Academic Sponsor:

Robert A. Schwartz Center For Trading and Financial Markets Research

Industry Sponsors:

Why You Should Attend:

In the tradition of Baruch’s Financial Conferences, an industry review is crucial to discuss the many proposed changes in the works for equity markets’ structure. The conference will provide an update on:

• How equity market structure is evolving and the future implications. Speakers include Jamie Selway, Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission and Tal Cohen, President of Nasdaq.
• Enhancing the dialogue between industry professionals and academics. In industry, trading is recognized as a professional activity; in academia, it typically is not.
• How trading, liquidity and market structure topics are integrated into business school programs and demonstrated methods for teaching equity markets microstructure.
• Implementing experiential learning to give students and non-traders insight into how real-world markets work.

Students today can complete their business school courses without knowing about trading costs, liquidity, the complexities of price discovery, and the realities of market structure. They can graduate clueless about what it takes for professional investors to implement investment decisions in real world, illiquid marketplaces. This knowledge is important, not only for people at trading desks, but also for portfolio managers, corporate executives, regulators, and technology developers.

Computer Simulation:

Experiential learning is increasingly prominent in business school education. Using TraderEx, an equity market simulation model at the conference, enables participants to enter orders into a computer-driven market, generate order flow, and respond directly to these orders. Continuous order driven markets are simulated, along with call auctions, and dealer markets.

Friday, November 13, 2026

8:30 a.m. Registration and Continental Breakfast

8:45 a.m. Welcoming Remarks: Linda Essig, Provost, Baruch College

Morning Sessions: Rethinking Equity Market Structure

9:00 a.m. Keynote Fireside Chat: Jamie Selway, Director for the Division of Trading and Markets, U.S. Securities and Exchange Commission, narrated by Larry Tabb, Director of Market Structure, Bloomberg, LLP

9:30 a.m. Augmenting Liquidity by Market Structure, Robert Schwartz, Zicklin School of Business, Baruch College

10:00 a.m. Market Quality and Liquidity: A Broker’s View
Moderator: Hitesh Mittal, CEO, BestEx Research
Matt Billings, President of Robinhood Financial & Securities, Robinhood
Steve Cavoli, Global Head of Execution Services, Virtu
Joe Mecane, Head of Execution Services, Citadel
Sapna Patel, Head of Americas Market Structure and Liquidity Strategy, Morgan Stanley
Joe Saluzzi, Partner/Co-Founder, Themis Trading

10:45 a.m. Coffee Break

11:00 a.m. Keynote Fireside Chat: Tal Cohen, President, Nasdaq narrated by Jessica D’Alton, Executive Director, Head of Americas’ Market Structure & Liquidity Strategy, UBS

11:30 a.m. Regulation and Innovation in Market Structure: Exchanges and ATSs
Moderator: Dan Labovitz, CEO, GIX LLC
Paul Adcock, EVP, Head of Equities, 24X
Stephen Berte, President, BIDS TRADING
Stefanos Bazinas, Head of Transactions Product Strategy, NYSE
Vlad Khandros, CEO, OneChronos Markets
John Ramsay, Chief Market Policy Officer, IEX

12:15 p.m. Lunch

Afternoon Sessions: Bringing Equity Market Microstructure to the Classroom

2:00 p.m. Marketplace Realities Come to the Classroom
Moderator: Deniz Ozenbas, Professor of Finance, Montclair State University & Co-Director, Schwartz Center, Baruch College, Zicklin School of Business
Nazli Sila Alan, Associate Professor of Finance, Fairfield University
Güzhan Gülay, Associate Professor of Finance, Executive Vice President, Borsa Istanbul
Bora Ozkan, Associate Professor of Finance, Academic Director of MBA Programs, Temple University
Cindy Pan, Assistant Professor of Finance, Susquehanna University

2:45 p.m. Simulated Trading: Order Driven Markets: Bruce Weber, Zicklin School of Business, Baruch College and Andy Novocin, University of Delaware

3:45 p.m. Coffee Break

4:00 p.m. Simulated Trading: Bruce Weber and Andy Novocin

5:30 p.m. Conference Concludes

Registration:

The registration fee is $350. This fee covers the in-person conference, continental breakfast, and lunch. Step 1: Due to limited space, please fill out the preliminary form by clicking on orange registration button below or at the top. Step 2: Once accepted, submit credit card payment through the payment button at bottom. Submit written cancellations by November 7, 2026. Questions, please contact: eileen.stempel@baruch.cuny.edu

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