactive Brokers
Group and covered Wall Street for Globalnet
Financial. She wrote about exchanges and
regulations for Securities Industry News, a
Thomson Financial publication, was Federal Reserve
correspondent for Reuters and started her career
with United Press International in Asia and the
United States.
She holds a management
degree from Institut Superior de Gestion in Paris,
with a specialization in capital markets.
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Robert Iati -
Partner, The TABB Group
Bob Iati is
Head of research at the TABB Group, which he
joined in 2004, following seven years with
TowerGroup where he served as Research Director of
its Securities & Capital Markets practice. Bob
has written extensively about the futures
industry, the impact of changing market structures
on global financial markets, and critical
processing issues faced by brokerage
institutions.
Bob had previously held
senior positions at Lehman Brothers and at
Deutsche Bank Securities, where he participated in
many systems development projects. He holds an
M.B.A. in finance and information systems from
Rutgers Graduate School of Management and earned a
B.A. degree in economics from Rutgers University.
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Steve McLaughlin
- Founder & Managing Partner, Financial
Technology Partners
Steven J.
McLaughlin, Founder and Managing Partner, - Mr.
McLaughlin is the Founder and Managing Partner of
FT Partners, a San Francisco-based boutique
investment banking firm focused exclusively on the
dynamic financial technology sector. Mr.
McLaughlin formerly was a senior investment banker
in Goldman, Sachs & Co.'s Financial Technology
Group and was the senior investment banker in the
Financial Institutions Group in San Francisco
before leaving the firm in 2002 to form FT
Partners. Prior to joining Goldman Sachs, Mr.
McLaughlin was with GE and GE Capital as a member
of its Financial Management Program and Corporate
Audit Staff. Mr. McLaughlin received his MBA from
the Wharton School of
Business. |
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Panelists |
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Michael Bleich -
Senior vice President, Head of Liquid Strategy
Group, Lehman Brothers
Michael
Bleich is a senior vice president and head of the
Liquid Strategy Group for Lehman Brothers. In this
role, he is responsible for the Firm's dark
liquidity product offerings.
Mr. Bleich
joined the Firm in 2000. Prior to his current
position, Mr. Bleich served as co-head of Agency
Trading, and as head of Cash Automated Market
Making. Before joining the Firm, he worked at
Chase Securities in London.
Mr. Bleich has a
B.A. from Wesleyan University, and holds a Ph.D.
in Theoretical Physics from Duke University.
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Timothy E. Cox -
Vice President, Market Structure Strategist,
Merrill
Lynch
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Doug Engmann,
Chief Executive Officer of Fimat Preferred,
LLC.
Douglas Engmann is Chief
Executive Officer of Fimat Preferred, LLC, a
direct access brokerage for active retail,
professional and institutional traders. Fimat
Preferred is a member of the New York Stock
Exchange and is a subsidiary of Fimat USA,
LLC.
From 1998-2004, Douglas was Chairman
and Chief Executive Officer of ABN AMRO Sage
Corporation, a subsidiary of ABN AMRO Bank, NV of
the Netherlands. He co-founded and served as CEO
of Sage Clearing Corp., a leading clearing firm
for options market makers.
Born in
Shanghai, Engmann holds a bachelor's degree from
the University of California, Berkeley and
master's degree from the Massachusetts Institute
of Technology, both in
economics. |
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Alfred Eskandar -
Director of Corporate Strategy, Liquidnet
Alfred is responsible for
Liquidnet's strategic initiatives and new business
opportunities. Prior to joining Liquidnet in 2000,
Alfred helped launch Securities Industry News,
which was acquired by Thomson Financial Services
in 1996. From 1996 to 2000, Alfred was the head of
business development for the operations, trading
and technology division and developed an
international executive conferences business for
Thompson Financial's Investment Marketing Group.
Alfred has 10 years of financial media experience
and holds a BBA in Finance and Economics from
Baruch College. |
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Joe Gawronski -
President & COO, Rosenblatt Securities
Inc.
Joe Gawronski is the President
of Rosenblatt Securities, an agency-only broker
that represents traditional institutions, quants
and portfolio trading customers in the listed and
over-the-counter markets through its trading desk
and via direct access to the NYSE.
Mr.
Gawronski is formerly a securities lawyer with
Sullivan & Cromwell, a Vice President with
Salomon Smith Barney and COO of Linx LLC, a
crossing network. He received his B.A. at
Princeton's Woodrow Wilson School and his J.D.
from Harvard Law School. He is a member of the
NYSE Hearing Board, a member of the Advisory
Boards of both the Journal of Trading and Wall
Street & Technology magazine, a term member of
the Council on Foreign Relations and the co-author
of several published papers on equity market
structure and transactions
costs. |
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David Harris -
Executive Director, CBOE Stock
Exchange
David Harris is executive
director at the CBOE Stock Exchange where he helps
develop an innovative market model. Prior to this,
David was senior vice president of development at
the American Stock exchange and served as
Executive Vice President and General Counsel of
Nasdaq Liffe Markets LLC (NQLX), formerly a joint
venture between The Nasdaq Stock Market and the
London Financial Futures and Options Exchange, now
Euronext.liffe. David has also served as Counsel
to Chairman and Chief Executive Officers of the
NASD and Nasdaq, as Senior Associate at
Kirkpatrick & Lockhart, and as Senior Counsel
in the Division of Enforcement at the Securities
and Exchange Commission. |
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Scott Harrison -
President, Chief Operating Officer,
UNX
As President and Chief Operating
Officer for UNX, Scott Harrison is
responsible
for the day-to-day management of the firm,
including all
operating and support groups. Mr.
Harrison is also a member of UNX's Board of
Directors, and serves as co-Chairman of the firm's
Operating Committee.
Before joining UNX,
Mr. Harrison acquired more than 12 years of senior
level management, sales, and technology experience
at Investment Technology Group, Inc. (ITG). In his
most recent role at ITG, Mr. Harrison was a
Director of Global Trading Products in charge of
expanding the company's trading applications and
algorithmic services into global markets. Before
that, he held several positions at ITG, one of
which was Director of Product Management for the
firm's equity trading products. In this role he
oversaw the management and development of ITG's
Triton and QuantEX product lines.
Prior to
his career in finance, Mr. Harrison was an
accomplished architect working for Skidmore,
Owings & Merrill (SOM), one of the foremost
architectural firms in the world. He earned a
Bachelor of Architecture from Louisiana State
University. |
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David A. Herron -
CEO, Chicago Stock Exchange
David
A. Herron, Chief Executive Officer of the Chicago
Stock Exchange, Inc. (CHX) and CHX Holdings, Inc.,
joined the CHX in November 2002. Herron previously
served as Vice President for Listed Equities for
Charles Schwab & Co. and was responsible for
the trading and direction of Schwab's retail
listed order flow.
As CEO of CHX, Herron is
responsible for the strategic, long-term vision
and operations of the Exchange.
A
twenty-six year veteran of the securities
industry, Herron began his career as a floor
runner on the Pacific Stock Exchange and went on
to serve as a member/specialist before moving to
the Boston Stock Exchange in 1982. He joined
Fidelity Investments as a specialist in 1984 and
departed as Vice President, Specialist Trading,
overseeing operations on the Boston, Pacific and
Cincinnati Stock Exchanges.
Herron is
currently a member of the Security Traders
Association of Chicago. He serves on the Board of
the Security Traders Association, Illinois Council
on Education and the Midwest Regional Board of
Operation Hope. Past industry involvement includes
service as a Governor of the Boston Stock
Exchange, a Trustee of the Cincinnati Stock
Exchange and an official of the American Stock
Exchange.
Herron attended the University of
California, Berkeley from 1972 to
1976. |
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Ross Hutcheon -
Director, Direct Execution Services, UBS
Investment Bank
Ross Hutcheon is a
Director in UBS Investment Bank's Direct Execution
team based in San Francisco. He is responsible for
west coast Direct Execution sales & connecting
key institutional clients to UBS' electronic
trading platform globally, which he has been doing
for the last 6 years.
Ross is the current
Co- Chair of FIX Protocol Limited's (FPL) Global
Education & Marketing Committee and Co-Chair
of the FPL Americas Education & Marketing
Committee. Ross is also the editor of FIXGlobal -
The Electronic Trading Journal.
Prior to
joining UBS, Ross served as an army officer. He
holds a Bachelor of Engineering from Leeds
University in the UK. |
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