The Shifting Sands Of Market Structure: Equity Trading In The Spotlight by Milken Institute
Sayena Mostowfi, Principal, Head of U.S. Equities Research, TABB Group
Kevan Cowan, President, TSX Markets; Group Head of Equities, TMX Group
Stephen McCauley, Head of Research, Winton
Seth Merrin, Founder and CEO, Liquidnet Holdings, Inc.
Jamil Nazarali, Senior Managing Director and Head of Execution Services, Citadel Securities
Jatin Suryawanshi, Head, Global Quantitative Strategy, Jefferies
Now that the media euphoria from Flash Boys has died down and the pillars of U.S. equity markets are no longer being called into question, constructive conversations about addressing market fairness and inefficiencies have begun to take shape. With the SEC canvassing a wide swath of stakeholders through its new private sector market structure committee, what lessons can be taken from countries like Canada, Australia and those in Europe? What is the impact of proposals from retail market makers, exchanges and investors and how will their interests be balanced? What do those proposals mean for “ma and pa” and institutional investors seeking liquidity and timely, inexpensive trade execution? Now that algorithms and machines dominate trading, is a complete overhaul needed, or can equity markets continue to evolve? This panel will examine the likely costs and benefits of the different market reforms being considered.