7:45-8:15 AM | Registration and Continental Breakfast |
| | General Session |
| | Hosted by UBS Investment Bank |
8:15-8:25 AM | Introduction and Opening RemarkS |
| | Randy Snook
Executive Vice President
SIFMA |
8:25 - 8:45 AM | Keynote Address |
| | James Brigagliano
Deputy Director, Division of Trading and Markets
U.S. Securities & Exchange Commission |
8:45 -9:45AM | Regulatory Initiatives: Description and Impact |
| | This panel will explore the recent regulatory initiatives in the U.S., and what this means for dark pools, the securities markets in general, and for investors. Regulatory proposals to date aim to ban flash quotes, increase post trade transparency of alternative trading systems, sweep actionable indications of interest under quote definitions, and reduce Regulation ATS display requirement thresholds. Expectations are that, at least in the U.S., additional proposals are forthcoming – to review high frequency trading, other dark pools issues, sponsored access and particularly naked access, and large trader regulations. Will these initiatives promote greater transparency in the markets or unnecessarily curtail trading alternatives for investors? Are there sufficient protections for investors in the market today? |
| | Moderator: |
| | Andre Owens
Partner
Wilmer Hale |
| | Panelists: |
| | Thomas Gira
Executive Vice President
Market Regulation Department
Financial Industry and Regulatory Authority |
| | Matthew Lavicka
Managing Director and Chief Operations Officer, Cash Equities
Goldman Sachs |
| | John F. Malitzis
Executive Vice President
Division of Market Surveillance
NYSE Regulation
NYSE Euronext |
| | Eric Noll
Executive Vice President, Transaction Services
NASDAQ OMX Group, Inc. |
| | David Shillman
Associate Director
Division of Trading & Markets
U.S. Securities & Exchange Commission |
9:45-10:15 AM | Networking Break and Refreshments |
| | Hosted by Knight Capital Group, Inc. |
10:15 -11:30 AM | Competition Among Markets and Models |
| | What is behind the explosive growth in dark pools? What are the prevalent business models and strategies? What differentiates the various dark pools and makes some more effective than others? Do dark pools encourage competition, lessen it or “hide” it? This panel will address these questions as well as the likely effect of the proposed regulatory initiatives. |
| | Moderator: |
| | Jamie Selway
Managing Director and Chairman
White Cap Trading LLC |
| | Panelists: |
| | Anthony Barchetto, CFA
Head of Strategy, US Equities
Liquidnet |
| | Frank Hatheway
Chief Economist
NASDAQ OMX Group, Inc. |
| | Dan Mathisson
Managing Director and Head of Advanced Execution Services
Credit Suisse |
| | Jamil Nazarali
Managing Director and Head of Electronic Trading Group
Knight Equity Markets, L.P. |
| | Greg Tusar
Managing Director and Co-Head
Goldman Sachs Electronic Trading |
11:30 AM – 12:30 PM | End-Users and Execution Quality |
| | How does the explosive growth in dark pools affect investors? What are the pros (e.g., price improvement, reduced market impact) vs. cons (e.g., more fragmentation, less price transparency)? What are the different flavors and toxicity levels of different dark pools? How should dark pools best be utilized in the smart order routing and liquidity search process? To what extent should dark pool use vary depending upon different market conditions (e.g., high vs. low volatility)? What are the panelists’ views on recent regulatory initiatives? |
| | Moderator: |
| | Brett Redfearn
Global Head of Liquidity
Electronic Client Solutions
JP Morgan Securities |
| | Panelists: |
| | Jeff Brown
Senior Vice President
Fidelity Capital Markets |
| | Hitesh Mittal
Managing Director & Head of Liquidity Management
ITG |
| | Dmitry Rakhlin
Senior Quantitative Trader
Alliance Bernstein |
| | Justin Schack
Director
Market Structure Analysis
Rosenblatt Securities |
| | Andrew Silverman
Managing Director & Global Co-Head
Morgan Stanley Electronic Trading |
| | **Please note this event is CLOSED to the Press |