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Equity Markets Trading Seminar – Teaching Trading, Liquidity and Market Structure: An Experiential Learning Conference

March 1

Seminar: Friday, March 1, 2019

Pre-Seminar Dinner: Thursday, February 28, 2019

Location:
Zicklin School of Business
Baruch College
151 East 25th Street
Wasserman Trading Floor
Subotnick Center
New York, NY 10010
www.baruch.cuny.edu/map.html

Organizers:
Deniz Ozenbas
Feliciano School of Business
Montclair State University
Co-Director, Schwartz Center for Trading &
Financial Research, Baruch College, CUNY

Robert A. Schwartz
Zicklin School of Business
Baruch College, CUNY

Bruce W. Weber
Lerner College of Business & Economics
University of Delaware

Sponsors

Schwartz Center for Trading & Financial Markets Research

Registration

The registration fee is $275. This fee covers seminar materials, continental breakfast, lunch, and gala dinner, the evening prior to the seminar.

REGISTER 

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:

Baruch College

Attn:  Bursar’s Office

One Bernard Baruch Way

Room H-810

New York, NY 10010

To pay via credit card, please click here

Book a hotel right away! NYC hotel rooms fill quickly!
We can email you a list of hotels within walking distance of Baruch College. We have no special rates or blocked rooms with these hotels. They are only suggestions based on their proximity to the college. We also strongly suggest using travel websites to find the best deals.

Purpose

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.

Computer Simulation

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 DinnerThe 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 OverviewDeniz Ozenbas, Robert Schwartz and Bruce Weber
9:15 am Simulation as a Learning Tool – Andy Novocin, University of Delaware and Bruce Weber
10 am

Trading, Liquidity and Market Structure:  Their Impact on the Marketplace

Moderator:  David Krell, Krell Partners
Ayan Bhattacharya, Baruch College
Phil Mackintosh, Nasdaq
Jim Ross, CODA Markets LLC
Larry Tabb, Tabb Group

10:45 am Coffee Break
11:15 am

Illustrations of Teaching Materials

For a Finance Class – Ozenbas
For a Computer Information Systems Class – Weber
For an Economics Class – Schwartz

12:30 pm Lunch
1:15 pm Running Experiential Exercises – Schwartz and Weber
2:45 pm Coffee Break
3:15 pm

Panel: Furthering the Teaching of Trading, Liquidity, and Market Structure

Moderator:  Akin Sayrak, University of Pittsburgh
Nazli Sila Alan, Fairfield University
Bora Ozkan, Temple University
Michael Pagano, Villanova University

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

 

Details

Date:
March 1

Venue

Wasserman Trading Floor, Subotnick Center
151 East 25 Street
New York, NY 10010 United States
Website:
https://zicklin.baruch.cuny.edu/faculty-research/centers-institutes/subotnick-financial-services-center/