MATH Briefing – 4th Quarter 2016: The Role of Market Structure in the US Economy: Why Innovation Matters
DescriptionWell-functioning financial markets are integral to the growth of the U.S. economy, making it possible for businesses to access necessary funding as well as providing opportunities for investors to make productive use of their savings. How these markets are structured and regulated can significantly impact their effectiveness. Regulators face a never-ending set of trade-offs in which they must consider consumer protection, financial stability, and economic growth. Technology has transformed and will continue to transform our financial markets and spur innovation. This session will discuss the innovations taking place in market structure today and their impact on market quality: speed and fairness, market stability and resilience, market data, and small-cap liquidity including the SEC’s newly launched “tick size” pilot program to help the needs of smaller companies and their investors.
Jamil Nazarali is head of execution services for Citadel Securities. He oversees Citadel Securities’ client market making offerings in equities and options. Prior to joining Citadel Securities in 2011, Nazarali was global head of electronic trading at Knight Capital Group. Previously, he was a management consultant at both Ernst and Young and Bain and Company. Nazarali serves on the Board of Directors of BATS Global Markets. He is also a member of the SEC Equity Market Structure Advisory Committee, Nasdaq Quality of Markets Committee and the SIFMA Market Response Committee. Nazarali received a bachelor’s degree from the University of Western Ontario and a MBA from the University of Chicago.
Eric Noll is president and chief executive officer of Convergex. He is a member of the SEC Equity Market Structure Advisory Committee and chair of the Market Quality Subcommittee. Prior to joining Convergex he was executive vice president, transaction services at Nasdaq OMX where he was responsible for all U.S. and U.K. equity, options and futures exchanges. Noll launched Nasdaq Liquidity Exchange in London and led the re-platforming of Nasdaq Futures Exchange. He was also responsible for Espeed and the Nasdaq fixed income business as well as all access services revenue lines including co-location, ports, memberships, cross-connects, microwave offering, and pre-trade risk management. From 1994 to 2009, he was managing director with Susquehanna International Group. Noll received his A.B. from Franklin and Marshall College, where is a member of the Board of Trustees, and earned his MBA from Vanderbilt University.
Joseph Gawronski is the president and chief operating officer of Rosenblatt Securities. Gawronski is formerly a securities lawyer with Sullivan & Cromwell, a vice president in the equities division with Salomon Smith Barney and chief operating officer of Linx, an alternative block trading system. He is a member of the Advisory Board of the Journal of Trading and a member of the Board of the National Organization of Investment Professionals. He received his B.A. in public and international affairs at Princeton University and his J.D. from Harvard Law School.
Jim Angel is associate professor of finance at the McDonough School of Business at Georgetown University, where he teaches in the graduate and executive programs. Angel specializes in the structure and regulation of financial markets around the world, and he has visited over 70 financial exchanges around the world. Angel has served as a visiting academic fellow in residence at the National Association of Securities Dealers (NASD – now FINRA) and also as a visiting economist at the Shanghai Stock Exchange. He has also been chairman of the Nasdaq Economic Advisory Board, a member of the OTC Bulletin Board Advisory Committee, and has served on the board of the DirectEdge stock exchanges. Angel received a Bachelor of Science degree from the California Institute of Technology, his MBA from Harvard Business School, and his Ph.D. from the University of California, Berkeley.
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