The Future of Global Trading Markets
Monday, May 2, 2011 / 2:30 pm - 3:40 pm
Joseph Dear, Chief Investment Officer, California Public Employees' Retirement System (CalPERS)
Harold Bradley, Chief Investment Officer, Ewing Marion Kauffman Foundation
Seth Merrin, Founder and CEO, Liquidnet
Duncan Niederauer, CEO, NYSE Euronext
Mike Novogratz, Principal, Fortress Investment Group
Almost exactly a year ago, the Dow plunged 600 points in the span of just five heart-stopping minutes, then recovered in the blink of an eye. One of the wildest days in Wall Street history, sparked by a single trade placed by a mutual fund in Kansas, laid bare the risks of ultra-high-speed, high-frequency trading built on computer algorithms. But the technology that powers most trading platforms is just part of the story in the fast-changing world of global trading. Other issues include the growth of ETFs, secondary markets, stock loans, derivatives and credit default swaps. How can we ensure more transparency in these new financial instruments? Should international exchanges harmonize their systems so traders can't exploit their differences? And most important of all: How can regulators contain these systemic risks and maintain a level playing field for ordinary investors?