Equity Market Stuctures Roundtable

April 23, 2018: Roundtable on Market Structure for Thinly-Traded Securities

Press Release: SEC Staff to Host Roundtable on Market Structure for Thinly-Traded Securities

Sunshine Act Notice

Meeting Materials

Agenda: Roundtable on Market Structure for Thinly-Traded Securities (Panelists as scheduled to appear)

  • [+]9:30 a.m. ET | Opening Remarks

    Opening Remarks by Brett Redfearn, Director, Division of Trading and Markets

  • [+]9:35 a.m. ET | Commission Staff Presentation

    Presentation by Alex Jadin, Special Counsel and Policy Advisor, Division of Trading and Markets, on "Empirical Analysis of Liquidity Demographics and Market Quality for Thinly-Traded NMS Stocks."

  • [+]9:45 a.m. ET | Panel One – Challenges in Market Structure Performance of Thinly-Traded Exchange-Listed Equity Securities


    • Steve Cavoli, Senior Vice President, Virtu Financial
    • Adam Epstein, Founder, Third Creek Advisors LLC
    • Brian Fagen, Head of Execution Strategy, Deutsche Bank
    • Bryan Harkins, Executive Vice President and Head of U.S. Markets, CboeBZX
    • Frank Hatheway, Chief Economist, Nasdaq OMX Group Inc.
    • Ovi Montemayor, Managing Director, Financial Markets Services, TD Ameritrade
    • Ari Rubenstein, CEO, GTS Securities LLC
    • Jason Vedder, Director of Global Trading and Operations, Driehaus Capital Management LLC
  • 11:30 a.m. ET | Break

  • [+]11:45 a.m. ET | Panel Two – Potential Improvements in Market Structure for Thinly-Traded Exchange-Listed Equity Securities


    • Tal Cohen, Senior Vice President, North American Equities, Nasdaq
    • Chris Concannon, President and Chief Operating Officer, CboeBZX
    • Stacey Cunningham, Chief Operating Officer, NYSE Group
    • Brian Frambes, Co-Head Global Cash Trading, Fidelity Management & Research Co.
    • Brad Katsuyama, CEO, IEX Group Inc.
    • Joe Mecane, Head of Execution Services, Citadel Securities
    • Robert A. Schwartz, Professor of Finance, Baruch College, The City University of New York
    • Owain Self, Global Head of Execution Services, Millennium Management LLC
  • 1:30 p.m. ET | Lunch Break

  • [+]2:15 p.m. ET | Panel Three – Market Structure Performance and Potential Improvements for Thinly-Traded Exchange-Traded Products (ETPs)


    • Josh Kulkin, Head of Trading, Jane Street Capital LLC
    • David LaValle, U.S. Head of SPDR ETF Capital Markets, State Street Global Advisors
    • Phil Mackintosh, Global Head of Economics and Research, Nasdaq
    • Laura Morrison, Senior Vice President and Global Head of ETPs, CboeBZX
    • Greg Sutton, Managing Director, Citigroup Global Markets Inc.
    • Charles Thomas, Head of U.S. ETF Capital Markets, Vanguard Group Inc.
    • Kumar Venkataraman, Professor of Finance, Southern Methodist University
    • Doug Yones, Head of Exchange Traded Products, NYSEArca
  • 3:30 p.m. ET | End of Program

We’ve established roundtable meetings to hear from a broad diversity of views on discrete equity market structure issues, which will better inform the SEC as it carries out its mission to ensure that markets are fair, orderly,
and efficient.

— Division of Trading and Markets Director
Brett Redfearn