The pillars of US equity market structure are being called into question. Technology advancements have amplified the inherent conflict between order interaction and market center competition. Three expert panels of industry executives will dissect the rules of the road for managing technology risk, participant segregation and transparency gaps in the new competitive landscape.
4 – 4:30 pm - Registration & Networking
4:30 – 4:40 pm - Opening Remarks, Larry Tabb, CEO & Founder, TABB Group
4:40 – 5:10 pm - Unique Approaches to Liquidity Discovery
Often lost in the market structure debate is that different strategies, stocks and types of orders require unique tools and that liquidity is not uniformly valuable. Whether it is crafting an execution strategy, designing a small cap algo, building a pool of liquidity, or advocating for market structure reform, a “one size fits all” approach is no longer credible.
John Cosenza, Co-Head of Electronic Trading, Cowen/ATM
Curt Engler, Head of Equity Trading for the Americas, JP Morgan Asset Management
Adam Inzirillo, Director, Global Execution Services, Bank of America Merrill Lynch
John Latino, Senior Trader, ZPR Investment Management
Keith Ross, CEO, PDQ ATS
Moderated by: Peter Clifford, Principal, TABB Group
5:10 – 5:40 pm – The Transformative Trading Desk:
Major financial institutions are investing in technologies that will allow them to more efficiently cover a broad spectrum of asset classes, geographies and accounts. New analytics that allow the sell-side to customize its offerings and interactions with clients based on past behavior. Algorithm switching engines are fostering the next wave of buy-side control. A new breed of actionable IOIs hopes to reinvigorate the trust of the buy side. As trading desks continue to try and do more with less, the role of data, communication and workflow will continue to grow in importance.
Carl Carrie, Global Head of Product for Bloomberg SSEOMS/STEP, Bloomberg LP
Armando Diaz, Senior Managing Director, Global Head of Execution Services, Millennium
John Adam, Global Head of Product Development, Portware
David A. Lewis, Vice President and Co-Head of U.S. Equity Trading, Franklin Templeton
Moderated by: Larry Tabb, CEO & Founder, TABB Group
5:40 – 6:10 pm - Refreshment Break
6:10 – 6:50 pm - Matching Logic Magic: The discussion of market fairness has hit the mass market. Are our complex markets fair? Non-transparent matching logics, payment for order flow/rebates and speed all play into the perception that the market is at best complex and at worst rigged. Can transparency help demystify the industry, or will it simply ruin the trick? This panel will discuss the merits and pitfalls of our complex equities ecosystem and how the ATS/Exchange model and best execution obligations need to evolve.
Doug Borden, Managing Director, Co-Head of Client Market-Making, KCG
Scott Johnston, Chief Operating Officer, Tower Research Capital
Adam Nunes, Head of Business Development, Hudson River Trading
Tyler Platte, Principal, Senior Equity Trader, Rainier Investment Management, LLC
James Rubinstein, Executive Director, Algorithmic Trading – Americas, UBS Direct Execution
Moderated by: Sayena Mostowfi, Senior Analyst, TABB Group
6:50– 7:20 pm - Block Intervention: Our industry is addicted to fast markets, VWAP and complex order types. The buy side now has more tools than ever before to trade blocks: traditional agency, crossing networks, and a new crop of actionable IOIs. But is that enough to break the habit of slicing, dicing, hiding and sliding? Will this be the year our industry turns over a new leaf, or will we fall off the wagon once again?
Enrico Cacciatore, Senior Quantitative Trader, Voya Investment Management
Rob Hegarty, Managing Director, Global Head of Equities, Thomson Reuters
Alan Hill, CFO, JonesTrading
Adam Sussman, Head of Market Structure & Liquidity Partnerships, Liquidnet
Michael Hayes, Founder & CEO, Tripleshot
Moderated by: Jeff Alexander, Principal, TABB Group
7:20 pm – Closing Remarks – Larry Tabb, CEO & Founder, TABB Group
7:30 – 9 pm - Reception