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Agenda and Panelists for Roundtable on Decimalization9:30 a.m. — Introduction 9:45 a.m. — Panel 1: Evaluating Concerns Relating to Tick Size for Small and Middle Capitalization Companies Brian B. Conroy, President, Fidelity Capital MarketsR. Cromwell Coulson, President, Chief Executive Officer and Director, OTC Markets GroupOTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks - OTCQX® - Our Qualified Marketplace With The Highest Financial Standards & Third-party Sponsorship; OTCQB® - Our Venture Stage Marketplace With Current U.S. Reporting; and OTC Pink® - Our Open Marketplace With Variable Reporting. Our data-driven platform empowers intelligent investors to easily analyze, value and trade through the broker of their choice at the best possible price and enables a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com. OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC registered Alternative Trading System. In 1997, Cromwell led a group of investors in acquiring OTC Markets Group’s predecessor business, the National Quotation Bureau (NQB). Cromwell led the transformation of what was an opaque and inefficient market into a technology-driven operator of financial marketplaces. Prior to the acquisition of NQB, Cromwell was an institutional trader and portfolio manager specializing in distressed and value-oriented investments at Carr Securities Corporation. Cromwell received a BBA from Southern Methodist University in Dallas, TX and graduated from the Owner/President Management Program at Harvard Business School. Joshua L. Green, General Partner, Mohr Davidow VenturesJosh Green joined Mohr Davidow’s team in 2006 and has been instrumental in developing a cross-discipline practice that includes a wide range of startups including those focused on LED lighting, biochemicals and Lithium production. Today, he is focused primarily on the nexus of cleantech and information technology. Josh also works with several healthcare companies in the Mohr Davidow portfolio. “Working on clean technology takes me back to the early 1980s in Silicon Valley when a single individual with a great idea can have maximum impact,” Josh says. “The entrepreneurs in this business are in it to change the world. The companies they are building have the potential to bring sustainable change and efficiency to classic industrial processes. Today, the most interesting companies are being formed at the intersection of information technology and these processes.” In a 25-year career in law, Josh built two law firms to 150 lawyers each and acted as an advisor to some of Silicon Valley’s legendary startups in the computer, Internet, telecommunications, biotech and medical device industries. Josh gained a breadth of knowledge that makes him uniquely qualified for an investment area that spans multiple industries. He is the Chairman-elect of the National Venture Capital Association. “I’ve been at the side of incredibly talented entrepreneurs during some of the most important times in their careers,” Josh says. He helped more than 150 companies complete successful IPOs, partnering closely with companies such as Yahoo! during their formative stages. Josh believes Mohr Davidow offers a unique combination of seasoned venture capitalists and the financial clout needed for early-stage startups. “We offer entrepreneurs the kind of advice that comes only with deep experience building the kinds of companies they have envisioned,” he says. FACTS & STATS
Scott Kupor, Managing Partner and Chief Operating Officer, Andreessen HorowitzScott Kupor is the managing partner and chief operating officer at Andreessen Horowitz, where he is responsible for all aspects of running the firm. He has been with the firm since its inception in 2009 and has overseen the rapid growth in at Andreessen Horowitz, from 3 employees to 65 and from $300 million in assets under management to $2.7 billion. Scott previously worked as vice president and general manager, Global Customer Support & Software-as-a-Service at Hewlett Packard. Scott joined HP in 2007 as part of the $1.6 billion acquisition of Opsware (previously Loudcloud), where he was senior vice president of Customer Solutions. In this role, Scott had global responsibility for the company’s professional services, technical pre-sales and customer support organizations. Scott joined Opsware shortly after the company’s founding and held numerous executive management positions including vice president, financial planning and vice president, corporate development. In these roles, he led the company’s private financing activities as well as its initial public offering in 2001. Scott also started the company’s Asia Pacific operations via strategic partnerships with NEC, NTT and Samsung and led the execution of the company’s acquisitions of Tangram, Rendition, Creekpath and iConclude. Prior to Opsware, Scott represented software companies in both financing and mergers and acquisitions transactions at Credit Suisse First Boston and Lehman Brothers. Scott graduated Phi Beta Kappa from Stanford University with a bachelor’s degree in public policy with honors and distinction. He also graduated Order of the Coif and with distinction from Stanford Law School and is a member of the California Bar Association. Andreessen Horowitz Firm SummaryAndreessen Horowitz is a $2.7 billion venture capital firm focused on investments in the enterprise infrastructure and consumer internet markets. Founded by tech luminaries Marc Andreessen (founder of Netscape, Loudcloud/Opsware & Ning; board member of Facebook, eBay & Hewlett Packard) and Ben Horowitz (founder & CEO of Loudcloud/Opsware), Andreessen Horowitz invests across all stages of a company’s lifecycle and has developed a completely unique & value-added operating model. Maureen O’Hara, Robert W. Purcell Professor of Finance, Johnson Graduate School of Management, Cornell UniversityMaureen O’Hara is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University. She holds degrees from the University of Illinois (B.S. Economics), and Northwestern University (M.S. Economics and Ph.D. Finance), and Honorary Doctorates from Facultés Universitaires Catholiques à Mons (FUCAM), Belgium and Universität Bern, Switzerland. Professor O'Hara's research focuses on issues in market microstructure, and she is the author of numerous journal articles as well as the book Market Microstructure Theory (Blackwell: 1995). Her most recent research looks at the role of toxicity in affecting liquidity in high frequency markets. Dr. O'Hara also publishes widely on a broad range of topics including banking and financial intermediaries, law and finance, and experimental economics. Professor O’Hara has served as President of the American Finance Association, the Western Finance Association, the Financial Management Association, the Society for Financial Studies and the International Atlantic Economic Society. She was formerly the Executive Editor of the Review of Financial Studies. Professor O’Hara is Chairman of the Board of Directors of Investment Technology Group, Inc. (ITG), a global agency brokerage firm, and she serves on the Board of Directors of NewStar Financial, a commercial finance company, where she is on the audit and governance committees. She also serves on the Board of Trustees of Teachers Insurance and Annuity Association (TIAA-CREF). She is a member of the CFTC-SEC Emerging Regulatory Issues Task Force (the “flash crash” committee), the Global Advisory Board of the Securities Exchange Board of India (SEBI), and the Advisory Board of the Office of Financial Research, U.S. Treasury. Jeffrey M. Solomon, Chief Executive Officer, Cowen and Company, Director, Cowen GroupJeffrey Solomon is Chief Executive Officer of Cowen and Company, a Cowen Group company, and a Director of Cowen Group. Mr. Solomon is responsible for overseeing all of Cowen and Company's businesses, including Investment Banking, Capital Markets, Sales & Trading and Research. Previously, Mr. Solomon served as Cowen Group's Chief Operating Officer and Head of Investment Banking at Cowen and Company. Mr. Solomon joined Ramius, Cowen Group's investment management division, when it was founded in 1994 and was responsible for the development, management and oversight of a number of the investment strategies employed by Ramius. From 1991 to 1994, Mr. Solomon was at Republic New York Securities Corporation, the brokerage affiliate of Republic National Bank, now part of the HSBC Group, where he was the firm's Chief Administrative Officer. Prior to Republic, Mr. Solomon was in the Mergers and Acquisitions Group at Shearson Lehman Brothers. Currently, Mr. Solomon is a member of the Committee on Capital Markets Regulation. He is also on the Board of Directors of NuGo Nutrition, the manufacturer of NuGo Nutrition Bars. Mr. Solomon graduated from the University of Pennsylvania in 1988 with a B.A. in Economics. About Cowen and Company:Cowen and Company, part of Cowen Group, Inc. (NASDAQ: COWN), offers comprehensive investment banking services, including equity and convertible debt financings, private placements of equity and debt, restricted security sales, mergers and acquisitions advisory services including strategic alliances and joint ventures. In addition, Cowen and Company offers clients access to world-class research, as well as institutional sales and trading services. Drawing on a depth of research and industry knowledge, Cowen and Company specializes in key areas of growth in our economy. Industry sector expertise includes Health Care, Technology, Media & Telecommunications, Consumer, and Aerospace & Defense. In addition, Cowen and Company offers extensive and focused after market trading services as a leading market maker in its target sectors. While its principal product is knowledge, meeting the demands of clients is the firm’s first order of business through uncompromising service, time-honored ethics, and a dedication to helping clients capitalize on change. David Weild, Senior Advisor, Grant Thornton LLP, Chairman & CEO, Weild & CoDavid Weild is a Senior Advisor to Grant Thornton LLP’s Capital Markets Group, which provides strategies and insights into today’s global capital markets. ExperienceDavid is the Chairman & CEO of Weild & Co. (formerly Capital Markets Advisory Partners) and the former vice-chairman and executive vice-president of The NASDAQ Stock Market, with oversight of the more than 4,000 listed companies. Prior to NASDAQ, he spent 14 years at Prudential Securities in a number of senior management roles, including president of eCommerce, head of corporate finance, head of technology investment banking and head of equity capital markets in New York, London and Tokyo. He worked on more than 1,000 IPOs, follow-on offerings and convertible transactions and was an innovator of new issue systems and securities underwriting structures, including the use of Form S-3s to mitigate risk for small capitalization companies raising equity and convertible debt capital. He created the Market Intelligence Desk — or “MID” — while at NASDAQ to support issuers in their quest to better understand what was impacting trading in their stocks. EducationDavid holds an MBA from the Stern School of Business and a BA from Wesleyan University. He has studied on exchange at The Sorbonne, Ecole des Haute Etudes Commerciales and The Stockholm School of Economics. Industry participationDavid has participated in the NYSE’s and National Venture Capital Association’s Blue Ribbon Regional Task Force to explore ways to help restore a vibrant IPO market and keep innovation flourishing in the United States, and is Chairman of the International Stock Exchange Executives Emeriti (ISEEE) Small Business Financing Crisis Task Force. He served as Director of the National Investor Relations Institute’s New York chapter and Helium.com (sold to RR Donnelly) and currently serves as a Director of Hanley & Associates and as Chairman of the Board of Tuesday’s Children, the non-profit that serves 9/11 families, first responders and their families. David testified before the CFTC-SEC Joint Panel on Emerging Regulatory Issues in the wake of the May 2010 “flash crash,” and before the SEC Advisory Committee on Small and Emerging Companies on June 8, 2012 and again on September 7, 2012. He has also testified in Congress and is often interviewed by the financial news media. PublicationsDavid and Edward Kim have co-authored a number of Grant Thornton studies, including Why are IPOs in the ICU? in 2008. Released in the fall of 2009, Market structure is causing the IPO crisis (updated by Market structure is causing the IPO crisis — and more in 2010) and A wake-up call for America have been entered into the Congressional Record and the Federal Register. They also authored the chapter, Killing the Stock Market That Laid the Golden Eggs in the recent book on high frequency and predatory practices entitled, Broken Markets, by Sal Arnuk & Joseph Saluzzi, published in May 2012 by FT Press (Financial Times). Their most recent study on the impact of Decimalization, The trouble with small tick sizes, was released in the fall of 2013. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity. Kent Womack, Professor of Finance, Rotman School of Management, University of TorontoProfessor Kent Womack is a Professor of Finance and Integrative Thinking at the Rotman School of Management. He was previously a Professor of Finance at the Tuck School of Business at Dartmouth College from 1994 to 2010. Kent was also a vice president in the Equities Division at Goldman, Sachs & Co. from 1982 to 1989, working directly with portfolio managers and security analysts, the main subjects of his academic research. Earlier, he worked as a CPA at Price Waterhouse. His research interests focus on the value of security analysis, security analysts' conflicts of interest, and underwriting of IPOs. At the Rotman School of Management, he teaches MBA first-year courses in "Finance I: Capital Markets & Valuation" and "Foundations of Integrative Thinking". He has also taught "Behavioral Finance", and for 9 years, the popular elective "Managerial Decision Making" at the Tuck School. His prior educational degrees include a B. A. in Economics and Mathematics from Yale University (1978) and an M.B.A. from the Graduate School of Business at Stanford University (1982) and a PhD from Cornell University (1995). 11:15 a.m. — Break 11:30 a.m. — Panel 2: Evaluating Concerns Relating to Tick Size for the Securities Market Generally Chris Concannon, Partner, Virtu Financial LLCChris Concannon is currently a Partner in Virtu Financial LLC, where he serves as an Executive Vice President. Prior to joining Virtu in 2009, Mr. Concannon spent six years as Executive Vice President of the Nasdaq OMX Group. Prior to his career at Nasdaq OMX, Mr. Concannon was President of Instinet Clearing Services, Vice President and Associate General Counsel of Island ECN, Inc. Mr. Concannon was also a practicing attorney at Morgan, Lewis and Bochus LLP from 1997 to 1999 and the US Securities and Exchange Commission from 1994 to 1997. Mr. Concannon serves as a director on the DTCC Board and the BATS Exchange Board. Kevin Cronin, Global Head of Equity Trading, InvescoKevin Cronin is the Global Head of Equity Trading and is responsible for trading desks in Asia Pacific, Europe and the Americas. Kevin joined Invesco in 1997 as the Head of Listed Equity Trading for Invesco Aim and later became Director of Equity Trading. In January 2007 Invesco named Kevin the Global Head of Equity Trading. Before joining Invesco, Kevin was Director of Equity Trading for First Union Capital Management in Charlotte and served as the lead fund manager of the Evergreen Enhanced Equity Fund. Kevin holds the Chartered Financial Analyst certification. He is former Chairman of the ICI’s Equity Markets Committee, a member of the NASDAQ Quality of Markets Committee and serves as a member of the Georgia Securities Association, the Atlanta Society of Financial Analysts and is the former Chairman of the NYSE Institutional Traders Advisory Committee. Kevin received a Bachelor of Arts in Psychology and Economics from Indiana University and a Master of Business Administration from Vanderbilt University. Frank M. Hatheway, Chief Economist, NASDAQ OMX Group Inc.Dr. Frank M. Hatheway is Chief Economist of the NASDAQ OMX Group Inc., and leads the Economics & Statistical Research Department. His team is responsible for a variety of projects and initiatives in the U.S. and Europe to improve market structure, encourage capital formation, and enhance trading efficiency. A regular participant in industry events for both issuers and traders, he has appeared before the Securities and Exchange Commission and the U.S. Congress to discuss a variety of issues around the equities and derivatives markets. His recent projects include identifying the causes of the May 6, 2010 market break, evaluating enhancements for the markets, and exploring the implications of the current round of proposed exchange mergers. Dr. Hatheway's background prior to joining NASDAQ OMX combines academics and regulation with industry experience. Frank was a finance professor at Penn State University and a researcher in market microstructure. He has authored academic articles in the Journal of Finance, Journal of Financial Intermediation and other leading finance journals. He has served as an Economic Fellow and Senior Research Scholar with the U.S. Securities and Exchange Commission, worked as a derivatives trader, and earned his Ph.D. in Economics from Princeton University. Patrick J. Healy, CEO, Issuer Advisory Group, LLC
Chris Isaacson, Chief Operating Officer, BATS Global MarketsChris Isaacson is a founding employee and was promoted to chief operating officer at BATS Global Markets in July 2007. He is also a senior vice president of the firm. Mr. Isaacson is responsible for ensuring BATS remains an innovative, world-class leader in market structure and technology and his leadership has helped BATS grow quickly. Mr. Isaacson was previously vice president in charge of operations, a position he had held since 2006. He previously managed the trade desk at BATS and, as a developer, was instrumental in the architecture and implementation of the BATS trading platform. He speaks frequently on panels at key industry events. In 2012 and 2013, Mr. Isaacson was recognized by Institutional Investor magazine on their "Trading Technology 30" list, ranking #12 and #17 respectively. Mr. Isaacson began his career as a software engineer at Cerner Corp., the publicly traded, Kansas City-based healthcare information systems supplier. He was a software developer at Tradebot Systems from 2003 to 2005. He holds a bachelor's degree in information systems with minors in math and finance from Nebraska Wesleyan University, Lincoln, Neb., and was a two-time Academic All-American while competing in the decathlon. He also earned a master's degree in business administration from the University of Nebraska, Lincoln, where he currently serves on the Advisory Board at the Raikes School of Computer Science and Management. Mr. Isaacson holds Series 4, 7, 24, 27, 55, 63 and 65 licenses. Paul Jiganti, Managing Director, TD AmeritradePaul Jiganti joined TD Ameritrade in July of 2012 as Managing Director, market structure, capital markets and retail client advocacy. Jiganti is responsible for determining the most effective way to manage client order routing to maximize the client trading and investing experience. He is responsible for maintaining relationships with the exchanges and for leading TD Ameritrade’s strategy on market structure and exchange issues for retail clients. Jiganti also works with regulators by actively championing regulations and processes that are in the best interest of TD Ameritrade clients and retail investors as a whole. Prior to joining the Company, Jiganti began his career as a clerk and later as a local market maker on the floor of the Chicago Board Options Exchange (CBOE) where he spent six years. He then joined Susquehanna and over the next 16 years traded in all Chicago Board Options Exchange products as well as the financials at the Chicago Board of Trade. He was named associate director and later led the Chicago office. During that period he served on 12 separate CBOE committees including the Board of Director’s in 2007 and 2008, and chaired several others. After leaving Susquehanna he became a partner at Geneva Partners and created a dispersion model and trading system. In 2010 he entered into a one year consulting arrangement with NASDAQ introducing a new suite of products to the broker dealer community. Jiganti is a member of the Board of Directors of NYSE Amex Options LLC and earned a bachelor’s degree in economics from the University of San Diego. Maureen O’Hara, Robert W. Purcell Professor of Finance, Johnson Graduate School of Management, Cornell UniversityMaureen O’Hara is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University. She holds degrees from the University of Illinois (B.S. Economics), and Northwestern University (M.S. Economics and Ph.D. Finance), and Honorary Doctorates from Facultés Universitaires Catholiques à Mons (FUCAM), Belgium and Universität Bern, Switzerland. Professor O'Hara's research focuses on issues in market microstructure, and she is the author of numerous journal articles as well as the book Market Microstructure Theory (Blackwell: 1995). Her most recent research looks at the role of toxicity in affecting liquidity in high frequency markets. Dr. O'Hara also publishes widely on a broad range of topics including banking and financial intermediaries, law and finance, and experimental economics. Professor O’Hara has served as President of the American Finance Association, the Western Finance Association, the Financial Management Association, the Society for Financial Studies and the International Atlantic Economic Society. She was formerly the Executive Editor of the Review of Financial Studies. Professor O’Hara is Chairman of the Board of Directors of Investment Technology Group, Inc. (ITG), a global agency brokerage firm, and she serves on the Board of Directors of NewStar Financial, a commercial finance company, where she is on the audit and governance committees. She also serves on the Board of Trustees of Teachers Insurance and Annuity Association (TIAA-CREF). She is a member of the CFTC-SEC Emerging Regulatory Issues Task Force (the “flash crash” committee), the Global Advisory Board of the Securities Exchange Board of India (SEBI), and the Advisory Board of the Office of Financial Research, U.S. Treasury. Adam V. Reed, Julian Price Scholar in Finance and Associate Professor of Finance, Kenan-Flagler Business School, University of North CarolinaAdam Reed is Associate Professor of Finance and Julian Price Scholar at The University of North Carolina’s Kenan-Flagler Business School. He researches short selling, equity lending, capital markets and mutual funds. The Journal of Finance, The Journal of Financial Economics and the Review of Financial Studies have published his research, which also has been featured in several books. The Wall Street Journal, Bloomberg and The New York Times have cited his research. He is a research consultant for the Securities and Exchange Commission, and worked as a research assistant for the Board of Governors of the Federal Reserve System. Dr. Reed works with the Risk Management Association (RMA) to promote academic research and interaction between academics, practitioners and policy makers in the area of short selling. He is the conference organizer and co-chair of the annual UNC/RMA Academic Forum on Securities Lending, which brings together academics and industry professionals to discuss early stage research in securities lending and securities lending. He is an award-winning teacher and researcher. Poets & Quants and Fortune named him one of "The World’s Best 40 B-School Profs Under the Age of 40.” Q-Group and BNP Paribas have awarded research grants to him. He has spoken at conferences hosted by organizations across the United States and around the world, including for Goldman Sachs Asset Management, National Bureau of Economic Research, Securities and Exchange Commission, Board of Governors of the Federal Reserve, New York Federal Reserve, Mellon Bank, Pension Investment Association of Canada, Financial Management Association, European Finance Association and the American Finance Association. He is a member of the board of academic directors for Quadriserv Inc., and serves on the board of directors for Polyglot and the North Carolina State Employees Credit Union Local Advisory Board. He received his PhD and master’s degree in finance from the Wharton School of the University of Pennsylvania and his BA in applied mathematics and economics with honors from the University of California at Berkeley. 1:00 p.m. — Break 2:30 p.m. — Panel 3: Studying the Effects of Alternative Tick Sizes Colin Clark, Senior Vice President, NYSE EuronextMr. Clark is Senior Vice President of the Strategic Analysis & Market Data group in the U.S. Products division at NYSE Euronext. He joined the company in March 2005. Mr. Clark leads the team responsible for formulating market strategy, establishing pricing and monitoring market structure developments, regulatory changes, competitor trends, client order flow behavior and market quality performance in U.S. equities, ETFs, derivatives, market data and listings. His team also provides global data support in European equities and derivatives. In July 2010, Mr. Clark began managing the Consolidated Tape Administration (CTA) market data business. Mr. Clark is also a member of the Board of Directors of NYSE Amex Options and ATS Brasil. Prior to joining the Exchange, Mr. Clark was an equity research analyst covering brokerage firms and exchanges for five years at Merrill Lynch and Citigroup/Salomon Smith Barney. From 1993 to 1998, Mr. Clark worked at Fidelity Investments in the brokerage area and as a mutual fund analyst in Fidelity Management & Research. Mr. Clark has a BA in Economics at Bard College and an MBA from the Stern School of Business at New York University. Mr. Clark is a registered Chartered Financial Analyst (CFA). Frank M. Hatheway, Chief Economist, NASDAQ OMX Group Inc.Dr. Frank M. Hatheway is Chief Economist of the NASDAQ OMX Group Inc., and leads the Economics & Statistical Research Department. His team is responsible for a variety of projects and initiatives in the U.S. and Europe to improve market structure, encourage capital formation, and enhance trading efficiency. A regular participant in industry events for both issuers and traders, he has appeared before the Securities and Exchange Commission and the U.S. Congress to discuss a variety of issues around the equities and derivatives markets. His recent projects include identifying the causes of the May 6, 2010 market break, evaluating enhancements for the markets, and exploring the implications of the current round of proposed exchange mergers. Dr. Hatheway's background prior to joining NASDAQ OMX combines academics and regulation with industry experience. Frank was a finance professor at Penn State University and a researcher in market microstructure. He has authored academic articles in the Journal of Finance, Journal of Financial Intermediation and other leading finance journals. He has served as an Economic Fellow and Senior Research Scholar with the U.S. Securities and Exchange Commission, worked as a derivatives trader, and earned his Ph.D. in Economics from Princeton University. Paul Jiganti, Managing Director, TD AmeritradePaul Jiganti joined TD Ameritrade in July of 2012 as Managing Director, market structure, capital markets and retail client advocacy. Jiganti is responsible for determining the most effective way to manage client order routing to maximize the client trading and investing experience. He is responsible for maintaining relationships with the exchanges and for leading TD Ameritrade’s strategy on market structure and exchange issues for retail clients. Jiganti also works with regulators by actively championing regulations and processes that are in the best interest of TD Ameritrade clients and retail investors as a whole. Prior to joining the Company, Jiganti began his career as a clerk and later as a local market maker on the floor of the Chicago Board Options Exchange (CBOE) where he spent six years. He then joined Susquehanna and over the next 16 years traded in all Chicago Board Options Exchange products as well as the financials at the Chicago Board of Trade. He was named associate director and later led the Chicago office. During that period he served on 12 separate CBOE committees including the Board of Director’s in 2007 and 2008, and chaired several others. After leaving Susquehanna he became a partner at Geneva Partners and created a dispersion model and trading system. In 2010 he entered into a one year consulting arrangement with NASDAQ introducing a new suite of products to the broker dealer community. Jiganti is a member of the Board of Directors of NYSE Amex Options LLC and earned a bachelor’s degree in economics from the University of San Diego. Maureen McCarthy, Managing Director, Director of Sales and Trading, JMP SecuritiesMaureen McCarthy is a Managing Director and is Director of Sales & Trading. Prior to joining JMP in 2004, Maureen was at Robertson Stephens, most recently as a Managing Director and head of trading and sales trading. From 1990 to 1996, Maureen was a Principal and NASDAQ trader at Montgomery Securities. She began her trading career at Kidder Peabody in 1987. Maureen holds a BA in economics from Vassar College. Maureen O’Hara, Robert W. Purcell Professor of Finance, Johnson Graduate School of Management, Cornell UniversityMaureen O’Hara is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University. She holds degrees from the University of Illinois (B.S. Economics), and Northwestern University (M.S. Economics and Ph.D. Finance), and Honorary Doctorates from Facultés Universitaires Catholiques à Mons (FUCAM), Belgium and Universität Bern, Switzerland. Professor O'Hara's research focuses on issues in market microstructure, and she is the author of numerous journal articles as well as the book Market Microstructure Theory (Blackwell: 1995). Her most recent research looks at the role of toxicity in affecting liquidity in high frequency markets. Dr. O'Hara also publishes widely on a broad range of topics including banking and financial intermediaries, law and finance, and experimental economics. Professor O’Hara has served as President of the American Finance Association, the Western Finance Association, the Financial Management Association, the Society for Financial Studies and the International Atlantic Economic Society. She was formerly the Executive Editor of the Review of Financial Studies. Professor O’Hara is Chairman of the Board of Directors of Investment Technology Group, Inc. (ITG), a global agency brokerage firm, and she serves on the Board of Directors of NewStar Financial, a commercial finance company, where she is on the audit and governance committees. She also serves on the Board of Trustees of Teachers Insurance and Annuity Association (TIAA-CREF). She is a member of the CFTC-SEC Emerging Regulatory Issues Task Force (the “flash crash” committee), the Global Advisory Board of the Securities Exchange Board of India (SEBI), and the Advisory Board of the Office of Financial Research, U.S. Treasury. Adam V. Reed, Julian Price Scholar in Finance and Associate Professor of Finance, Kenan-Flagler Business School, University of North CarolinaAdam Reed is Associate Professor of Finance and Julian Price Scholar at The University of North Carolina’s Kenan-Flagler Business School. He researches short selling, equity lending, capital markets and mutual funds. The Journal of Finance, The Journal of Financial Economics and the Review of Financial Studies have published his research, which also has been featured in several books. The Wall Street Journal, Bloomberg and The New York Times have cited his research. He is a research consultant for the Securities and Exchange Commission, and worked as a research assistant for the Board of Governors of the Federal Reserve System. Dr. Reed works with the Risk Management Association (RMA) to promote academic research and interaction between academics, practitioners and policy makers in the area of short selling. He is the conference organizer and co-chair of the annual UNC/RMA Academic Forum on Securities Lending, which brings together academics and industry professionals to discuss early stage research in securities lending and securities lending. He is an award-winning teacher and researcher. Poets & Quants and Fortune named him one of "The World’s Best 40 B-School Profs Under the Age of 40.” Q-Group and BNP Paribas have awarded research grants to him. He has spoken at conferences hosted by organizations across the United States and around the world, including for Goldman Sachs Asset Management, National Bureau of Economic Research, Securities and Exchange Commission, Board of Governors of the Federal Reserve, New York Federal Reserve, Mellon Bank, Pension Investment Association of Canada, Financial Management Association, European Finance Association and the American Finance Association. He is a member of the board of academic directors for Quadriserv Inc., and serves on the board of directors for Polyglot and the North Carolina State Employees Credit Union Local Advisory Board. He received his PhD and master’s degree in finance from the Wharton School of the University of Pennsylvania and his BA in applied mathematics and economics with honors from the University of California at Berkeley. Stephen Sachs, Head of Capital Markets, ProShare Advisors LLCStephen Sachs is Head of Capital Markets for ProShare Advisors LLC, a premier provider of alternative ETF's. He has more than 20 years experience in institutional trading across equities, fixed income and derivatives. His experience includes positions as Director of Trading for Diamond Hill Capital Management and Rydex Investments, as well as senior trading roles with Eagle Asset Management and Bank One Investment Advisors. Stephen has spoken extensively at industry conferences and to the media on the topics of market structure, ETF's and trading regulation. He holds a B.S. in Finance from Franklin University in Columbus, Ohio and studied Economics and International Relations at The Ohio State University. Kent Womack, Professor of Finance, Rotman School of Management, University of TorontoProfessor Kent Womack is a Professor of Finance and Integrative Thinking at the Rotman School of Management. He was previously a Professor of Finance at the Tuck School of Business at Dartmouth College from 1994 to 2010. Kent was also a vice president in the Equities Division at Goldman, Sachs & Co. from 1982 to 1989, working directly with portfolio managers and security analysts, the main subjects of his academic research. Earlier, he worked as a CPA at Price Waterhouse. His research interests focus on the value of security analysis, security analysts' conflicts of interest, and underwriting of IPOs. At the Rotman School of Management, he teaches MBA first-year courses in "Finance I: Capital Markets & Valuation" and "Foundations of Integrative Thinking". He has also taught "Behavioral Finance", and for 9 years, the popular elective "Managerial Decision Making" at the Tuck School. His prior educational degrees include a B. A. in Economics and Mathematics from Yale University (1978) and an M.B.A. from the Graduate School of Business at Stanford University (1982) and a PhD from Cornell University (1995). 4:00 p.m. — Roundtable Concludes
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