Equity Markets Trading Seminar – Teaching Trading, Liquidity and Market Structure: An Experiential Learning Conference
Seminar: Friday, March 1, 2019
Pre-Seminar Dinner: Thursday, February 28, 2019
Zicklin School of Business
151 East 25th Street
Wasserman Trading Floor
New York, NY 10010
Montclair State University
Robert A. Schwartz
Zicklin School of Business
Baruch College, CUNY
Bruce W. Weber
Lerner College of Business & Economics
University of Delaware
Schwartz Center for Trading & Financial Markets Research
The registration fee is $275. This fee covers seminar materials, continental breakfast, lunch, and gala dinner, the evening prior to the seminar.
Please print the form and fax to Eileen Stempel at 646-312-3530 or email Eileen.Stempel@baruch.cuny.edu
Seating is limited!
After you have registered, please submit payment as follows:
To pay via check, make check payable to Baruch College – Economics Dept. Equity Markets Trading Seminar. Please include registrant’s name and Account number A20-25-02 in memo of check.
Please send to:
Attn: Bursar’s Office
One Bernard Baruch Way
New York, NY 10010
To pay via credit card, please click here
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In industry, trading is recognized as a professional activity; in academia, it is not. Yet, we build glitzy educational trading floors in our business schools. While our investments courses deal with risk and return; it should be risk, return and liquidity. Investing involves stock selection; trading involves the implementation of an investment decision, and trade execution matters. However, students today can complete their business school courses without knowing about trading costs, the complexities of price discovery, and the realities of market structure, and they can graduate clueless about what it takes for professional investors to implement investment decisions in real world marketplaces. Accordingly, the purpose of this seminar is twofold: (a) to call attention to how teaching trading, liquidity and market structure topics can be integrated into business school programs, and (b) to strengthen educational trading rooms as experiential drivers of this critical component of business school education.
Knowledge of what trading involves and how it is managed is important, not only for people at trading desks, but also for portfolio managers and corporate executives and, in academia, the subject has relevance not just for Finance courses alone. Applicability of the subject matter for Computer Information Systems courses and Economics courses will also be discussed.
Simulations are increasingly prominent in business education. A market simulation, TraderEx, will be used in the seminar. TraderEx is an interactive simulation model developed by Schwartz and Weber that enables participants to enter orders into a computer-driven market that generates order flow, and responds directly to participants’ orders. Participants can see their results in real-time, and can analyze their decisions after a simulation run. Continuous order driven markets are simulated, along with call auctions, a block trading facility and hybrid combinations. Participants gain experience by competing with each other in a networked environment and assessing performance afterward.
Thursday, February 28, 2019
|6:30 pm||Pre-Seminar Cocktails and Dinner – The Blue Bell Cafe, 293 Third Avenue (between 22nd and 23rd Streets)|
Friday, March 1, 2019
| 8 am
||Registration and Coffee|
|8:45 am||Welcoming Remarks: H. Fenwick Huss, Dean, Zicklin School of Business|
|9 am||Overview – Deniz Ozenbas, Robert Schwartz and Bruce Weber|
|9:15 am||Simulation as a Learning Tool – Andy Novocin, University of Delaware and Bruce Weber|
Trading, Liquidity and Market Structure: Their Impact on the Marketplace
Moderator: David Krell, Krell Partners
|10:45 am||Coffee Break|
Illustrations of Teaching Materials
For a Finance Class – Ozenbas
|1:15 pm||Running Experiential Exercises – Schwartz and Weber|
|2:45 pm||Coffee Break|
Panel: Furthering the Teaching of Trading, Liquidity, and Market Structure
Moderator: Akin Sayrak, University of Pittsburgh
|3:45 pm||Simulated Trading – Schwartz and Weber|
|4:45 pm||Discussion: Teaching Materials – Objectives and Assessment of Learning
Ozenbas, Schwartz and Weber
|5 pm||Seminar concludes|