Robert A. Schwartz Center For Trading and Financial Markets Research

Trading, Liquidity and Market Structure

Pre-conference Reception: November 7, 2019

Conference: November 8, 2019

Bolsa de Madrid
Madrid, Spain


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



Bolsa de Madrid
Instituto Español de Analista Financieros
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, and 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, November 7, 2019

6:30 pm   Pre-conference Reception – Location TBA


Friday, November 8, 2019

 8:30 am         Registration and Coffee

 9:00 am        Welcoming Remarks: Antonio Zoido, Chairman and CEO, Bolsa de Madrid

 9:10 am        Overview of Program: Ozenbas, Schwartz and Weber

 9:30 am        Liquidity: An Elusive Variable: Reto Francioni and Schwartz

10:15 am      Coffee Break

10:45 am      Panel: Industry Perspectives on Trading, Liquidity and Market Structure

Moderator: Beatriz Alonso, BME Equity Manager 


Pedro Gurrola-Perez, Head of Research, World Federation of Exchanges

Phil Mackintosh, Chief Economist, Nasdaq

Giuseppe Nuti, Managing Director, Global Head of the Central Risk Book and Data Analysis, UBS

Martin Reck, Managing Director, Deutsche Börse Cash Market


11:45 am       Topics for Business School Curriculum

Finance courses: Ozenbas

Computer Information Systems courses: Weber


12:30 pm        Lunch

  1:15 pm        Simulated Trading – Order Driven Markets: Ozenbas, Schwartz and Weber

  2:45 pm        Coffee Break

  3:15 pm         Panel: Academic Perspectives on Trading, Liquidity and Market Structure

Moderator: Professor Mikel Tapia, Carlos III University


Deniz Ozenbas

Jose Penalva, Universidad Carlos III de Madrid

Gonzalo Rubio, Universidad CEU Cardenal Herrera


 4:00 pm        Simulated Trading – Hybrid Markets: Ozenbas, Schwartz and Weber

 5:00 pm        Seminar Concludes