Market Structure Conference

2016 Mobile Ad Summit

November

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2025

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Featured Speaker: Shorter Settlement – AI and Automation with Bill Lobig

In this presentation, Bill Lobig will share the latest applications of intelligent automation to increase speed and productivity in Financial Services.

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Featured Speaker: Shorter Settlement – AI and Automation with Bill Lobig

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: Robert Walley Principal, Financial Services Deloitte

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: Robert Walley Principal, Financial Services Deloitte

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Moderator: Charles Desimone Managing Director, Technology and Operations

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Andrea Pfenning
President and COO, BNY Mellon Government Securities Services
BNY Mellon

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Market Structure Conference - Program

New York Law School | New York, NY

2025 Program

This conference explores how the markets are adapting to technological innovation, regulatory shifts, and new trading paradigms – while upholding the foundational principles that ensure market integrity, transparency, and investor protection.

Save the date for 2026: November 18-19 at New York Law School, NYC! Learn more.

Nov 19: Options

Nov 20: Equities

8:30 a.m. – 4:00 p.m.

Registration Desk Hours

8:30 a.m. – 9:30 a.m.

Networking Breakfast

Sponsored by IMC Tradin g

9:30 a.m. – 9:40 a.m.

Welcome Remarks

Speaker:

Katie Kolchin, CFA, Head of Equity & Options Market Structure, SIFMA

9:40 a.m. – 10:10 a.m.

Keynote Address: The Industry Update

This year has seen a surge in options trading volume, growing sophistication of retail traders, continued growth of activity in short-dated and zero-day-to-expiration options (0dte), growing interest in AI, and more. Cboe's Henry Schwartz presents a data-driven look at the options industry, discusses current market activity, and shares the top trends he sees going into 2026.

Speaker:

Henry Schwartz, Vice President, Market Intelligence, Cboe Global Markets

10:10 a.m. – 11:00 a.m.

Options Infrastructure in Motion: Navigating Complexity and Change

This panel explores the structural dynamics of the options market – from extended trading hours and shifting market participants to evolving product offerings like event contracts, flex options, and short-dated options – and how participants are adapting to ongoing change.

Moderator:

Steve Crutchfield, Head of Business Development, Chicago Trading Company (CTC)

Panelists:

Jackson Gutenplan, Market Structure Research Analyst, Bloomberg Intelligence

Ellen Greene, Head of Business Development and Market Structure Strategy, IMC Trading

Todd Lard, Managing Director, Trading Operations, Charles Schwab & Co., Inc.

Nathaniel Pomeroy, Principal and Senior Analyst, Wolverine Trading Technologies, LLC

11:00 a.m. – 11:30 a.m.

Networking Break

Sponsored by Nasdaq

11:30 a.m. – 12:20 p.m.

Precision and Protection: Regulatory Priorities in the Options Market

Panelists examine current and proposed regulatory initiatives impacting options with a focus on balancing innovation, investor protection, and market stability in a complex trading environment.

Moderator:

Ben Londergan, Managing Director, Strategic Business Development, Simplex Trading, LLC

Panelists:

Brant Brown, Partner, Cleary Gottlieb

Jesse Lawrence, Managing Director and Head of Legal, BNY Pershing
Racquel Russell, Senior Vice President and Director of Capital Markets, FINRA

Slade Winchester, Low Touch Derivatives Product Owner, Goldman Sachs

12:20 p.m. – 1:20 p.m.

Networking Lunch

Sponsored by MEMX

1:20 p.m. – 1:50 p.m.

The Intersection of Markets and Washington: Policy, Power, & Market Strategy

In an era where political decisions reverberate across financial markets, understanding the interplay between Washington and Wall Street is more critical than ever. This panel brings together two seasoned experts—one from the heart of D.C. legislative affairs, the other from the helm of an equity trading desk—to unpack the current administration’s top policy priorities and their market implications.

Moderator:

Michael Masone, Director, Head of North America Market Structure (NAM Markets Division), Citigroup Global Markets Inc.

Panelists:

Stuart Kaiser, Head of Equity Trading Strategy, Citi Global Markets

Josh Wilsusen, Executive Vice President, Advocacy, SIFMA

1:50 p.m. – 2:40 p.m.

Innovation at Market Speed: Trends Shaping the Options Landscape

This session begins with the big question, What is innovation today? Technology, market structure, product design, or something else? And how is this changing – or being driven by – options market behavior?

Moderator:

Scot Galvin, Senior Director and COO, Robinhood Securities

Panelists:

Shelly Brown, EVP, Chief Strategy Officer, MIAX and CEO, MIAX Futures

David Dooman, Head of ATS & Retail Consolidator, DASH

Dave Kovtun, Institutional Sales & Trading, Jane Street

2:40 p.m. – 3:10 p.m.

Networking Break

Sponsored by MIAX

3:10 p.m. – 4:00 p.m.

Trading on Intelligence: AI’s Role in the New Market Stack

From predictive analytics to smart order routing, this panel explores how artificial intelligence is being integrated into the options trading ecosystem and what it means for strategy, speed, and oversight.

Moderator:

Katie Kolchin, CFA, Head of Equity & Options Market Structure, SIFMA

Panelists:

Enrico Cacciatore, Chief Product and Strategy Officer - Co-Founder, CalcGuard Technologies

Jesse Forster, Head of Equity Market Structure & Technology, Crisil Coalition Greenwich

Ashley Kryshtalsky, Head of North America for Sales and Business Development, Workflow Technology, Virtu Financial

Andy Simpson, Founder and CEO, Sigma Financial AI

4:00 p.m. – 4:10 p.m.

Closing Remarks

Speaker:

Katie Kolchin, CFA, Head of Equity & Options Market Structure, SIFMA

4:10 p.m. – 5:10 p.m.

Networking Reception

8:30 a.m. – 4:00 p.m.

Registration Desk Hours

8:30 a.m. – 9:30 a.m.

Networking Breakfast

Sponsored by IMC Trading

9:30 a.m. – 9:40 a.m.

Opening Remarks

Speaker:

Katie Kolchin, CFA, Head of Equity & Options Market Structure, SIFMA

9:40 a.m. – 10:10 a.m.

Keynote Address: SEC Director of Trading and Markets

Speaker:

Jamie Selway, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission (SEC)

Moderator:

Katie Kolchin, CFA, Head of Equity & Options Market Structure, SIFMA

10:10 a.m. – 11:00 a.m.

New Rules, New Rails: The Future of Equity Market Structure

This panel examines how evolving infrastructure, trading hours, and market rules are reshaping equity market structure, and what modernization really means in the eyes of regulators and market participants.

Moderator:

Gregg E. Berman, Managing Director, Market Analytics and Regulatory Structure, Citadel Securities

Panelists:
Matt Billings, Vice President of Brokerage and President, Robinhood Financial & Robinhood Securities

Ari Burstein, General Counsel and Chief Policy Officer, Imperative Execution

Jessica D'Alton, Head of Americas Market Structure and Liquidity Strategy, UBS

Adrian Griffiths, Head of Market Structure, MEMX

Eden Simmer, Executive Vice President, Head of Global Equity Trading, PIMCO

11:00 a.m. – 11:30 a.m.

Networking Break

Sponsored by Protiviti

10:20 a.m.-10:45 a.m.

Clients First: A Conversation about SIFMA Priorities

Speakers

Kenneth E. Bentsen, Jr.
President and CEO
SIFMA

James Reynolds, Jr., CFA

Chair, SIFMA Board of Directors
Chairman and Chief Executive Officer, Loop Capital Markets, LLC

10:45 a.m.-11:35 a.m.

Featured Panel: The Journey to T+1

Explore the status of the industry’s transition to accelerate the settlement cycle to T+1. This panel will review the current regulatory rules and proposals, development of the industry playbook, and timeline around planning, execution, and testing. Our panelists will also focus on the operational issues and what firms need to know to comply in a T+1 environment.

Moderator

Robert Walley
Principal, Financial Services
Deloitte

Panelists

John Abel
Executive Director, Clearance and Settlement, Product Management
DTCC

John Ferrara
Vice President, Operational Strategy
Fidelity Investments

Louis J. Rosato
Director, Investment Operations Group
BlackRock

Brian Steele
Managing Director, Global Marketing Division
Goldman Sachs

11:35 a.m.-12:00 p.m.

Featured Speaker: Is the Affair Over? with Andres Choussy

Recent events have called into question many of the things that most people took for granted (like free cash and unregulated digital assets) and shifted attention of fintech companies, banks and broker-dealers back to the fundamentals around profits, stability and cybersecurity. But how do we move on from the affair with "profitless innovation" and leverage the existing infrastructure in a more modern way?

What has changed your view of operations? What can derail even the best laid plans? FIS' Andres Choussy dives into these questions and more.

Speaker

Andres Choussy
SVP, Head of Training, Processing and Compliance
FIS

12:00 p.m.-1:00 p.m. CHOOSE A BREAKOUT SESSION

Breakout Session 1: Corporate Action Standardization – The Time is Now!

Corporate actions inherently pose significant risks to operations, and the industry’s move to T+1 creates additional challenges to this already complex process. During this session, panelists will explore the ways through which shortened settlement increases the importance of transforming and modernizing how the industry facilitates corporate actions.

Hear from our panelists as they dive into SIFMA’s US Corporate Actions position paper and its efforts to drive industry-wide standardization in corporate action announcement messaging. This panel will also discuss how a T+1 environment will increase the need for timely counterparty obligation reconciliation and necessitate improved mechanisms for systematically managing liabilities. Finally, the session will outline some of the preparation firms should be taking to prepare Corporate Actions systems and teams for the May 28, 2024, implementation and beyond.

Moderator

Christopher Thiebaut

Director, Corporate Actions

BlackRock

Panelists

Ray Agoglia
Senior Manager, Capital Markets
EY

Lawrence Conover

Vice President, Operations and Services Group

Fidelity Investments

Jim Monahan

Head of North America Asset Servicing and Global Head of Asset Servicing Transformation

Citi

Michael Wood
Head of Asset Servicing Product Management
Broadridge Financial Solutions Inc.

Christina Young

Director, Operations

Charles Schwab & Co., Inc.

Breakout Session 2: Financial Fraud and Operational Resiliency

This panel of industry experts will include thought leaders from financial firms, law enforcement, government agencies and the legal community to discuss the ION outage and its impact on financial operations and also explore the latest cyber threats and how firms are battling back to protect sensitive firm and customer data from ransomware and other cyber-attacks.

Moderator
Thomas Wagner
Managing Director, Financial Services Operations
SIFMA

Panelists
Todd Conklin
Deputy Assistant Secretary of the Treasury
Office of Cybersecurity and Critical Infrastructure Protection

Erez Liebermann
Partner
Debevoise

Andrew Retrum
Managing Director
Protiviti

Katheryn Rosen
Managing Director
JPMorgan Chase & Co.

Breakout Session 3: Ditch the Distribution List Spreadsheet – Unveiling the Community-Led Directory

Learn about the community-led initiative to create a comprehensive operations directory to connect the entire industry and increase transparency, reduce friction and improve speed. Driven by organizational preparation ahead of T+1, the search and discovery platform (which will be demoed live during this session) is built on existing operations community distribution lists with established standardized taxonomy.

Moderator
Kate Chatzopoulos
Global Head of Operations Strategy
Symphony

Panelists

David Kirby
Executive Director, Head of Global Account Management and Americas Relationship Management
DTCC

Dina Masterpalo-Harris
Managing Director, Global Head of Market Operations, Client Experience
Citi

Afzal Memon

Vice President, Digital Innovation and Strategy

JPMorgan Chase & Co.

Aruna Parthiban
Senior Vice President, Business and Market Solutions
Goldman Sachs Asset Management

Breakout Session 4: Alternative Investment Operations

Alternative Investments are expected to grow to make up to a quarter of the global investable market by 2025. The rapid growth of alternatives is challenging ops teams to develop solutions to simplify and standardize alternatives operational functions. This panel will describe what firms are doing in terms of digitization and automation, and what the industry is doing to help make alternative investments identifiable in systems.

Moderator
Elisa Nuottajarvi
Vice President, Asset Management Group
SIFMA

Panelists
Abhijit Choudhary
Managing Director, Operations
Apollo

John Partenza
Vice President, Product Management
Broadridge

Bharat Sawhney

Partner

Sia Partners

12:00 p.m.-1:00 p.m. CHOOSE A PARTNER WORKSHOP

Partner Workshop: Capitalize on Low-Code Development Platforms for Digital Services Delivery

Why is Low-Code development a top 2023 CIO agenda? The ROI is proven.

This information-packed session will review specific capital market client developments and the ROI they have documented using Low-code. Then we will dive into the implementations. How are clients replacing manual processes, modernizing apps, and ensuring a DevOps and SecOps-ready environment?

Sponsored by OutSystems Inc.

Workshop attendees will select specific client implementations to discuss across: investor onboarding, model and reference data governance, pension/fund administration, treasury, asset valuations, client portfolio analysis, trade support, compliance controls, capital calls, IPO subscriptions, and automated risk management reviews.

Speakers

Marie Giangrande
Global Financial Services Lead
OutSystems

Tracie Cleveland-Thomas
Senior Vice President, Service Digitization
Key Bank

Partner Workshop: Blockchain KYC: From Periodic to Perpetual Client Life Cycle Management

This workshop will explore how blockchain and other digital KYC processes can help organizations minimize their reliance on periodic reviews to maximize operational budgets while effectively mitigating risk. We will use case studies showing how organizations can leverage digitization, automation, and blockchain technology to modernize and develop perpetual KYC processes.

Sponsored by Sia Partners

The Know Your Client (“KYC”) Periodic Review process is a critical, but cumbersome, part of the risk-based approach of an organization’s BSA/AML Program. Financial institutions spend millions of dollars every year bogged down by complex KYC requirements, customer outreaches, and disjointed processes that at times are subject to enforcement actions and large fines. In 2018, FinCEN’s Customer Due Diligence rule clarified that periodic review was not a categorical requirement for financial institutions, opening the door to the possibility that data and event driven risk-based review processes could replace periodic reviews. The Corporate Transparency Act of 2019 and Anti-Money Laundering Act of 2020 have further mandated the creation of a national beneficial ownership registry that will provide financial institutions with information that was previously not available without direct client outreaches as part of the periodic review process.

Speakers

Danielle Fair

Senior Manager
Sia Partners

Michael L. Vila, Esq.

Financial Crimes Advisory Leader - US

Sia Partners

1:00 p.m.-2:00 p.m. CHOOSE A LUNCH & LEARN SESSION

Lunch & Learn: Financial Industry Participants Reaction to Blockchain Technology and Asset Tokenization

Join a panel of industry experts as they discuss how asset tokenization, distributed ledger technology, and smart contracts are able to open up new capabilities, features, and delivery mechanisms that may provide areas of opportunity for financial innovation.

Sponsored by Deloitte

Financial industry participants continue to warm up to the idea of blockchain technology and asset tokenization as further benefits are realized through industry pilots and proofs of concepts.

Historically, the industry has faced various risks and inefficiencies due to legacy infrastructure limitations. Tokenization of assets offers the potential to mitigate risks that financial institutions face today, and to provide other significant operational efficiencies by adopting digitally native financial market infrastructures. Join a panel of industry experts as they discuss how asset tokenization, distributed ledger technology, and smart contracts are able to open up new capabilities, features, and delivery mechanisms that may provide areas of opportunity for financial innovation.

Moderator

Roy Ben-Hur
Managing Director, Risk & Financial Advisory
Deloitte

Panelists

Gary Chan

Managing Director, Digital & Platform Services

JPMorgan Chase & Co.

Simon Letort

Director of Strategic Initiatives

Digital Asset

Thomas Sullivan

Managing Director

Societe Generale

Lunch & Learn: The Rise of APIs and the Cloud - Challenges and Opportunities for Shorter Settlement Cycles

Increasing use of APIs and messaging standards, such as FIX, in the capital markets industry brings with it challenges for firms and systems alike. We explore the evolution of systems and technology towards the Cloud, along with messaging standards, as they embrace APIs to offer a world of real-time and event-driven processing - revolutionizing post-trade processing globally as we move to shorter settlement cycles.

Sponsored by Torstone Technology

Moderator

Sam Farrell

Head of North America

Torstone Technology

Panelists

Ankeet Dedhia

Industry Principal, Capital Markets Specialist

Amazon Web Services

John Joseph

Head of Engineering NOAM

Xceptor