Roundtable to Examine Short Sale Price Test and Circuit Breaker Restrictions
May 5, 2009
Mr. M. Kevin Cronin
M. Kevin Cronin became Director of Global Equity Trading in January 2007. Previously, Mr. Cronin served as Director of Equity Trading for Aim Investments from 2004 to 2007, Head of Domestic Equity Trading from 2000 to 2004 and Head of Listed Equity Trading from 1997 to 2000.
Prior to joining Invesco, Mr. Cronin was Director of Equity Trading for First Union Capital Management. He also served as the lead fund manager of the Evergreen Enhanced Equity Fund.
Mr. Cronin received a B.A. from Indiana University and an MBA from Vanderbilt University. He is a CFA charter holder. He is chairman of the ICI's Equity Markets Committee. He also serves as a member of the Georgia Securities Association, the Dallas Securities Traders Association, the Houston Society of Financial Analysts, and is the former Chairman of the NYSE Institutional Traders Advisory Committee.
Mr. Brian Conroy
Brian Conroy is senior vice president and head of Global Equity Trading for Fidelity Management & Research Company (FMRCo), the investment management organization of Fidelity Investments, Prior to joining Fidelity in October 2005, Mr. Conroy was chief operating officer for Sigma Capital in New York. Prior to Sigma, he served as director of Execution Trading at SAC Capital in Stamford, Connecticut.
From 2001 to 2002, Mr. Conroy was head of America's Equity Trading for ABN Amro and served as head of U.S. Listed Equity Trading for JP Morgan from 1999 to 2001. Mr. Conroy began his career in financial services in 1987 as a senior equity trader for Goldman Sachs. Previously, he was an assistant football coach for Princeton University. Mr. Conroy received Bachelor of Arts degree in Religion from Dartmouth College in 1986.
Mr. Richard Ketchum
Richard Ketchum is Chairman and CEO of FINRA. Mr. Ketchum is also chairman of the World Federation of Exchanges' regulatory committee. Prior to becoming CEO of FINRA, Mr. Ketchum was CEO of NYSE Regulation from 2006 to March 2009. He served as the first chief regulatory officer of the New York Stock Exchange, a position he began in 2004. From June 2003 to March 2004, Mr. Ketchum was General Counsel of the Corporate and Investment Bank of Citigroup Inc., and a member of the unit's planning group, Business Practices Committee and Risk Management Committee.
Previously, he spent 12 years at NASD and The Nasdaq Stock Market, Inc., where he served as president of both organizations. Prior to working at NASD and NASDAQ, Mr. Ketchum was at the Securities and Exchange Commission (SEC) for 14 years, with eight of those years as director of the division of Market Regulation. He serves on the Board of Directors of Appleseed, a non-profit network of 16 public interest justice centers in the United States and Mexico dedicated to advancing the rule of law, promoting effective government and creating opportunities for individuals' economic advancement.
Mr. Ketchum earned his J.D. from the New York University School of Law in 1975 and his B.A. from Tufts University in 1972. He is a member of the bar in both New York and the District of Columbia
Mr. John Kozak
John Kozak is Senior Vice President and Chief Financial Officer for Park National Bank and Park National Corporation of Newark, OH, as position he has held since 1998. John joined Park National Corporation in 1991 and prior to becoming CFO, was Vice President in Accounting. From 1980-1991, John was CFO for Century National Bank in Zanesville, OH. Prior to that, John was as Certified Public Accountant with Deloitte and Touche in Columbus, OH. John received a B.S. in Accounting from The Ohio State University in 1997, graduating summa cum laude and receiving the Pacesetter Award from the College of Business.
John has served on numerous corporate boards of directors, and is a present Director of Park National Bank. Between 2003 and 2005, John was a Director of the Federal Home Loan Bank of Cincinnati. John is active as a member of the American Bankers Association, the Ohio Bankers League and the Ohio Society of CPAs.
John and his wife Susan have been married since 1976 and have three daughters and a son. John is a member of several civic and community organizations including the Newark Kiwanis, Camp O'Bannon, the Newark/Licking County Chamber of Commerce, and the Newark Catholic High School among others.
Mr. Dan Mathisson
Mr. Mathisson is a Managing Director at Credit Suisse, where he is the Head of Advanced Execution Services (AES), the global market leader in electronic trading. AES provides algorithmic strategies, tools, and analytics for trading securities throughout the world. Mr. Mathisson founded the AES group shortly after joining Credit Suisse in 2000. Prior to that, he was the head equity trader at D.E. Shaw Securities, where he joined in 1992.
Mr. Mathisson is on the Board of Directors for the BATS Exchange, and he is a member of the NYSE's Electronic Traders Advisory Committee (ELTAC). He serves as a contributing writer and regular columnist for Traders Magazine, and his recent publications include a chapter on the effects of regulatory change on markets in "The Handbook of Electronic Trading." In August of 2008, he was named #6 on Institutional Investor's annual list of the 40 most influential people in trading today. Mr. Mathisson graduated from the University of Michigan with a degree in Economics, and he is a Chartered Financial Analyst.
Mr. Michael McAlevey
Michael R. McAlevey joined GE in 2003 as Chief Corporate & Securities Counsel. In 2007 he was promoted to Vice President - Corporate, Securities & Finance Counsel. He is responsible for GE's global securities law, capital raising, corporate law and corporate governance compliance.
Before joining GE, from 1998 to 2001, Mr. McAlevey served as the Deputy Director of the United States Securities and Exchange Commission's Division of Corporation Finance.
Prior to joining the SEC in 1998, Mr. McAlevey was a partner with Alston & Bird LLP in Atlanta, Georgia where his practice focused on capital raising and M&A transactions. From 1999 to 2001 he served as an adjunct professor of law at the Georgetown University Law Center where he taught M&A. Mr. McAlevey is a member of the Committee on Corporate Laws of the American Bar Assoc., and the NYSE Working Group on Proxy Regulation. He also is a member of the NACD's Blue Ribbon Committee on Director Liability and Authority.
In 2005 and 2006, Mr. McAlevey chaired the GE corporate United Way campaign. He is a member of the board of directors of the Mercy Learning Center, a not-for-profit entity located in Bridgeport, Connecticut.
Mr. McAlevey was a law clerk to The Honorable Emmett R. Cox, a judge of the United States Court of Appeals for the 11th Circuit. He is a graduate of the University of Virginia School of Law. He received his undergraduate degree, magna cum laude, from Washington & Lee University, where he was a member of Phi Beta Kappa.
Mr. Justin Schack
Justin Schack is Vice President, Market Structure Analysis at Rosenblatt Securities, an institutional agency brokerage in New York. Schack is the lead writer for the firm's Trading Talk reports, which are widely recognized as an authoritative voice on market structure and the exchange industry. Prior to joining Rosenblatt in February 2008, Schack was Assistant Managing Editor of Institutional Investor magazine, where he oversaw and contributed to coverage of Wall Street and corporate finance. Schack authored more than 20 cover stories during his eight years on the magazine's staff. Before joining II, he was a public-affairs reporter for the Jersey Journal, a daily newspaper in Jersey City, NJ.
His work as been recognized with awards from the National Press Club, the Society of Professional Journalists, the American Society of Business Publication Editors and the North Jersey Press Club. He holds a bachelor's degree in history from Seton Hall University and a Master's degree in history from the University of Connecticut.
Mr. Jeffrey Brown
Jeffrey Brown, with over 27 years of industry experience, heads Charles Schwab's Office of Legislative and Regulatory Affairs in Washington, D.C. Mr. Brown joined Schwab in 2003 as Senior Vice President and General Counsel of Schwab Capital Markets, L.P., where he provided oversight of legal and compliance matters impacting Schwab's affiliated broker-dealers.
In 1981, Mr. Brown began his career in the securities markets as an option trader on the floor of the Philadelphia Stock Exchange. After establishing his own proprietary option trading firm in 1988 and serving as a member of the Board of Governors of the Philadelphia Stock Exchange, Mr. Brown moved to the regulatory side of the industry by joining the U.S. Securities and Exchange Commission in 1992, where he served as Senior Counsel in the Division of Market Regulation.
Upon leaving the Commission in 1995, Mr. Brown became Project Manager and Senior Legal Advisor to a U.S. project to assist the Government of Romania in creating their emerging securities market, which entailed adopting rules and regulations over brokers dealers, collective investment vehicles, clearing agencies and depositories, and self regulatory organizations. Returning to the United States in late 1996, Mr. Brown joined the law firm of Smith, Lodge, and Schneider, which merged into the law firm of Hopkins & Sutter in 1998.
In early 1999, Jeffrey Brown assumed the duties of Vice President for Regulation and General Counsel at the Cincinnati Stock Exchange, which is now the National Stock Exchange. The role of exchange legal and regulatory officer placed Mr. Brown in a position to work on a daily basis with broker-dealers and securities regulators on matters confronting the markets, particularly those matters regarding market structure, competition among markets and self-regulation. In addition, Mr. Brown served as Chairman of Operating Committee of the national market system plan governing Nasdaq securities.
Mr. Lawrence Leibowitz
Lawrence Leibowitz is Group Executive Vice President, Head of US Markets and Global Technology, NYSE Euronext. He is also a member of the NYSE Euronext Management Committee.
Mr. Leibowitz, is responsible for business and product development for the U.S. cash markets. In addition, he will assume responsibility for NYSE Euronext's ongoing equities trading platform integration initiative, the company's global technology systems and development, and its U.S. options business. He reports to Duncan Niederauer, Chief Executive Officer and a Director of NYSE Euronext.
Prior to joining NYSE Euronext, Mr. Leibowitz was most recently with UBS Americas Equities where he served as Chief Operating Officer. He joined UBS Americas Equities as a Managing Director in 2004 when the firm acquired Schwab Capital Markets. He was responsible for several areas including Market Structure, Strategic Planning, Business Analysis, Regulatory Control, and the Broker Services Functions for the Equities Division. At Schwab, he was Co-Head of Schwab Capital Markets. Before joining Schwab in October 2001, Mr. Leibowitz co-founded Bunker Capital, a quantitative hedge fund, in 1996. He also served as CEO of REDIBook ECN and as Managing Director and Head of Program and Quantitative Trading at Credit Suisse First Boston.
In addition to chairing the Nasdaq Quality of Market Committee and serving on the Securities Industry and Financial Markets Association's (SIFMA) Market Structure Committee, Mr. Leibowitz has been a featured speaker at numerous industry forums related to market structure issues. Mr. Leibowitz graduated from Princeton University with a degree in Economics.
Mr. John Nagel
As the Deputy General Counsel and Head of Global Compliance of Citadel Investment Group, L.L.C., John Nagel is responsible for a wide range of regulatory and compliance matters. John leads the design and implementation of Citadel's investment adviser compliance program, provides front-line regulatory support to Citadel's diverse investing and trading businesses in the United States, Europe, and Asia, and handles regulatory inquiries. John has substantial expertise on regulations relating to insider trading, information barriers, listed and OTC derivatives, short selling, margin, position limits, and position reporting. John also is the lead regulatory in-house counsel to Citadel's electronic trading businesses and affiliated broker-dealers.
These affiliated broker-dealers include Citadel Derivatives Group LLC, one the largest options and equities market makers in the U.S. John is the Vice Chair of the Managed Funds Association Regulation Committee and is a member of the Board of Directors of the Boston Options Exchange LLC. In 2008, Institutional Investor News named John one of "20 Rising Stars of Compliance."
Before joining Citadel in January 2004, John spent 7 years as a member of the securities regulatory group at the Wilmer, Cutler & Pickering law firm in Washington, D.C. At Wilmer, John specialized in the regulation of financial institutions and financial markets, and represented broker-dealers, registered and unregistered investment advisers, investment companies, and other financial institutions on securities regulatory, compliance, and enforcement matters. John graduated magna cum laude with a degree in physics from Dartmouth College and graduated with high honors from Duke University School of Law.
Mr. Jerry O'Connell
Mr. O'Connell is Chief Compliance Officer for Susquehanna International Group (SIG), a large market maker and broker organization in stocks and options. During his 13 years at SIG he has been an active participant, and past Chairman, of SIFMA's Trading Committee. Also during these years, he served as Chairman of the NASD's Market Regulation Committee and the Pacific Stock Exchange's Business and Ethics Conduct Committee. Prior to joining SIG, he was Senior Vice President of Regulation and Trading Floor Operations at the Philadelphia Stock Exchange (Phlx). While at the Phlx he was, at various times, Chairman of The Intermarket Surveillance Group (ISG) and Chairman of ISG's Sub-Group on Options. Mr. O'Connell has over 30 years experience with short sale rules as they have applied to market makers and brokers.
Mr. William O'Brien
William O'Brien is the Chief Executive Officer of Direct Edge, the third largest equities marketplace in the United States. Prior to his appointment as Direct Edge CEO in July 2007, Mr. O'Brien was Senior Vice President at The Nasdaq Stock Market, having held senior management positions in Nasdaq's New Listings and Market Data units.
Mr. O'Brien joined Nasdaq in 2004 by way of Brut, LLC, where he had been Chief Operating Officer since 2002, helping lead the company through a period of significant growth and its acquisition by Nasdaq. He originally joined Brut as Senior Vice President and General Counsel in 2000. Mr. O'Brien was an attorney in the Legal Department of Goldman Sachs from 1998 to 2000 and at Orrick LLP from 1995 to 1998. He has a B.A. from the University of Notre Dame and a J.D. from the University of Pennsylvania School of Law.
Mr. Brett Redfearn
Mr. Redfearn is JP Morgan Securities' global head of liquidity and algorithmic trading, as well as the Americas head of products for electronic client solutions within global cash equities. Previously, he was senior managing director in the global equities division at Bear Stearns & Co. where he was responsible for market structure strategy and exchange relationships.
Prior to Bear Stearns, Mr. Redfearn was at the American Stock Exchange where he was senior vice president of business strategy and equity order flow. In addition to serving on the boards of BATS Exchange and BIDS Trading, he is a regular speaker at industry events and chairs the SIFMA Equity Markets and Trading Committee.
Mr. Redfearn received a master's degree from the New School for Social Research in New York and a bachelor's degree from The Evergreen State College in Olympia, Wash.
Dr. James Angel
Jim Angel is an Associate Professor at the McDonough School of Business of Georgetown University. He specializes in the structure and regulation of financial markets around the world, and he has visited over 50 financial exchanges around the world. His current research focuses on short selling and regulation. He teaches undergraduate, MBA, and executive courses, including Financial Crises: Past Present and Future. Other courses include World Equity Markets and Regulation in Financial Markets.
Dr. Angel began his professional career as a rate engineer at Pacific Gas and Electric, where he worked on FERC and CPUC related issues. Along the way he has also worked at BARRA (now part of Morgan Stanley) where he developed equity risk models. He has also served as a Visiting Academic Fellow in residence at the National Association of Securities Dealers (NASD - now FINRA) and also as a visiting economist at the Shanghai Stock Exchange. He has also been chairman of the Nasdaq Economic Advisory Board and a member of the OTC Bulletin Board Advisory Committee.
Dr. Jim received a B.S in Engineering and Applied Science and Economics from the California Institute of Technology, a Masters in Business Administration from the Harvard Business School and a Ph.D. in Finance from the University of California, Berkeley.
Dr. Frank Hatheway
Frank M. Hatheway is Chief Economist of the Nasdaq OMX Group, and is responsible for a variety of projects and initiatives to support the Nasdaq market and improve its market structure. Prior to joining Nasdaq, Dr. Hatheway 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. Dr. Hatheway has served as an Economic Fellow and Senior Research Scholar with the U.S. Security and Exchange Commission. Dr. Hatheway received his Ph.D. in Economics from Princeton University.
Dr. Charles Jones
Professor Jones is the Robert W. Lear Professor of Finance and Economics, Finance and Economics Division at the Columbia Business School of Columbia University. Professor Jones's research focuses broadly on transaction costs, frictions, and market liquidity. He is noted for his research on short sales, and has recently published articles in finance and economics journals on short selling, minimum price increments in the stock markets, and transaction costs. Among other things, he is studying the evolution of transaction costs over the past 100 years, restrictions on short sales imposed in the 1930's, and why venture capital valuations are so low. Jones teaches the elective Debt Markets, and in 2000 was awarded the Singhvi Prize for scholarship in the classroom. Professor Jones received a S.B. in Finance from the Massachusetts Institute of Technology, and Ph.D. in Mathematics from the University of Michigan School of Business Administration.
Dr. Robert Shapiro
Robert J. Shapiro is the co-founder and chairman of Sonecon, LLC, a private firm that provides advice and analysis to senior executives and officials of U.S. and foreign businesses, governments, and non-profit organizations. Dr. Shapiro has advised, among others, U.S. President Bill Clinton and British Prime Ministers Tony Blair and Gordon Brown; private firms such as Amgen, AT&T, Google, Gilead Sciences, NASDAQ, and Fujitsu of Japan; and non-profit organizations including the American Public Transportation Association and the U.S. Chamber of Commerce. He is also Senior Policy Fellow of the Georgetown University Center for Business, director of the Globalization Initiative of NDN, chair of the U.S. Climate Task Force, co-chair of American Task Force Argentina, and director of the Ax:son-Johnson Foundation in Sweden.
Before establishing Sonecon, Dr. Shapiro was the Under Secretary of Commerce for Economic Affairs from 1997 to 2001. In that position, he directed economic policy for the U.S. Commerce Department and oversaw the Nation's major statistical agencies. Prior to that appointment, he was co-founder and Vice President of the Progressive Policy Institute and the Progressive Foundation. He was the principal economic advisor to Bill Clinton in his 1991-1992 campaign and a senior economic advisor to Vice President Albert Gore and Senator John Kerry in their presidential campaigns. In the 2008 U.S. presidential campaign, he advised the campaign and transition of Barack Obama. Dr. Shapiro also served as Legislative Director and Economic Counsel for Senator Daniel Patrick Moynihan and Associate Editor of U.S. News & World Report. He has been a Fellow of Harvard University, the Brookings Institution, and the National Bureau of Economic Research. He holds a Ph.D. and M.A. from Harvard University, a M.Sc. from the London School of Economics and Political Science, and an A.B. from the University of Chicago. Dr. Shapiro is widely published and most recently is author of Futurecast: How Superpowers, Populations and Globalization Will Change the Way You Live and Work (St. Martin's Press, 2008).
Dr. Ingrid Werner
Dr. Werner is the Martin and Andrew Murrer Professor of Finance at the Fisher School of Business at the Ohio State University. Professor Werner has an MBA and an Ekon. Lic. from Stockholm School of Economics, and a PhD from the University of Rochester (1990). She joined the Finance group at Fisher College of Business, The Ohio State University, in 1998, and holds the Martin and Andrew Murrer Endowed Professorship in Finance. She held a National Fellowship at the Hoover Institution (Stanford University) during 1995-1996, she was the 1996-1997 Visiting Research Economist at the New York Stock Exchange, and the 2001-2002 Visiting Academic Fellow at Nasdaq.
Professor Werner served on the Economic Advisory Board of the NASD 1998-2000 and is currently on the Economic Advisory Board of the Swedish Finance Research Institute (SIFR) in Stockholm and on an Academic Advisory Board at Morgan Stanley & Co. She is also currently serves on the Editorial Board of the Journal of Empirical Finance, the Journal of International Financial Markets, Institutions & Money, and the Emerging Markets Finance Journal, and she was an associate editor for the Journal of Finance 2001-2003, and the Review of Financial Studies from 1998-2001. Moreover, she has served as an ad hoq referee for more than twenty other journals in Economics and Finance.
Professor Werner's research interests range from international finance to market microstructure. She has published more than a dozen papers in academic journals and books. In the international finance area, her work on home bias and cross-border securities trading is very well known. In the market microstructure area, she has studied: trading of British cross-listed securities both in London and in the U.S.; interdealer trading on the London Stock Exchange; the trades of NYSE floor brokers; Nasdaq institutional trading; the effect of Nasdaq delistings on firm value and liquidity; and the effect of suspending short-sale price tests on market quality. Current research projects range from disclosure and market efficiency to bankruptcy. Professor Werner is the Director of PhD Programs at the Fisher College of Business. She also teaches International Financial Management and Trading and Markets to MBA students and undergraduates.