High Frequency Trading

November 29, 2012

Douglas Cifu, President and Chief Operating Officer, Virtu Financial LLC

Virtu Financial LLC is a leading electronic trading firm and market maker, actively trading equities, fixed-income securities, currencies, and commodities on trading venues ranging from exchanges to electronic communication networks and other off-exchange trading platforms.

The final workshop of the fall 2012 semester focused on the increasingly prominent issue of high-frequency trading.  In connection with this Fellow Workshop, and the Program's long-term goal of maintaining part of this website as a central repository for capital markets-related work drafted by scholars, legal practitioners, market participants, regulators, and news reporters, the Program has put together a Current Topics section focused on high-frequency trading on our new website which will be going live in February.

Shadow Banking

October 25, 2012

Jeffrey N. Gordon, Richard Paul Richman Professor of Law, Co-Director, Richman Center for Business Law and Public Policy

Brian Reid, Chief Economist, the Investment Company Institute

Mr. Reid will serve as the lead commentator after Professor Gordon's presentation

Private Investments in Public Equity (PIPEs)

September 20, 2012

Susan Chaplinsky, Tipton R. Snavely Professor of Business Administration; Associate Dean for Faculty Scholarship, University of Virginia Darden School of Business

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Discussion of Cost-Benefit Analysis in SEC Rulemaking

(presented on April 12, 2012)

Albert S. "Pete" Kyle, Charles E. Smith Chair Professor of Finance, University of Maryland

Bruce R. Kraus, Partner, Kelley Drye and former Counsel to SEC Director of the Division of Risk, Strategy, and Financial Innovation

"Publicness" in Contemporary Securities Regulation
(and the Jobs Act of 2012)

(presented on March 29, 2012)

Donald Langevoort, Thomas Aquinas Reynolds Professor of Law, Georgetown Law

Current Issues in Trading and Market Regulation
(presented on January 26, 2012)

Robert Cook, Director of the Division of Trading and Markets at the SEC.

The Sovereign Debt Crisis in Europe & Its Effects on the Operation of European & Global Capital Markets (presented on October 20, 2011)

Professor Mitu Gulati, Duke Law School

Dodd-Frank:  Efforts at Implementation in Historical Perspective
(presented on May 19, 2011)

Joel Seligman, President of the University of Rochester and the nation's leading expert on the history of the SEC.

Liquidity, Price Discovery, and Algorithms:  Lessons Motivated by the Flash Crash (presented on April 7, 2011)

Ian Domowitz, Managing Director, Investment Technology Group

The Market Break of May 6, 2010 (presented on February 24, 2011)

Andrei Kirilenko, Chief Economist for the Commodity Futures Trading Association.

Design of Contingent Capital with Stock Price Trigger for Conversion (presented on January 27, 2011)

Zhenyu Wang, Vice President and head of the Financial Intermediation Function of the Federal Reserve Bank of New York.

Clearing (With Particular Application to Derivatives and CDOs)
(presented on December 9, 2010)

Craig Pirrong, Professor and Director of Energy Markets for Global Energy Management Institute at the University of Houston.  Professor Pirrong is a leading expert on derivatives pricing and discussed his work concerning clearing, with particular application to derivatives and CDOs.

Too Big to Fail (presented on October 7, 2010)

Edward Greene, Partner at Cleary, Gottlieb and is a former General Counsel and former head of Corporate Finance at the SEC will be the presenter.

Current Issues in Security Regulation (presented on May 13, 2010)

Managing the Guarantees Associated With U.S. Money Market Mutual Funds (presented on February 4, 2010)

Erik Sirri, Professor of Finance at Babson College, former Director of Market Regulation and former Chief Economist at the U.S. Securities and Exchange Commission was the presenter.

Financial Crisis and Particular Challenges It Poses for the Israeli Economy and Israeli Financial Regulators (presented on October 15, 2009)

 Zohar Goshen, Chairman of the Israeli Securities Authority and Professor of Law at Columbia Law School was the featured presenter.

Market Fragmentation, Including the Effect of Dark Pools (presented on September 24, 2009)
Maureen O’Hara, Robert W. Purcell Professor of Management and Professor of Finance at Cornell University’s Johnson School of Business was the featured presenter.

Manipulation (presented on April 1, 2009)
Pete Kyle, Smith Chair Professor of Finance at the University of Maryland was the featured presenter.

 Actions of European Securities Regulators in the Face of the Current Financial Crisis (presented on February 19, 2009)

Eddy Wymeersch, Chairman of the Committee of European Securities Regulators (CESAR) and
Chairman of the Supervisory Board of the Belgian Banking, Finance and Insurance Commission
was the featured presenter.

"Mark to Market" Accounting (presented on February 12, 2009)

Ronald Gilson, the Marc and Eva Stern Professor of Law and Business at Columbia Law School, and

Stephen Penman, the George O. May Professor of Accounting at the Columbia Business School
were the featured presenters.

Bond Issuers, Credit Rating Agencies, and Credit Ratings (presented on November 11, 2008)

Chester Spatt, Mellon Bank Professor of Finance and Director of the Center for Financial Markets at
Carnegie Mellon, and former Chief Economist of the SEC was the featured presenter.

 Short Selling and Regulations (presented on September 18, 2008)

Charles M. Jones, Robert W Lear Professor of Finance and Economics in the Faculty of Business
were the featured presenters.

Larry Harris, Fred V. Keenan Chair in Finance and Professor of Finance and Business Economics at the University of Southern California Marshall School of Business was the featured presenter.