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Trading, Liquidity, and Market Structure

October 7, 2022 at 8:30 am - 5:00 pm EDT


Conference: October 7, 2022

Baruch College
Zicklin School of Business
151 East 25th Street
Wasserman Trading Floor
Subotnick Center
New York, NY 10010


Deniz Ozenbas
Co-Director, Schwartz Center, Baruch College
Feliciano School of Business
Montclair State University

Robert A. Schwartz
Co-Director, Schwartz Center, Baruch College
Zicklin School of Business
Baruch College, CUNY

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







Security Traders Association (STA)





The objective of this seminar is twofold: (a) to call attention to how education concerning trading, liquidity and market structure topics can be integrated into business school programs, and (b) to enhance the dialogue between industry professionals and academics. In industry, trading is recognized as a professional activity; in academia, it typically is not. 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:

Simulations are increasingly prominent in business school education. An equity 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. 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.


Friday, October 7, 2022

8:30 am

Registration and Coffee

9 am

Welcoming Remarks: Fenwick Huss, Willem Kooyker Dean, Zicklin School of Business at Baruch College

9:10 am

Opening Remarks: Conference Organizers Deniz Ozenbas, Robert Schwartz and Bruce Weber

9:15 am

Keynote: Jim Toes, President and CEO, Security Traders Association (STA)

9:45 am

Panel: Liquidity, Markets, and Trading in Action

Moderator: Phil Mackintosh, Chief Economist, Nasdaq

Deniz Ozenbas, Montclair State University

Michael Pagano, Villanova University

Robert Schwartz, Zicklin School of Business at Baruch College

Bruce Weber, University of Delaware

10:30 am

Coffee Break

10:45 am

Using Simulation as an Experiential Teaching Tool
Robert Schwartz, Bruce Weber, and Mark Abrams


11:30 am

Simulated Trading – Order Driven Markets: Bruce Weber and Andy Novocin, University of Delaware

1 pm


1:45 pm

Price Discovery Noise:
Robert Schwartz and Jian Hua, Zicklin School of Business at Baruch College

2:15 pm

Panel: Academic Perspectives on Trading, Liquidity and Market Structure
Moderator: James Ross, Apex CODA Markets

Amber Anand, Syracuse University
Padma Kadiyala, Pace University
Petter Kolm, NYU Courant
Tanseli Savaser, Vassar College


3 pm

Open Discussion

3:15 pm

Coffee Break

3:45 pm

Simulated Trading: Bruce Weber and Andy Novocin, University of Delaware

5 pm

Seminar Concludes


The registration fee is $275. This fee covers seminar materials, continental breakfast, and lunch.



Please print the registration form and fax to Eileen Stempel at 646-312-3530 or email to Eileen.Stempel@baruch.cuny.edu.

After you have registered, please submit payment by credit card.

Pay by Credit Card


October 7, 2022
8:30 am - 5:00 pm EDT


Wasserman Trading Floor, Subotnick Center
151 East 25 Street
New York, NY 10010 United States
+ Google Map


Robert A. Schwartz Center for Trading & Financial Research