Hans Heidle

• Assistant Director
  Office of Markets #2
  Division of Economic and Risk Analysis
  U.S. Securities and Exchange Commission
  2020-present
• Supervisory Financial Economist / Branch Chief, Market Data and Research 
  Office of Markets
  Division of Economic and Risk Analysis
  U.S. Securities and Exchange Commission
  2016-2020
• Financial Economist
  Office of Markets
  Division of Economic and Risk Analysis
  U.S. Securities and Exchange Commission
  2012-2016 
• Director, Execution Management Consulting
  Alpha Science Research Team
  Pipeline Financial Group, Inc.
  2011-2011
• Vice President of Research
  Financial Engineering Group
  ITG (Investment Technology Group), Inc.
  2008-2011
• Assistant Vice President of Research
  Financial Engineering Group
  ITG (Investment Technology Group), Inc.
  2006-2008
• Founder and President
  Swabia Consulting, L.L.C.
  2005-2006
• Assistant Professor of Finance
  Mendoza College of Business
  University of Notre Dame
  2001-2005
• Instructor of Finance
  Mendoza College of Business
  University of Notre Dame
  2000-2001
• Lecturer in Management (Finance)
  Owen Graduate School of Management
  Vanderbilt University
  1999-2000
• Research Assistant and Teaching Assistant
  Owen Graduate School of Management
  Vanderbilt University
  1995-2000
• Financial Analyst
  Bankers Trust
  1994
• MIS Specialist
  Siemens-Nixdorf-Informationssysteme AG
  1992

• Milan Borkovec and Hans G. Heidle, 2010, Building and Evaluating a Transaction Cost Model: A Primer, Journal of Trading 5, 57-77.
• ITG (Contributing Author), 2009, Below the Waterline: Uncover Hidden Transactions Costs Throughout the Investment Process, http://www.itg.com/belowthewaterline.
• Milan Borkovec and Hans G. Heidle, 2007, The Magic of Hindsight: Creating a Post-Trade Transaction Cost Estimate Based on Realized Market Conditions, Journal of Trading 2, 34-49.
• Hans G. Heidle, 2003, Discussion of 'Globalization and the Value of US Listing: Revisiting Canadian Evidence' by Mittoo, Journal of Banking and Finance 27, 1663-1665.
• Hans G. Heidle and Roger D. Huang, 2002, Information-Based Trading in Dealer and Auction Markets: An Analysis of Exchange Listings, Journal of Financial and Quantitative Analysis 37, 391-424.
• Hans G. Heidle, 1999, Market Microstructure and Asset Pricing: A Survey, ETLA Discussion Papers No. 691, Helsinki, Finland: ETLA - The Research Institute of the Finnish Economy.

• Hans G. Heidle and Xi Li, Information Leakage and Opportunistic Behavior Before Analyst Recommendations: An Analysis of the Quoting Behavior of Nasdaq Market Makers.
• Hans G. Heidle, Inferring Information from Trading.
• Hans G. Heidle, Testing a Conditional CAPM with Changing Expected Returns: Evidence from the German Stock Market.

CONFERENCE ACTIVITIES

• Discussant, 2015 Annual Conference on Current Topics in Financial Regulation, University of Notre Dame
• Presentation, 2013 Financial Market Research Center Conference on "Global Finance," Vanderbilt University
• Paper presentation (by co-author), 2006 Financial Market Research Center Conference on "Conflicts of Interest in Financial Markets," Vanderbilt University
• Paper presentation (by co-author), 2005 Symposium on Finance, Banking, and Insurance at the University of Karlsruhe (Germany)
• Paper presentation (by co-author), 2004 FMA European Conference
• Paper presentation, 2004 AFA Conference
• Paper presentation, 2003 NBER Summer Institute (Market Microstructure)
• Discussant, 2003 Annual Conference on Financial Economics and Accounting
• Paper presentation, 2002 Symposium on Finance, Banking, and Insurance at the University of Karlsruhe (Germany)
• Discussant, 2002 Conference on the Future of Stock Exchanges
• Discussant, 2002 AFA Conference
• FMA Awards Committee Member (Competitive Paper Award in the Area of Market Microstructure), 2002
• Discussant, 2000 Nasdaq-Notre Dame Microstructure Conference
• Discussant, 2000 WFA Conference
• FMA Awards Committee Member (Competitive Paper Award in the Area of Market Microstructure), 2000
• Paper presentation, 2000 AFA Conference
• Paper presentation, 1999 Symposium on Finance, Banking, and Insurance at the University of Karlsruhe (Germany)
• Paper presentation, 1999 Southern Finance Association Conference
• Paper presentation and discussant, 1999 European Finance Association Annual Meeting
• Paper presentation, 1998 FMA Conference