Robert A. Schwartz Center For Trading and Financial Markets Research

Teaching Trading, Liquidity and Market Structure: An Equity Markets Conference


Pre-Conference reception: March 5, 2020

Conference: March 6, 2020

Location: 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 


Robert A. Schwartz Center for Trading & Financial Markets Research, Baruch College, CUNY


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.

Thursday, March 5, 2020
6:30 p.m.
Pre-conference Reception – Location TBA
Friday, March 6, 2020

8:30 a.m.

Registration and Coffee

9:00 a.m.

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

9:10 a.m.

Opening Remarks: Ozenbas, Schwartz and Weber

9:15 a.m. 

Liquidity: An Elusive Variable: Reto Francioni and Schwartz

10:00 a.m.

Open Discussion

10:15 a.m.

Coffee Break

10:45 a.m.

Panel: Industry Perspectives on Trading, Liquidity and Market Structure
Moderator: Larry Tabb, Tabb Group

Phil Mackintosh, Chief Economist, Nasdaq
Giuseppe Nuti, Head of Machine Learning & AI, UBS Global Markets
Jim Ross, Managing Director, Coda Markets
Jim Toes, President & CEO, Security Traders Association


11:30 a.m.

Simulated Trading – Order Driven Markets: Ozenbas, Schwartz and Weber

1:00 p.m.


1:45 p.m. 

Topics for Business School Curriculum
Finance courses: Ozenbas
Computer Information Systems courses: Weber

2:15 p.m.

Panel: Academic Perspectives on Trading, Liquidity and Market Structure
Moderator: Professor Lin Peng, Baruch College

Deniz Ozenbas
Asli Ascioglu, Bryant University
Shankar Narayanan, City University of New York
Lei Yu, New York University


3:00 p.m.

Open Discussion

3:15 p.m.

Coffee Break

3:45 p.m.

Simulated Trading – Hybrid Markets: Ozenbas, Schwartz and Weber

5:00 p.m.

Seminar Concludes


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

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 Conference.  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

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