U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

SEC Announces Agenda and Panelists For Roundtable on Short Selling


Washington, D.C., May 1, 2009 — The Securities and Exchange Commission today announced the agenda and panelists for its May 5 roundtable to discuss short sale price tests and short sale circuit breakers.

The roundtable will be held at the SEC's headquarters at 100 F Street NE in Washington, D.C., and will begin at 10 a.m. with opening remarks from SEC Chairman Mary L. Schapiro.

"The Commission will hear from leading experts, all of whom possess a strong understanding of short selling and its impact on financial markets," said Chairman Schapiro. "Their insight will be helpful as the Commission evaluates the costs and benefits of short sale price test restrictions and short sale circuit breakers."

Panel topics will include discussions on investor confidence and the necessity and effectiveness of short sale price tests and short sale circuit breakers; the operational and compliance issues raised by the SEC's recently proposed regulatory approaches in the area of short selling; and what empirical data says about short sale price tests and short sale circuit breakers.

Roundtable participants will include representatives of public issuers, investors, financial services firms, self-regulatory organizations and the academic community.

Agenda and Panelists

10:00 a.m. — Opening Remarks from SEC Chairman Mary L. Schapiro

10:10 a.m. — Panel One: Market Changes and Investor Confidence; Are short sale price tests or short sale circuit breakers necessary or effective?

  • Kevin Cronin, Invesco
  • Brian Conroy, Fidelity Investments
  • Richard Ketchum, FINRA
  • John Kozak, Park National Bank Corporation
  • Dan Mathisson, Credit Suisse
  • Michael McAlevey, General Electric Corporation
  • Justin Schack, Rosenblatt Securities

11:20 a.m.-11:30 a.m. — Break

11:30 a.m. — Panel Two: Bid versus Tick versus Circuit Breakers; Discussion of short sale price tests and short sale circuit breakers.

  • Jeff Brown, Charles Schwab Corporation
  • Larry Leibowitz, The New York Stock Exchange
  • John Nagel, The Citadel Group
  • Bill O'Brien, Direct Edge
  • Jerry O'Connell, Susquehanna International Group
  • Brett Redfearn, JP Morgan Chase

12:45 p.m. — Lunch Break

1:45 p.m. — Panel Three: Lessons and Insights from Empirical Data; Short sale price tests and short sale circuit breakers by the numbers.

  • Professor James Angel, Georgetown University
  • Dr. Frank Hatheway, Nasdaq OMX Group
  • Professor Charles Jones, Columbia University
  • Dr. Robert Shapiro, Sonecon, LLC
  • Professor Ingrid Werner, The Ohio State University

3:00 p.m. — Closing Remarks

The roundtable will be open to the public with seating on a first-come, first-served basis. The roundtable also will be webcast on the SEC's Web site.

For additional information about the roundtable, contact the SEC's Division of Trading and Markets at (202) 551-5720.

# # #



Modified: 05/01/2009