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Agenda: Roundtable on Market Data and Market Access

Oct. 15, 2018

Day One – Assessing Current Market Data Products, Market Access Services, and Their Associated Fees

10:30 Opening Statements
10:45 a.m.

Panel One – Overview of Current Landscape for Market Data Products and Market Access Services

Panel One will discuss the evolution in recent years of market data products and market access services, both those provided by the central securities information processors (SIPs) and those provided directly by national securities exchanges (Exchanges).  Has the evolution of SIP and Exchange products and services affected the ability of market participants to obtain the data and access needed to trade effectively in today’s market structure?

  • Doug Cifu, Virtu Financial
  • Chris Concannon, Cboe
  • Stacey Cunningham, NYSE
  • Brad Katsuyama, IEX
  • Mehmet Kinak, T.Rowe Price
  • Hal Scott, Committee on Capital Markets Regulation
  • Tom Wittman, Nasdaq
12:15 p.m. Lunch
1:15 p.m.

Panel Two – SIP Core Data Products and Exchange Top-Of-Book Data Products

Panel Two will focus on the extent to which SIP data products meet the needs of all or most market participants in today’s market structure.  What are the differences, such as latencies and data content, between the SIP data products and Exchange proprietary products?  What works well and does anything need to be improved with respect to SIP data products?

  • Oliver Albers, Nasdaq
  • Matt Billings, TD Ameritrade
  • Michael Blaugrund, NYSE
  • Jeff Brown, Charles Schwab
  • Simon Emrich, Norges Bank Investment Management
  • Adam Inzirillo, Bank of America Merrill Lynch
  • Mark Skalabrin, Redline Trading Solutions
2:45 p.m. Break
3:00 p.m.

Panel Three – Exchange Depth-Of-Book Data Products and Market Access Services

Panel Three will focus on those Exchange proprietary data products and access services that offer the most content and the lowest latencies.

  • James Brooks, ICE
  • Michael Friedman, Trillium Management
  • Chris Isaacson, Cboe
  • Vlad Khandros, UBS
  • Jamil Nazarali, Citadel Securities
  • Ronan Ryan, IEX
  • Joseph Wald, Clearpool Group
4:30 p.m. End of Day One

Day Two – Assessing Potential Steps to Improve Market Data Products and Market Access Services

9:00 a.m.

Panel Four – Elements of the Core Data Infrastructure

Panel Four will focus on potential steps to modernize the infrastructure for providing the market data products (Core Data) and market access services (Core Access) that market participants need to trade effectively in today’s market structure (collectively, the Core Data Infrastructure).  Should Exchanges disseminate Core Data directly from their respective data centers as a means to minimize geographic latencies?  If data vendors and market participants could obtain direct access to Core Data, would the current SIP model with a central plan processor be improved if there were multiple data aggregators?

  • Robert Bartlett, UC Berkeley  
  • Michael Blaugrund, NYSE
  • Isaac Chang, AQR Capital Management
  • Adam Nunes, Hudson River Trading
  • Paul O’Donnell, Morgan Stanley
  • Dominick Paniscotti, Nasdaq
  • Jarrod Yuster, PICO Quantitative Trading
10:30 a.m. Break
10:45 a.m.

Panel Five – Governance of Core Data Infrastructure

Panel Five will focus on potential steps to improve the governance of the Core Data Infrastructure.  Issues for discussion may include confidentiality policies, use of executive sessions, conflicts of interest, and voting structure.

  • Kevin Cronin, Invesco
  • Hubert de Jesus, Blackrock 
  • Bryan Harkins, Cboe
  • Emily Kasparov, CHX  
  • Richard Ketchum, Former FINRA CEO
  • Michael Masone, Citigroup
  • John Ramsay, IEX
12:15 p.m. Lunch
1:15 p.m.

Panel Six – Funding of Core Data Infrastructure

Panel Six will focus on potential steps to assure that a modernized Core Data Infrastructure is appropriately funded and that the associated fees and revenues are fair, reasonable, and not unreasonably discriminatory. 

  • Greg Babyak, Bloomberg
  • Adrian Facini, IEX
  • Bradley Jonas, Quantlab Financial
  • Marcy Pike, Fidelity Investments
  • Brian Schell, Cboe
  • Larry Tabb, Tabb Group
  • John Yetter, Nasdaq
2:45 p.m. Break
3:00 p.m.

Panel Seven – Public Transparency

Panel Seven will conclude the Roundtable by focusing on the information available to the public about data products and access services, including their associated fees, revenues, costs, and respective latencies. 

  • Kevin Carrai, Cboe
  • Bill Conti, Goldman Sachs
  • Jeff Davis, Nasdaq
  • Tyler Gellasch, Healthy Markets
  • Melissa Hinmon, Glenmede Investment Management
  • Anthony Masso, Succession Systems
  • Rich Steiner, RBC Capital Markets
4:30 p.m. End of Program
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