2016 FINRA/Columbia Market Structure Conference: Disruptive and Manipulative Practices

Events

Past Event

2016 FINRA/Columbia Market Structure Conference: Disruptive and Manipulative Practices

November 18, 2016
9:00 AM - 4:00 PM
Washington, D.C.

Co-hosted by the Financial Industry Regulatory Authority (FINRA) and Columbia University, this year's conference will focus on the disruptive and manipulative activities in financial markets, covering topics such as:

  • principal trading firm strategies to detect disruptive activities
  • manipulation in futures markets
  • market disruption in ETFs and market design

Featuring

  • Keynote address by FINRA President and CEO Robert Cook
  • Lunch remarks by BATS President and CEO Chris Concannon

Friday, November 18, 2016

 Welcome

  • Jonathan Sokobin, Chief Economist and SVP, FINRA

Morning Keynote

  • Robert Cook, President & CEO, FINRA
  • Morning Session Chair 
  • Larry Glosten, S. Sloan Colt Professor of Banking & International Finance, Columbia Business School
     

"Correlated High-Frequency Trading"

  • Presenter: Gideon Saar, Dr. Phillip and Rosalyn Barron Professor of Management, Professor of Finance, Johnson Graduate School of Management, Cornell University
  • Discussant: Gregg Berman, Managing Director/ Director of Research, Market Structure, Citadel Securities
     

Practitioners' Viewpoint: Disruptive and Manipulative Trading

  • Moderator: Thomas Gira, EVP, Market Regulation, FINRA
  • Panelists:
    • Richard Gorelick, Co-Founder and CEO, RGM Advisors
    • Terry Hendershott, Cheryl and Christian Valentine Chair, Professor, Haas School of Business, University of California at Berkeley
    • Adam Nunes, Head of Business Development, Hudson River Trading LLC
    • Ari Rubenstein, Co-Founder and CEO, Global Trading Systems
       

The Effect of Settlement Rules on the Incentive to Bang the Close"

  • Presenter: Esen Onur, Economist, Commodity Futures Trading Commission
  • Discussant: Gary DeWaal, Special Counsel, Katten Muchin Rosenman LLP
     

Afternoon Keynote

  • Conversation with Chris Concannon, CEO, BATS Global Markets
  • Interviewed By: Joseph Gawronski, President and Chief Operating Officer, Rosenblatt Securities 
  • Afternoon Session Chair
  • Charles Jones, Robert W. Lear Professor of Finance and Economics, Columbia Business School
     

"Myth Versus Reality: ETFs and Market Structure"

  • Ananth Madhavan, Managing Director, Global Head of Research, BlackRock, Inc.

"The Sound of Many Funds Rebalancing"

  • Presenter: Vyacheslav Fos, Assistant Professor of Finance, Boston College, Carroll School of Management
    ​​​​​​​

"The Impact on Financial Markets of ETF Failures-to-Deliver"

  • Presenter: Michael Pagano, Professor, Finance and The Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Villanova School of Business, Villanova University
  • Discussant: Austin Gerig, Financial Economist, Division of Economic and Risk Analysis, U.S. Securities and Exchange Commission