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SEC Conference: The State of Our Securities Markets

Nov. 20, 2019

Dec. 4, 2019

8:30-9:30 a.m.       Doors Open / Coffee Available

9:30-9:45 a.m.       Welcome Remarks

S.P. Kothari, Director, Division of Economic and Risk Analysis, Securities and Exchange Commission

9:45-10:45 a.m.     Fireside Chat: Current Global Macroeconomic Trends Affecting Our                                           Capital Markets

Discussion concerning global macroeconomic trends and their impacts on our capital markets. Participants will explore effects on markets arising from US and global monetary policy, fiscal policy (taxes), trade policy, regulation, Brexit, and other economic and geopolitical issues.


  • Dalia Blass, Director, Division of Investment Management, Securities and Exchange Commission


  • Jay Clayton, Chairman, Securities and Exchange Commission
  • Gary Cohn, Former Director of the U.S. National Economic Council
  • Glenn Hutchins, Co-founder, Silver Lake Partners

11 a.m.-12:15 p.m.  Panel: Changes in and Outlook for Debt and Equity Markets

Discussion concerning changes to the global equity and credit markets, including how today’s markets differ from those of the early 2000s. Panelists will explore the dynamics, trends, and risks shaping tomorrow’s markets, including corporate debt levels and high yield debt, CLOs, the impact of economic growth slowdown in the U.S. and Europe, dynamics in China and Asia, bank risk, and relevant regulation.


  • S.P. Kothari, Director, Division of Economic and Risk Analysis, Securities and Exchange Commission
  • Craig Phillips, Former Counselor to the Secretary of the U.S. Department of the Treasury
  • Jennifer Marietta-Westberg, Principal, Cornerstone Research
  • Gillian Tett, Chair of Editorial Board and Editor-at-large, Financial Times
  • Marko Kolanovic, Global Head of Macro Quantitative and Derivatives Research, J.P. Morgan

12:15-1:15 p.m. Lunch Break

1:15-2:30 p.m.   Panel: Market Concentration and Fragmentation – Causes, Effects, and                                    Related Issues

Discussion concerning market concentration and fragmentation within certain areas of the securities markets, including relevant causes and potential risks and effects. Panelists will explore questions such as: Which aspects of the securities markets are becoming more concentrated? Which aspects are becoming more fragmented? What are the relevant causes and attendant risks? What are the implications of common ownership concentration for product market competition?


  • Howard Shelanski, Partner, Davis Polk & Wardwell LLP; Professor of Law, Georgetown University; former Administrator of the White House Office of Information and Regulatory Affairs; former Director, Bureau of Economics, Federal Trade Commission
  • Nate Goldstein, Assistant Chief, Economic Analysis Group, Antitrust Division, U.S. Department of Justice
  • Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund
  • Justin Schack, Managing Director and Partner, Rosenblatt Securities
  • Tara Muller, Managing Director, Electronic Trading, Virtu Financial
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