Agenda For Today’s SEC Roundtable on Market Structure for Thinly-Traded Securities

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Agenda For Today’s SEC Roundtable on Market Structure for Thinly-Traded Securities

Today, SEC staff will host a roundtable that will address the market structure for thinly-traded exchange-listed securities, both equities and exchange-traded products.

The roundtable, which will be held at the SEC’s headquarters at 100 F Street, NE, Washington, D.C., will discuss the challenges faced by participants in the market for thinly-traded exchange-listed securities and potential improvements that might be considered to the market structure for these securities.

The  round table is expected to run from 9:30 AM ET to 3:30 PM ET. Full agenda below.

Click this link to watch a webcast of today’s SEC Roundtable on Market Structure for Thinly-Traded Securities.


9:30 a.m. ET | Opening Remarks by Brett Redfearn, Director, Division of Trading and Markets


9:35 a.m. ET | Commission Staff Presentation

Presentation by Alex Jadin, Special Counsel and Policy Advisor, Division of Trading and Markets, on “Empirical Analysis of Liquidity Demographics and Market Quality for Thinly-Traded NMS Stocks.”

9:45 a.m. ET | Panel One – Challenges in Market Structure Performance of Thinly-Traded Exchange-Listed Equity Securities


Steve Cavoli, Senior Vice President, Virtu Financial
Adam Epstein, Founder, Third Creek Advisors LLC
Brian Fagen, Head of Execution Strategy, Deutsche Bank
Bryan Harkins, Executive Vice President and Head of U.S. Markets, CboeBZX
Frank Hatheway, Chief Economist, Nasdaq OMX Group Inc.
Ovi Montemayor, Managing Director, Financial Markets Services, TD Ameritrade
Ari Rubenstein, CEO, GTS Securities LLC
Jason Vedder, Director of Global Trading and Operations, Driehaus Capital Management LLC


11:45 a.m. ET | Panel Two – Potential Improvements in Market Structure for Thinly-Traded Exchange-Listed Equity Securities


Tal Cohen, Senior Vice President, North American Equities, Nasdaq
Chris Concannon, President and Chief Operating Officer, CboeBZX
Stacey Cunningham, Chief Operating Officer, NYSE Group
Brian Frambes, Co-Head Global Cash Trading, Fidelity Management & Research Co.
Brad Katsuyama, CEO, IEX Group Inc.
Joe Mecane, Head of Execution Services, Citadel Securities
Robert A. Schwartz, Professor of Finance, Baruch College, The City University of New York
Owain Self, Global Head of Execution Services, Millennium Management LLC


2:15 p.m. ET | Panel Three – Market Structure Performance and Potential Improvements for Thinly-Traded Exchange-Traded Products (ETPs)


Josh Kulkin, Head of Trading, Jane Street Capital LLC
David LaValle, U.S. Head of SPDR ETF Capital Markets, State Street Global Advisors
Phil Mackintosh, Global Head of Economics and Research, Nasdaq
Laura Morrison, Senior Vice President and Global Head of ETPs, CboeBZX
Greg Sutton, Managing Director, Citigroup Global Markets Inc.
Charles Thomas, Head of U.S. ETF Capital Markets, Vanguard Group Inc.
Kumar Venkataraman, Professor of Finance, Southern Methodist University
Doug Yones, Head of Exchange Traded Products, NYSEArca


3:30 p.m. ET | End of Program


Learn more HERE.



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