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Trading, Liquidity and Market Structure
Trading, Liquidity and Market Structure
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Fechas:
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Lugar:
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Horario:
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Duración:
8,5 horas
Precio:
400 € Pre-conference coctel-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.  

Patrocinadores
Instituto Español de Analistas Financieros
NASDAQ
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

 

Thursday, November 7, 2019

6:30 p.m.        Pre-conference Reception – Madrid Stock Exchange

 

Friday, November 8, 2019

 8:30 a.m.       Registration and Coffee

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

 9:10 a.m.       Overviewof Program: Ozenbas, Schwartz and Weber

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

Panelists:

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: Ozenbas

Computer Information Systems courses: Weber

 

12:30 p.m.       Lunch

  1:15 p.m.      Simulated Trading – Order Driven Markets: Ozenbas, Schwartz and 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

Panelists:

Deniz Ozenbas

Jose Penalva, Universidad Carlos III de Madrid

Gonzalo Rubio, Universidad CEU Cardenal Herrera

   

 4:00 p.m.       Simulated Trading – Hybrid Markets: Ozenbas, Schwartz and 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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