2017 FINRA/Columbia Market Structure Conference: Market Microstructure and Capital Formation

Events

Past Event

2017 FINRA/Columbia Market Structure Conference: Market Microstructure and Capital Formation

October 26, 2017 - October 27, 2017
12:30 PM - 4:00 PM
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Washington, D.C.

The focus of this year's conference is on the intersection of market microstructure and capital formation. Discussions will also include larger topics surrounding market structure designa dn oversight, including: 

  • alternative methods for raising capital 
  • secondary market trading and the cost of capital
  • the impact of innovation on market microstructure
  • the regulatory impacts on microstructure affecting the cost of capital.

Featuring 

  • Robert Cook, President and CEO of FINRA;
  • The Honorable Michael Piwowar Commissioner of the U.S. Securities and Exchange Commission;
  • Jamie Selway, Managing Director of Investment Technology Group (ITG);
  • The Honorable Representative Bill Huizenga, Chairman of the Subcommittee on Capital Markets of the U.S. House Financial Services Committee.

This event is co-hosted by the Financial Industry Regulatory Authority (FINRA), Columbia University's Program in the Law and Economics of Capital Markets (Columbia Law School / Columbia Business School) and the Program for Financial Studies (Columbia Business School). 

Thursday, October 26, 2017

12:30 - 1:25 p.m.

  • Registration & Light Lunch FHI 360 1825 Connecticut Avenue, NW 1:25 - 1:30 p.m.

  • Opening Remarks Lawrence Glosten, Columbia Business School, Columbia University

1:30 - 1:45 p.m.

  • Welcome: Robert Cook, President & CEO, FINRA

1:45 - 2:00 p.m.

  • Guest Speaker: The Honorable Representative Bill Huizenga Chairman of the Subcommittee on Capital Markets U.S. House Financial Services Committee

2:00 - 2:15 p.m.

  • Break

2:15 - 3:00 p.m.

3:00 - 3:45 p.m.

  • ”Toxic Arbitrage and Price Discovery” Presenter: Kolja Johannsen, Warwick Business School, University of Warwick Discussant: Ingrid Werner, Fisher College of Business, Ohio State University

3:45 - 4:00 p.m. Break 4:00 - 4:45 p.m.

  • ”Do (Should) Brokers Route Standing Limit Orders Seeking to Trade U.S. Equity Options to Wholesalers?” Presenter: Robert Battalio, Mendoza College of Business, University of Notre Dame Discussant: Amber Anand, Whitman School of Management, Syracuse University

4:45 - 5:30 p.m.

6:00 p.m. - 6:45 p.m. 6:45 p.m. - 8:30 p.m.

  • Networking Reception Dinner Remarks & Introduction of Dinner Keynote: Jonathan Sokobin, SVP & Chief Economist, FINRA Charles Jones, Columbia Business School, Columbia University Foxhall Ballroom The Dupont Circle Hotel 1500 New Hampshire Avenue, NW Washington, DC with remarks by The Honorable Michael Piwowar Commissioner, U.S. Securities and Exchange Commission

Friday, October 27, 2017

8:00 - 9:00 a.m.

  • Registration & Breakfast FHI 360 1825 Connecticut Avenue, NW

9:00 - 9:10 a.m.

  • Welcome / Morning Session Chair Charles Jones, Columbia Business School, Columbia University

9:10 - 9:45 a.m.

9:45 - 10:30 a.m.

  • ”NASDAQ Reforms and the Cost of Capital” Presenter: Terrence Hendershott, Haas School of Business, University of California at Berkeley Discussant: Frank Hatheway, Chief Economist & Vice President, Nasdaq, Inc.

10:30 - 11:00 a.m.

  • Break 11:00 - 11:45 a.m.
  • Practitioners’ Viewpoint: Equity Markets, Market Microstructure & Capital Formation Moderator: Chris Stone, Vice President, FINRA Panelists: John Armour, Oxford Law, University of Oxford & Fellow, European Corporate Governance Institute; Cromwell Coulson, President & CEO, OTC Markets Group, Inc.; Merritt Fox,, Columbia University; John Malitzis, Deputy General Counsel and Chief Surveillance Officer, Citadel Securities

11:45 - 12:30 p.m.

  • Practitioners’ Viewpoint: Debt Markets, Market Microstructure & Capital Formation Moderator: Samir Misra, Partner, Oliver Wyman Panelists: Thomas Eady, Senior Policy Advisor of Trading and Markets, U.S. Securities and Exchange Commission; William Gartland, CFA & Vice President, Fixed Income Data and Analytics, Broadridge Financial Solutions, Inc.; Alexander Sedgwick, CFA and Vice President, Head of Fixed Income Market Structure in Electronic Trading and Global Trading, T. Rowe Price

12:30 - 2:00 p.m.

  • Luncheon and Conversation with Afternoon Keynote Jamie Selway, Managing Director, Investment Technology Group (ITG) Tom Gira, Executive Vice President, FINRA

2:00 - 2:10 p.m.

  • Afternoon Session Chair Lawrence Glosten, Columbia Business School, Columbia University

2:10 - 2:55 p.m.

2:55 - 3:05 p.m.

  • Break

3:05 - 3:50 p.m.

3:50 - 4:00 p.m.

  • Closing Remarks Lawrence Glosten, Columbia Business School, Columbia University