2017 New Special Study of the Securities Markets: Initiating Conference

Events

Past Event

2017 New Special Study of the Securities Markets: Initiating Conference

March 23, 2017 - March 24, 2017
3:00 PM - 3:30 PM
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Columbia Law School, Room 106

Securities markets in the United States and around the world have undergone extraordinary changes over the last 50 years. As a result of globalization, the emergence of innovative technologies, and decisions at the federal and international levels, modern markets represent a dramatically different environment for trade than the markets just a few decades ago. These significant market changes have generated gaps in existing knowledge of how markets operate.

There is an urgent need for a comprehensive and systematic evaluation of securities markets and their effective regulation.    

This conference marks the first phase of a multi-year project that promises a bold new vision for regulatory reform.

New Commissioned Papers

Thursday, March 23rd, 2017

3:00 p.m.

  • Introductory Remarks: Gillian Lester, Dean of Columbia Law School, Merritt B. Fox, Columbia Law School

3:15 p.m.

4:00 p.m.

  • The Economics and Regulation of Primary Securities Market
    • "Economics of Primary Markets," Kathleen Weiss Hanley, Lehigh University
    • "Regulation of Primary Markets," Donald Langevoort, Georgetown University
    • "Primary Markets," Jay Ritter, University of Florida
  • Panel Discussion
    • Panelist: Keith Higgins, previously U.S. Securities and Exchange Commission
    • Panelist: Bill Williams, Sullivan & Cromwell
    • Panelist: Craig Barrack, Citi

5:45 p.m.

  • Break

5:55 p.m.

  • Discussion: Technology and Capital Markets
    • Panelist: Joseph Grundfest, Stanford University
    • Panelist: Reena Aggarwal, Georgetown University

Friday, March 24th, 2017

9:00 a.m. 

  • The Economics and Regulation of Trading Markets
    • "Economics of Trading Markets" Erik Sirri, Babson College, Ryan Davies, Babson College
    • "Regulation of Trading Markets" Paul Mahoney, University of Virginia, Gabriel Rauterberg, University of Michigan
    • Trading Markets Commentary, Charles Jones, Columbia Business School
  • Panel Discussion
    • Panelist: Gregg Berman, Citadel
    • Panelist: Rick Ketchum, previously CEO, Financial Industry Regulatory Authority
    • Panelist: Tal Cohen, Nasdaq

10:45 a.m.

  • Break

11:00 a.m.

  • The Economics and Regulation of Intermediaries
    • "Economics of Intermediaries" Jonathan Berk, Stanford University, Jules van Binsbergen, University of Pennsylvania
    • "Regulation of Intermediaries" Allen Ferrell, Harvard University, John Morley, Yale University
    • Intermediaries commentary, Chester Spatt, Carnegie Mellon University
  • Panel Discussion
    • Panelist: Buddy Donahue, previously U.S. Securities and Exchange Commission
    • Panelist: Steve Fraidin, PershingSquare
    • Panelist: Lanny Schwartz, Davis Polk

12:45 p.m.

  • Break

1:00 p.m.

  • Keynote Address and Boxed Lunch Reception, Robert Cook, President and CEO, Financial Industry Regulatory Authority (FINRA). Introduction, Merritt B. Fox, Columbia Law School

2:00 p.m.

  • Break

2:10 p.m.

  • Globalization
    • "Globalization," John Armour, Oxford University, Luca Enriques, Oxford University, Martin Bengtzen, Oxford University
    • "Globalization" commentary, Howell Jackson, Harvard University
  • Panel Discussion
    • Panelist: Chris Bates, Clifford Chance
    • Panelist: Eric Pan, U.S. Commodity Futures Trading Commission
    • Panelist: Joanna Perkins, Financial Markets Law Committee
    • Panelist: Edward F Greene, Columbia Law School, Cleary Gottlieb Steen & Hamilton LLP

3:30 p.m.

  • Closing remarks