Equity Market Structure Roundtables
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
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,
— Division of Trading and Markets Director