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Trading, Liquidity and Market Structure
De 07/11/2019 a 08/11/2019
Palacio de la Bolsa, Madrid
De 8:30 a 15:00 horas
8,5 horas
400 € Pre-conference dinner and conference lunch included
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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.  

Instituto Español de Analistas Financieros
Baruch College, CUNY

Academics and industry participants

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

 8:30 a.m.        Registration and Coffee

 9:00 a.m.        Welcoming Remarks: Antonio Zoido, Chairman BME

 9:10 a.m.        Overviewof Program: Deniz Ozenbas, Robert A. Schwartz and Bruce W. Weber

 9:30 a.m.        Liquidity: An Elusive Variable. Reto Francioni and Robert A. Schwartz

10:00 a.m.       Coffee Break

10.30 a.m.       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

                Martin Reck, Managing Director, Deutsche Börse Cash Market

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

11:30 a.m.       Topics for Business School Curriculum

       Finance courses: Deniz Ozenbas

      Computer Information Systems courses: Bruce W. Weber

 12:30 p.m.      Lunch

  1:15 p.m.       Simulated Trading – Order Driven Markets: Deniz Ozenbas, Robert A. Schwartz and Bruce W. Weber

  2:45 p.m.       Coffee Break

  3:15 p.m.       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 p.m.        Simulated Trading – Hybrid Markets: Deniz Ozenbas, Robert A. Schwartz and Bruce W. Weber

 5:00 p.m.        Seminar Concludes

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.

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