Cross-Border Securities Market Mergers Conference
Cross-border securities exchange merger activity has taken center stage in the ongoing globalization of financial markets. These transactions occur in the context of a number of trends:
- A breakdown of national regulatory barriers is permitting cross-border trading in securities by an increasingly broad range of market participants.
- Technology has provided the means for 24-hour global trading and competition among public exchanges.
- There are also the newly emerging “private exchanges,” such as Goldman Sachs’ GSTRuE platform.
The Inaugural Conference will explore the forces driving cross-border securities market merger activity, the trends' implications for the United States and world economies, and the challenges it poses for capital market regulation.
- Christopher Cox, Chairman of the SEC
- William H. Donaldson, Former Chairman, SEC
- Edward S. Knight, Executive Vice President and General Counsel, NASDAQ
- Ethiopis Tafara, Director of the Office of International Affairs, SEC
- Catherine R. Kinney, President, NYSE
- Richard Ketchum, Chief Regulatory Officer, NYSE
8:30 a.m. to 9:15 a.m.
Registration, Continental Breakfast
9:15 a.m. to 9:30 a.m.
- Welcoming Remarks
9:30 a.m.to 10:45 a.m.
- Panel I. How We Got to Where We Are: Technology and the Changing Economic and Regulatory Environment
What are the technological and regulatory changes over the last decade that have facilitated cross-border mergers? Would these mergers make sense absent the anticipation of further regulatory changes?
Meyer Eisenberg, Adjunct Senior Research Scholar and Lecturer-in-Law, Columbia Law School
Yakov Amihud, Ira Leon Rennert Professor of Entrepreneurial Finance, NYU Stern School of Business
Scott J. Davis, Partner, Mayer Brown LLP
Edward S. Knight, Executive Vice President and General Counsel, NASDAQ
Rachel Robbins, General Counsel and Executive Vice President, NYSE Euronext
Ethiopis Tafara, Director of the Office of International Affairs, SEC
10:45 a.m. to 11:00 a.m.
- Coffee Break
11:00 a.m. to 12:15a.m.
- Panel II. Perspectives of the Exchanges, Brokerage Firms, and Institutional Investors
What further regulatory changes are hoped for by each of these types of institutions to maximize the synergies from cross-border mergers? Are the interests of individual investors different from those of the institutions?
Larry Glosten, S. Sloan Colt Professor of Banking and International Finance, Columbia Business School
Harold Bradley, Chief Investment Officer, Ewing Marion Kauffman Foundation
Murray L. Finebaum, Former President and CEO, Future Trade
Catherine R. Kinney, President, NYSE
Eric Roiter, Senior Vice President and General Counsel, Fidelity Management and Research Company
12:30 p.m. to 2:00 p.m.
- Lunch and Keynote Speaker
Christopher Cox, Chairman, United States Securities and Exchange Commission
2:15 p.m. to 3:30 p.m.
- Panel III. The Regulatory Challenge
What changes in U.S. regulation are appropriate from the point of view of U.S. and global economic welfare and the protection of investors? Are there conflicts among these goals?
Merritt B. Fox, Michael E. Patterson Professor of Law & Nasdaq Professor of Law & Economics of Capital Markets, Columbia Law School
Brandon Becker, Partner Wilmer Hale and Former Director of the Division of Market Regulation of SEC
John C. Coffee, Adolf A. Berle Professor of Law. Columbia Law School
Richard Ketchum, Chief Regulatory Officer, NYSE
Erik R. Sirri, Director of the Division of Trading and Exchanges, SEC
Richard H. Walker, Managing Director and General Counsel, Deutsche Bank AG
3:30 p.m.to 3:45 p.m.
- Coffee Break
3:45 p.m. to 5:00 p.m.
Panel IV. Looking to the Future
What regulatory changes are in fact likely to occur over the next five years and what will securities markets around the world look like?
Harvey Goldschmid, Dwight Professor of Law, Columbia University and Former SEC Commissioner and General Counsel
William H. Donaldson, Former Chairman, SEC
Jeffrey Golden, Partner Allen & Overy LLP and Chair of the Section of International Law of the ABA
Annette L. Nazareth, Commissioner and Former Director of the Division of Market Regulation, SEC
Giovanni P. Prezioso, Partner Cleary Gottlieb and Former General Counsel of the SEC
Benn Steil, Senior Fellow and Director of International Economics Council on Foreign Relations
5:00 p.m. to 6:30 p.m.