Global Exchange Leader Conference

Reg NMS and the Future of US Equity Market Structure

8:10am-9:10am

The SEC’s proposal to repeal the Order Protection Rule — the heart of the two-decade-old foundation of US equity market structure known as Regulation NMS — has sent waves of concern rippling up and down Wall Street. Many flat-out oppose the plan, worried that it will hurt displayed liquidity, price discovery and market quality in the world’s most-envied equity marketplace. An array of others wants to see substantial revisions that address the potential for negative outcomes and OPR’s interconnectedness with the rest of Reg NMS. What comes next? Our panel, featuring five of the world’s foremost market-structure authorities representing a diverse group of market participants, will analyze every angle.

• Heidi Fischer, Global Head of Equities & Spot Markets, Cboe Global Markets
• Bryan Harkins, President, IEX
• Mehmet Kinak, Global Head of Equity Trading, T. Rowe Price
• Joseph Mecane, Head of Citadel Execution Services, Citadel Securities

Moderator: Justin Schack, Partner & Head of Market Structure, Rosenblatt

European Market Structure & Regulation: Pragmatism vs. Uncertainty

10:30am-11:20am

Tokenization? A pre-trade tape for cash equities? Quantitative thresholds that must be breached before introducing measures to prop up lit markets? Yes, yes and yes. The UK’s Financial Conduct Authority is trying to anticipate what market participants want, while their counterparts in the European Union wish to make evidence-based recommendations. Politicians may yet scupper their plans. Hear an esteemed group of senior industry executives discuss what's coming next.

• Alex Dalley, Head of European Equities, Cboe Global Markets
• Simon Mason, Head of Market Structure, Business Development & Quant Analytics, London Stock Exchange Group
• Adam Matuszewski, Head of Cash Market Products, SIX Swiss Exchange
• Maria Salamanca Mejia, Head of EMEA Market Structure, Morgan Stanley
• ‍Anish Puaar, Head of European Equity Market Structure, Optiver

Moderator: Will Hadfield, European Market Structure Analyst, Rosenblatt

How the Buy Side is Adapting to a New Era for Trading

11:20am-12:10pm

The US equity market is entering a new era, with major proposed regulatory change, the rise of bilateral trading, a steady drumbeat of new venues and AI-powered technological advances all reshaping decisions about how and where to execute. Buy-side head traders face an array of new opportunities and complexities, from evaluating emerging venues to determining how technology can genuinely improve the trading process, all while carefully managing costs in a consolidating industry. This panel brings together leading buy-side voices from a diverse set of firms to examine how they are positioning their desks for a rapidly changing future.

• Jonathan Clark, Head of Equity Trading, Voya Investment Management
• Matthew Jones, Head of Equity Trading, Lord Abbett
• Dan O’Byrne, Head of Trading, Royce Investment Partners
• Eden Simmer, EVP & Head of Global Equity Trading, PIMCO
Moderator: Valerie Bogard, US Market Structure Analyst, Rosenblatt

The Road to Equity Tokenization

1:00pm-1:50pm

In the most crypto-friendly US political and regulatory environment to date, both upstart and incumbent players are pursuing a range of paths toward “tokenizing” stocks and ETFs. What are the benefits of using blockchain technology to represent shares as crypto tokens? And do they justify the potential complications for existing participants in the world’s biggest, most-efficient, most-envied equities market? How long will it all take to happen? We’ll hear how two crypto-friendly firms, traditional clearing-and-settlement utility DTCC and a market maker straddling both worlds are approaching the phenomenon.

• Carlos Domingo, CEO, Securitize
• Tom Farley, CEO, Bullish
• Daniel Gerhardstein, Head of Policy, Jump Trading
• Michael Winnike, Head of Strategy & Market Solutions, DTCC
Moderator: Valerie Bogard, US Market Structure Analyst, Rosenblatt