The discussion will be led by Robert Bartlett, Professor of Law at the University of California - Berkeley. The session will focus on the effects of minimum tick size on the incidence of high-frequency trading and on the extent of undisplayed ("dark") liquidity, with reference to the implications of these effects on analyst coverage and the prevalence of IPOs. The main presentation will be based on a draft paper by Professor Bartlett and Justin McCrary. Larry Glosten will provide comment, based on work he is doing with Shmuel Baruch. The background papers will be made available closer to the date of the event. A summary of the findings of the Bartlett and McCrary paper can be found at http://www.theconglomerate.org/2013/02/why-increasing-tick-sizes-may-lead-to-more-dark-pools-instead-of-more-ipos.html.