Market Structure Conference

Market Structure 2013 Conference

October 17, 2013
Marriott Marquis
New York, NY

Market Structure Highlights


7:30 a.m.  - 8:30 a.m.


Breakfast Hosted by Davis Polk & Wardwell LLP


8:30 a.m.  - 5:00 p.m.

Hosted by KCG


8:30 a.m.  - 8:45 a.m.


Randy SnookRandy Snook
Executive Vice President, Business Policies and Practices

8:45 a.m. - 10:00 a.m.

U.S. Equity Market Structure – Has the time come for a Holistic Review?

Amid the calls for a holistic review of the U.S. equity market structure, this panel of industry leaders will consider the important questions that need to be addressed. What should be reviewed? What needs to change? What doesn’t? How do we continue to ensure that we have a robust, efficient, and competitive marketplace?



Annette L. NazarethAnnette L. Nazareth


Davis Polk & Wardwell, LLP 

Bill Baxter

Head of Global Program Trading and Market Structure

Fidelity Investments 

Rick Ketchum Richard G. Ketchum

Chairman and Chief Executive Officer

 Financial Industry Regulatory Authority 


Matthew LavickaMatthew Lavicka  

Managing Director, Equities Management  

Goldman, Sachs & Co.

 Joseph Mecane Joseph Mecane

Executive Vice President and Co-Head of U.S. Listings and Cash Execution 

NYSE Euronext 


John RamsayJohn Ramsay 

 Acting Director, Division of Trading and Markets  

 U.S. Securities and Exchange Commission

10:00a.m. - 10:30 a.m.

Networking BREAK


10:30a.m. - 11:15 a.m.

One-on-One with Daniel Gallagher

SEC Commissioner Gallagher will participate in a live Q&A with CNBC's Bob Pisani on the day's most-pressing topics in Equity Market Structure.

Featured Speakers:

Daniel GallagherDaniel Gallagher

U.S. Securities and Exchange Commission  


 Bob PisaniBob Pisani
"On-Air Stocks" Editor

11:15a.m. - 12:15 p.m.

The Future of Electronic Trading

With a continuously evolving marketplace, what does the future look like for electronic trading? What are the new business models and practices that are required to meet the needs of the buy-side? Does trading technology alone differentiate in today's markets? What are the anticipated regulatory changes that could meaningfully alter the landscape? Are regulatory initiatives, such as the Market Access Rule, Large Trader Reporting, and proposed Regulation SCI, impacting the ability for smaller firms to compete?


Brett W. RedfearnBrett W. Redfearn
Head of Market Structure Strategy - Americas
JP Morgan Chase & Co. 


Nanette BuziakNanette Buziak 

Managing Director, Head of Equity Trading  

ING Investment Management 

Joseph Lombard Joseph Lombard  


Murphy & McGonigle

 Jamil Nazarali Jamil Nazarali

Head of Citadel Execution Services

Citadel Securities   

Eric Noll

Executive Vice President of Transaction Services Business


 Sapna Patel Sapna Patel

Head of Americas Market Structure and Liquidity Strategy

Morgan Stanley


12:15 p.m. - 1:30 p.m.




1:30 p.m. - 2:40 p.m.

Shifting Perspectives – What Regulators Want to Know. Lit vs. Dark Markets, Tick Sizes, HFT, and Volatility Red herring or real concerns in today's markets?

The SEC's Gregg Berman will moderate a panel of industry experts and consider questions at the heart of the market structure debate.  Is HFT unfair?  Is price discovery affected by off-exchange trading? Will FINRA's recent ATS reporting proposal increase transparency and provide additional clarity for regulators? Would wider tick-sizes increase liquidity? What other questions should regulators be asking and can initiatives, such as Consolidated Audit Trail, help to provide the answers?


Gregg BermanGregg Berman 
Associate Director of the Office of Analytics and Research
U.S. Securities and Exchange Commission



James Brigagliano James Brigagliano  


Sidley Austin LLP

Thomas GiraThomas Gira  

Executive Vice President, Market Regulation  

Financial Industry Regulatory Authority     


Bryan HarkinsBryan Harkins 

Chief Operating Officer

Direct Edge    



 TusarGreg Tusar   

Co-Head of Global Execution services 



Andrew UpwardAndrew Upward  

Market Structure Analyst  

Rosenblatt Securities

David Weisberger  David Weisberger

Executive Principal  

Two Sigma Securities, LLC  

2:40 p.m. – 3:40 p.m.

Global Market Structure Initiatives

What are the major international developments in market structure?  How have recent developments, such as Europe's MiFID II, Australias's Market Integrity Rules on dark liquidity and high-frequency trading, as well as Canada's Universal Marker Integrity Rules affected the markets? What can the U.S. learn from the AMF's Tick Size proposal? What can we expect from non-U.S. jurisdiction in 2014?


Michael J. MasoneMichael J. Masone  

Director & Counsel, Equities  





William Capuzzi   William Capuzzi  

President, Global Trade Services 

ConvergEx Group  

Sonia Cattarinussi   Sonia Cattarinussi   

Head of the Division of Market Regulation  

Autorite des Marches Financiers

 Susan Wolburgh Jenah Susan Wolburgh Jenah

President and Chief Executive Officer    

Investment Industry Regulatory Organization of Canada

 Greg Yanco Greg Yanco

Senior Executive Leader, Market & Participation Supervision

Australian Securities & Investments Commission

3:40 p.m. - 4:00 p.m.

Networking BREAK  


4:00 p.m. - 5:00 p.m.

Regulation in Today's and Tomorrow's Markets.

This panel of legal and policy experts will discuss recent regulatory developments and consider what the future holds.  Recent developments to be considered will include Limit Up-Limit Down and ATS Disclosure Requirements.  Panelists will discuss the possibility and likelihood of future regulations.

T.R. Lazo

Managing Director and Associate General Counsel




 James Burns 

Deputy Director, Division of Trading and Markets  

U.S Securities and Exchange Commission 

 Irene HalpinIrene Halpin

Executive Director & Assistant General Counsel

JPMorgan Chase & Co  


Andre OwensAndre Owens



Eric SwansonEric Swanson

Senior Vice President, General Counsel and Secretary

BATS Exchange


5:00 p.m. - 6:30 p.m.



Market Data