2016 FINRA/Columbia Conference on Market Structure: Disruptive and Manipulative Practices
FINRA/ COLUMBIA Market Structure Conference: Disruptive and Manipulative Practices
On Friday, November 18, 2016, the Financial Industry Regulatory Authority and Columbia University hosted a conference on U.S. capital market structure. The one-day event will took place in Washington, DC.
The conference brought together leaders in academia, industry and the regulatory community to explore original research and the current body of policy governing market structure and trading. Specifically, the theme of this year’s conference was disruptive and manipulative activities in financial markets. The agenda included:
• Keynote address by FINRA President and CEO Robert Cook
• Lunch remarks by BATS President and CEO Chris Concannon
• Principal trading firm strategies to detect disruptive activities
• Manipulation in futures markets
• ETFs, market design and market disruption
Friday, November 18, 2016
Jonathan Sokobin, Chief Economist and SVP, FINRA
Robert Cook, President & CEO, FINRA
Morning Session Chair
Larry Glosten, S. Sloan Colt Professor of Banking & International Finance, Columbia Business School
"Correlated High-Frequency Trading"
Presenter: Gideon Saar, Dr. Phillip and Rosalyn Barron Professor of Management, Professor of Finance, Johnson Graduate School of Management, Cornell University
Discussant: Gregg Berman, Managing Director/ Director of Research, Market Structure, Citadel Securities
Practitioners' Viewpoint: Disruptive and Manipulative Trading
Moderator: Thomas Gira, EVP, Market Regulation, FINRA
Richard Gorelick, Co-Founder and CEO, RGM Advisors
Terry Hendershott, Cheryl and Christian Valentine Chair, Professor, Haas School of Business, University of California at Berkeley
Adam Nunes, Head of Business Development, Hudson River Trading LLC
Ari Rubenstein, Co-Founder and CEO, Global Trading Systems
The Effect of Settlement Rules on the Incentive to Bang the Close"
Presenter: Esen Onur, Economist, Commodity Futures Trading Commission
Discussant: Gary DeWaal, Special Counsel, Katten Muchin Rosenman LLP
Conversation with Chris Concannon, CEO, BATS Global Markets
Interviewed By: Joseph Gawronski, President and Chief Operating Officer, Rosenblatt Securities
Afternoon Session Chair
Charles Jones, Robert W. Lear Professor of Finance and Economics, Columbia Business School
"Myth Versus Reality: ETFs and Market Structure"
Ananth Madhavan, Managing Director, Global Head of Research, BlackRock, Inc.
"The Sound of Many Funds Rebalancing"
Presenter: Vyacheslav Fos, Assistant Professor of Finance, Boston College, Carroll School of Management
"The Impact on Financial Markets of ETF Failures-to-Deliver"
Presenter: Michael Pagano, Professor, Finance and The Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Villanova School of Business, Villanova University
Discussant: Austin Gerig, Financial Economist, Division of Economic and Risk Analysis, U.S. Securities and Exchange Commission