Rosenblatt’s 16th Annual

Global Exchange Leader Conference

Event by Invitation Only
September 21, 2023
New York City
About GELC
Convene Conference Center
237 Park Avenue
(entrance on Lexington b/w 45th & 46th)

2023 Confirmed Speakers

2023 Confirmed Panels

US Equity Market Structure and Regulation: On the Brink of a New Era?

The Securities and Exchange Commission in December proposed the most-dramatic revamp of equity markets since Regulation NMS a generation ago. But it isn’t stopping there. Also on the docket: a retooling of the 25-year-old Regulation ATS and a potential ban on exchange fee tiers for agency orders. Meanwhile, the marketplace continues to evolve, with elevated retail participation seemingly here to stay, innovative new ATSs gaining market share and exchanges battling to hold their ground. How would behavior change if the SEC adopts its sweeping reforms? Will it heed industry calls to scale them back? Our distinguished panel of exchange, buy-side, and sell-side representatives explores all the angles.

  • Urvashi Batra, Head of Americas Equity Electronic Trading Solutions, Barclays
  • Jon Herrick, Head of Markets, NYSE
  • Mehmet Kinak, Global Head of Systematic Trading and Market Structure, T. Rowe Price
  • Chuck Mack, Head of North American Trading Services Strategy, Nasdaq
  • Eric Swanson, CEO, Americas, XTX Markets

Moderator: Justin Schack, Head of Market Structure, Rosenblatt

European Equity Market Structure and Regulation: Darkest Before the Dawn?

There’s plenty of angst to go around in European equities these days. New-issue activity has plunged, with major companies increasingly choosing foreign financial centers like New York for their IPOs. Secondary trading isn’t much better, as stagnant volumes render already brutal competition among fragmented venues and brokers all the more cutthroat. Meanwhile, post-Brexit regulatory divergence between the United Kingdom and European Union is making things even more complex and costly. Hand-wringing over capital-markets doldrums, however, may be driving interest in regulatory reforms — including a long-awaited consolidated tape and the re-bundling of trading commissions with investment-research payments — as potential fixes. Hear a diverse array of market participants share perspectives on what the future holds.

  • Rosa Armesto, Deputy Director General, Federation of European Stock Exchanges
  • Cathy Gibson, Global Head of Trading, Ninety-One
  • Virginie Saade, Head of Government and Regulatory Policy, EMEA, Citadel

Moderator: Will Hadfield, European Market Structure Analyst, Rosenblatt

The Future of Crypto Markets

There’s a dark cloud hanging over cryptocurrency markets. But amid the vast wreckage of the past two years — from the massive collapse of FTX and its aftershocks to the Securities and Exchange Commission’s aggressive enforcement campaign against the industry’s biggest names — a host of market participants is shaking off the dust and planning for a brighter future. Our panel will present a range of perspectives on both the competitive landscape and the outlook for regulatory change.

  • Ben Kaplan, Co-Founder/Co-CEO, Prometheum
  • Gavin Michael, CEO, Bakkt
  • Jamil Nazarali, CEO, EDX Markets
  • John Palmer, President, Cboe Digital

Moderator: Andrew Bond, Senior FinTech Equity Analyst, Rosenblatt

The Many Hats of the Buy-Side Head Trader

Rarely have times been more challenging for buy-side trading desks. With US equity volume and retail participation still far higher than before the pandemic — and markets roiled by continued economic worries — every day brings the prospect of a new “meme” stock or macro shock to keep traders on their toes. Meanwhile, new venues, order types, and segmentation schemes continue to transform the execution landscape. And regulators have proposed massive market-structure reforms that could upend trading workflows, with more on the way. As if that’s not enough to keep head traders busy, margin pressure and consolidation in the asset management industry are a constant backdrop, forcing managers to do more with less and utilize ever-evolving technology to their advantage. In this panel, top traders from an array of institutions discuss how they stay on top of it all.

  • Ashley Banfield, Co-Head, Global Execution Strategy, Fidelity Investments
  • Jonathan Clark, Head of Equity Trading, Voya Financial
  • Peder Viervoll, Head of Quantitative Trading, Norges Bank Investment Management.
  • Michael Warlan, Head of Trading and Operations, Third Avenue Management

Moderator: Valerie Bogard, Market Structure Analyst, Rosenblatt

Alternative Trading Venue Innovators

For much of the past two decades of market-structure evolution, critics have delivered a familiar refrain: too many venues, too little innovation. But lately, new players have arrived on the scene with unique approaches to pairing buyers and sellers, including AI-powered matching engines, parent-order trajectory crossing, and cutting-edge auctions. These venues have been providing traders with alternatives to standard price-time priority models — and gaining market share. Three CEOs of such pools share their views on today’s alternative-venue landscape and what tomorrow is likely to bring.

  • Armando Diaz, CEO, Purestream Trading Technologies
  • Roman Ginis, CEO, Imperative Execution
  • Vlad Khandros, CEO, OneChronos Markets

Moderator: Valerie Bogard, Market Structure Analyst, Rosenblatt

Global Regulators: Views from Outside the US

The US Securities and Exchange Commission has proposed the biggest revamp of equity-market-structure rules in a generation, prompted by worries about rising off-exchange activity and conflicts of interest facing brokers amid surging retail-investor participation. But the SEC isn’t the only regulatory body grappling with such issues. Market watchdogs in a host of other jurisdictions around the world face similar challenges. How much dark, off-board trading is too much? When does order segmentation become problematic? How do reforms passed in the US affect the rest of the world, and vice-versa — particularly when some stocks are listed in multiple jurisdictions? Our panelists, senior officials from regulatory authorities outside the US, offer their perspectives on these impactful topics.

  • Patrice Aguesse, Head of the Market Regulation Division, within the Regulatory Policy and International Affairs Department, Autorité des marchés financiers
  • Susan Greenglass, Director, Market Regulation, Ontario Securities Commission

Moderator: Justin Schack: Head of Market Structure, Rosenblatt

Event Agenda

Thursday, September 21, 2023
7:00am-8:00am
Registration/Buffet Lunch
8:00am-8:05am
Welcome Remarks: Joe Gawronski, CEO, Rosenblatt Securities
Joe Gawronski President of Rosenblatt Securities
Joe Gawronski
CEO
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
8:05am-9:05am
US Equity Market Structure and Regulation: On the Brink of a New Era?
Urvashi Batra
Urvashi Batra
Head of Equities Electronic Trading Solutions in Americas
Barclays
Barclays
Jon Herrick
Jon Herrick
Chief Product Officer
NYSE Group
NYSE Group
Mett Kinak
Mett Kinak
VP, Global Head of Equity Trading
T. Rowe Price
T. Rowe Price
Chuck Mack
Chuck Mack
Vice President, Head of North American Trading Services Strategy
Nasdaq
Nasdaq
Eric Swanson
Eric Swanson
CEO, Americas
XTX Markets
XTX Markets
Moderator:
Justin Schack headshot
Justin Schack
Head of Market Structure
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
9:05am-9:35am
Mike Novogratz
Mike Novogratz
Founder & CEO
Galaxy Digital
Galaxy Digital
Moderator:
Andrew Bond headshot
Andrew Bond
Senior Research Analyst
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
9:35am-10:05am
Robert Cook
Robert Cook
President & CEO
FINRA
FINRA
Moderator:
Justin Schack headshot
Justin Schack
Head of Market Structure
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
10:05am-10:25am
Morning Break
10:25am-11:15am
European Equity Market Structure and Regulation: Darkest Before the Dawn?
Rosa Armesto
Rosa Armesto
Deputy Director General
Federation of European Securities Exchanges
Federation of European Securities Exchanges
Cathy Gibson
Cathy Gibson
Global Head of Trading
Ninety One
Ninety One
Virginie Saade
Virginie Saade
Head of Government & Regulatory Policy, EMEA
Citadel
Citadel
Moderator:
Will Hadfield headshot
Will Hadfield
Analyst (Europe)
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
11:15am-11:45am
Stéphane Boujnah
Stéphane Boujnah
CEO
Euronext
Euronext
Moderator:
Will Hadfield headshot
Will Hadfield
Analyst (Europe)
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
11:45am-12:25pm
Global Regulators: Views from Outside the US
Patrice Aguesse
Patrice Aguesse
Head of the Market Regulation Division, Regulatory Policy & International Affairs Department
Autorité des marchés financiers | AMF
Autorité des marchés financiers | AMF
Susan Greenglass
Susan Greenglass
Director, Market Regulation
Ontario Securities Commission
Ontario Securities Commission
Moderator:
Justin Schack headshot
Justin Schack
Head of Market Structure
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
12:25pm-1:25pm
Lunch Break
1:25pm-2:10pm
The Many Hats of the Buy-Side Head Trader
Ashley Banfield
Ashley Banfield
Co-Head, Global Execution Strategy
Fidelity Investments
Fidelity Investments
Jonathan Clark
Jonathan Clark
Head of Equity Trading
Voya Investment Management
Voya Investment Management
Peder Viervoll
Peder Viervoll
Head of Quantitative Trading
Norges Bank Investment Management
Norges Bank Investment Management
Michael Warlan
Michael Warlan
Head of Trading and Operations
Third Avenue Management
Third Avenue Management
Moderator:
Valerie Bogard Headshot
Valerie Bogard
Analyst
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
2:10pm-2:40pm
Haoxiang Zhu
Haoxiang Zhu
Director, Division of Trading & Markets
U.S. Securities and Exchange Commission
U.S. Securities and Exchange Commission
Moderator:
Justin Schack headshot
Justin Schack
Head of Market Structure
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
2:40pm-3:10pm
Billy Hult
Billy Hult
CEO
Tradeweb
Tradeweb
Moderator:
Andrew Bond headshot
Andrew Bond
Senior Research Analyst
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
3:10pm-3:30pm
Afternoon Break
3:30pm-4:15pm
Alternative Trading Venue Innovators
Armando Diaz
Armando Diaz
CEO
PureStream
PureStream
Roman Ginis
Roman Ginis
CEO
Imperative Execution
Imperative Execution
Vlad Khandros
Vlad Khandros
CEO
OneChronos
OneChronos
Moderator:
Valerie Bogard Headshot
Valerie Bogard
Analyst
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
4:15pm-5:00pm
The Future of Crypto Markets
Ben Kaplan
Ben Kaplan
Founder & Co-CEO
Prometheum
Prometheum
Gavin Michael
Gavin Michael
CEO
Bakkt
Bakkt
Jamil Nazarali
Jamil Nazarali
CEO
EDX Markets
EDX Markets
John Palmer
John Palmer
President
Cboe Digital
Cboe Digital
Moderator:
Andrew Bond headshot
Andrew Bond
Senior Research Analyst
Rosenblatt Securities
Rosenblatt SVG logo on a 16x9 background
5:00pm-6:00pm
Cocktail Reception