The Rise of the Pandemic Punter: Retail Stock and Option Trading and Institutional Liquidity
Individual investors, stuck at home during the pandemic and taking advantage of zero commissions and fractional share-trading offered by discount brokers, have rediscovered the joys of speculative trading. They are driving volumes and sometimes price action in US equities and even options. Payments for order flow to discount brokers and volume of off-exchange trades have ballooned, and average daily dollar volume of options surpassed equities for the first time in July. Stocks often move following commentary on social media. In this session, we’ll look at the trends driving retail equity and options trading and the extent to which institutions can interact with retail flow. We’ll also discuss the mechanics of fractional shares and the role of recent stock splits in boosting retail trading.
• Vlad Khandros, Head of Global Market Structure and Liquidity Strategy, UBS
• Justin Schack, Partner and Head of Market Structure, Rosenblatt Securities
• Steve Cavoli, Senior Vice President, Global Execution Services, Virtu Financial
• JJ Kinahan, Chief Market Strategist, TD Ameritrade
Exploring the SEC’s Market Infrastructure Proposals
The U.S. Securities and Exchange Commission’s proposal to revamp a broad range of rules related to the SIP – competing SIP providers, inclusion of odd lots, more depth-of=book information and auction orders, among other things – has stirred a great deal of controversy among market participants. In this panel, we’ll analyze the proposal, debate the pros and cons and discuss the outlook for action on it, given the impending presidential election and the strong possibility of a change in leadership at the SEC.
Moderated by: Mehmet Kinak, Global Head of Systematic Trading, T. Rowe Price
• Phil Mackintosh, Senior Vice President, Chief Economist, Nasdaq
• Timothy J. Stark, Equity Market and Transaction Research, Capital Group
• Adam Inzirillo, SVP, Head of Equities, Cboe Global Markets
• Sapna Patel, Executive Director, Morgan Stanley
October 14 @ 11:45 AM
11:45 AM - 12:30 PM
Adam Inzirillo | Mehmet Kinak | Phil Mackintosh | Sapna Patel | Timothy J. Stark
Using 606 Reports for Best Execution
The U.S. Securities and Exchange Commission’s amended Rule 606 requires broker/dealers to give reports to customers who request it on how the customer’s orders are routed. In this session, we’ll look at how widely buyside firms are requesting the new 606 reports, and how buyside traders use it to refine trading strategy and improve execution.
• Joe Wald, Managing Director, Co-Head of Electronic Trading, BMO Capital Markets
• Shane Swanson, Senior Analyst, Market Structure and Technology, Greenwich Associates
• Ashutosh Thaker, Trader and Data Strategy, Deccan Value Investors
October 15 @ 11:45 AM
11:45 AM - 12:30 PM
Ashutosh Thaker | Joe Wald | Shane Swanson
Moving the Needle on Diversity and Inclusion in the Asset Management Enterprise
The summer’s protests against racism have given renewed urgency to corporations' efforts to increase the diversity of their workforces. What concrete steps can asset managers take to increase the number of underrepresented people working for the firm? What can managers do to make their firms more welcoming to members of such groups, and to foster their advancement within the organization? How should management measure the results of their diversity and inclusion efforts, and over what time scale? In this session, we’ll hear from diversity and inclusion leaders at investment organizations and highlight strategies that can have measurable effects on the representation of disadvantaged groups in their workforces.
Moderator: Jennifer Litwin, VP, Head of Financial Services Sales & Strategy, The Forem
• Ingrid Jacobs, Vice President, Chief Diversity Officer, Eaton Vance Management
• Teresa Woodard, Head of Trading Analytics, T. Rowe Price
• April Taylor, VP, Head of Emerging and Diverse Talent, AllianceBernstein
• Deesha Dyer, Founder and CEO, Hook & Fasten
October 16 @ 11:45 AM
11:45 AM - 12:30 PM
April Taylor | Deesha Dyer | Ingrid Jacobs | Jennifer Litwin | Teresa Woodard
Senior Vice President, Global Execution Services
Steve Cavoli is a Senior Vice President at Virtu Financial, where he leads global execution services and client strategy.Virtu is a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to our clients. As a market maker, Virtu provides deep liquidity that helps to create more efficient markets around the world. Our market structure expertise, broad diversification, and execution technology enables us to provide competitive bids and offers in over 19,000 securities, at over 235 venues, in 36 countries worldwide.Steve joined Virtu after 11 years at Morgan Stanley, most recently serving as a Managing Director in Electronic Trading Americas. Prior to that he was responsible for midwest sales at Instinet.Steve graduated from the U. S. Military Academy at West Point and served as an Infantry Officer.
Head of Global Market Structure and Liquidity Strategy
Vlad Khandros is a Managing Director and Global Head of Market Structure and Liquidity Strategy at UBS, based in New York. Vlad's responsibilities include automated trading solutions, strategic investments and tactical divestitures for UBS. He is Vice Chair of the SIFMA Equity Markets & Trading Committee, advisor to MEMX, and is on the board of the UBS Americas Inc. Political Action Committee (PAC).Prior to joining UBS in 2011, Vlad was Global Co-Head of Corporate Strategy at Liquidnet. At Liquidnet he was responsible for business development including M&A and strategic partnerships, global market structure, and government relations. Vlad was ranked a Rising Star of Finance in 2011 in Forbes Magazine’s 30 under 30 list, a Rising Star of Finance in 2017 in Business Insider's 35 under 35 list, and is part of the Institute of International Finance’s Future Leaders Class of 2019.He has helped create companies and served on boards of companies that resulted in successful exits outside of the office as well. He serves on the boards of such non-profit organizations as the Agahozo-Shalom Youth Village (ASYV), a youth village empowering orphans in Rwanda, and Stay Pawsitive, Inc., an animal welfare charity. He received the POTUS Volunteer Service Award from the President’s Council on Service and Civic Participation for his work with the American Red Cross.
Chief Market Strategist
JJ Kinahan is a more than 30-year industry veteran who began his career as a Chicago Board Options Exchange (CBOE) market maker in 1985, trading primarily in the S&P 100 (OEX) and S&P 500 (SPX) pits for 21 years. While spending his time there primarily as an independent market maker, he also worked for ING Bank and was Managing Director of Option Trading for Van Der Moolen, USA. In 2006, Kinahan joined the thinkorswim Group, which was eventually acquired by TD Ameritrade.Kinahan ‘s responsibilities include overseeing the thinkorswim platform, as well as tos Web and mobile trading platforms. He is also responsible for the TD Ameritrade Network and market structure at TD Ameritrade, which includes the firm’s client advocacy efforts on Capitol Hill, where he voices the needs of retail investors. Prior to this, he has served in a number of roles in the Trading, Education and Product Groups. Kinahan is also a CNBC regular, a Forbes contributor and is frequently quoted in many other respected media outlets. He has authored a Book, Essential Options Strategies. He is a CBOE Advisory Board Member, MEMX Board member and SIFMA Options Committee Vice Chairman. His licenses include the 3, 4, 7, 24 and 66.
Partner and Head of Market Structure
Rosenblatt Securities Inc.
Justin Schack is a Managing Director and Partner at Rosenblatt Securities, an institutional agency broker in New York. Schack heads Rosenblatt’s Market Structure Analysis group, which provides asset managers, exchange groups, proprietary trading firms, regulators and other clients with in-depth intelligence on global market structure and the exchange industry. Schack is a frequent conference speaker and widely quoted as an expert by major media outlets. He also has served on various industry working groups and roundtables aimed at providing public-policy feedback for regulators and legislators. These include the Investment Company Institute working group that provided the SEC with input for its 2018 Rule 606 amendments mandating new order-routing transparency for institutional investors, as well as Nasdaq’s Intelligent Ticks Working Group, which proposed a flexible tick-size regime for US equities in December 2019. Schack also has served on the Market Structure Advisory Committee of the Toronto Stock Exchange and TSX Venture Exchange, testified before the US Securities and Exchange Commission and prepared US Congressional testimony on market-structure issues. In 2014 The Trade magazine named him to its list of the decade’s 100 most influential people in buy-side trading. Prior to joining Rosenblatt in February 2008, Schack spent 14 years as a financial and public-affairs journalist, most recently as Assistant Managing Editor of Institutional Investor, where he authored more than 20 cover stories in eight years on the magazine’s staff. His work in journalism has been recognized with awards from the National Press Club, the Society of Professional Journalists and the American Society of Business Publication Editors. He holds a BA in history from Seton Hall University and an MA in history from the University of Connecticut.
SVP, Head of Equities
Cboe Global Markets
Global Head of Systematic Trading
T. Rowe Price
Mehmet Kinak is a vice president of T. Rowe Price Group, Inc. He is the Global Head of Systematic Trading and Market Structure. Mehmet's primary focus is electronic and program trading, market structure analysis, and transaction cost analysis.He is the Co-Chair of the NYSE Institutional Traders Advisory Committee and serves on the Institutional Traders Advisory Committees of CBOE Global Markets, IEX Group, and Nasdaq. Mehmet previously served as a member of the SEC Equity Market Structure Advisory Committee. He is a board member of the National Organization of Investment Professionals (NOIP) and Chairs ICI’s Equity Market Structure Advisory Committee.Mehmet joined the firm in 2000 and worked as a portfolio accounting associate, investment liaison, portfolio implementation manager, and electronic trader before assuming his current role in 2014. Mehmet earned a B.S. in finance from Virginia Polytechnic University.
Senior Vice President, Chief Economist
Phil Mackintosh is Head of Trading Strategy & Analysis at KCG. The team Phil leads provides commentary, transparency and analysis on market structure, trading and ETFs. This in turn helps investors understand how to leverage technology and improve their trading. Phil has more than 20 years of experience in financial markets. KCG is a leading independent securities firm offering investors a range of services designed to address trading needs across asset classes, product types and time zones. The firm combines advanced technology with exceptional client service across market making, agency execution and venues. KCG has multiple access points to trade global equities, fixed income, currencies and commodities via voice or automated execution.Prior to joining KCG in June 2014, Phil was Managing Director, Global Head of Trading Strategy at Credit Suisse, where he was responsible for in-depth analysis to traders on event trading, statistical trading, beta strategies, trade execution and portfolio hedging. Phil has traded and researched markets in all asset classes, managed index funds, and worked in operational risk and finance roles. His varied positions in the industry contribute to a unique working understanding of international trading and portfolio management, from both the buy and sell sides.Phil holds a Master’s degree in Quantitative Finance, a Bachelor's degree in Commerce and is a Chartered Accountant.
Head of Americas Market Structure & Liquidity Strategy
Sapna C. Patel is the Head of Market Structure and Liquidity Strategy at Morgan Stanley for the Americas and is an Executive Director on the Morgan Stanley Electronic Trading desk. In her current role, Ms. Patel focuses on market structure issues, regulatory developments, order routing and liquidity strategies, as well as business development.Prior to joining the desk in 2008, Ms. Patel spent three years as an institutional equities coverage attorney in the Morgan Stanley Legal and Compliance Division. Ms. Patel began her career at the U.S. Securities and Exchange Commission in the Division of Trading and Markets (formerly the Division of Market Regulation) and held various positions during her five years at the agency.Ms. Patel currently is the Chair of the SIFMA Equity Markets and Trading Committee and previously served as the Chair of the FINRA Market Regulation Committee. She also participates on the STA Market Structure Analyst Committee and on the Cboe Equity Advisory Committee, and is a member of the National Organization of Industry Professionals. Ms. Patel serves on the Markets Media Women in Finance Board and was the recipient of the Markets Media Women in Finance 2015 Excellence in Market Structure award.Ms. Patel holds a Juris Doctorate degree from the University of Maryland School of Law and Bachelor of Science degrees in Criminal Justice and Psychology from American University.
Timothy J. Stark
Equity Market and Transaction Research
Timothy J Stark joined The Capital Group Companies in 2008 and is a member of the firm’s Market and Transaction Research (MTR) group. MTR conducts research into all aspects of equity market structure. The group does everything from traditional TCA to studying market structure and regulatory issues to creating quantitative models of market phenomena. Prior to joining Capital Group, Timothy traded Programs, Risk Arbitrage, and International Equities at Goldman Sachs and at Lehman Brothers. Timothy graduated magna cum laude from UCLA with degrees in Political Science and Economics and is a veteran of the United States Marine Corps.
Senior Analyst, Market Structure and Technology
Shane Swanson is an equities and financial technology expert in the Firm's Market Structure and Technology practice and has over 20 years of industry experience.Prior to joining Greenwich Associates, Shane was the Chief Compliance Officer (CCO) of Thesys CAT LLC, the Plan Processor for the Consolidated Audit Trail (CAT), as well as CCO of CAT NMS, LLC, the exchange and FINRA consortium responsible for the CAT.Shane began his career as outside counsel for Automated Trading Desk, LLC (ATD) and soon joined ATD as General Counsel, eventually becoming Director of Compliance, and, after its acquisition by Citigroup Global Markets, Inc., its CEO. Shane also ran Lava Trading from 2008 - 2010 during his tenure at Citi. In addition, he also held the position of Director of Equity Market Structure at Citadel Securities, LLC.Shane is a graduate of the University of South Carolina and the University of South Carolina School of Law.
Trader and Data Strategy
Deccan Value Investors
Managing Director, Co-Head of Electronic Trading
BMO Capital Markets
Joe is CEO and a Founder of Clearpool Group. Joe is responsible for the execution of Clearpool’s vision and strategic direction. He identifies and executes on growth opportunities, leading all corporate financing initiatives and is responsible for the overall growth and success of the company. Joe has a proven track record, years of industry experience, thought leadership, and public speaking. Prior to Clearpool, Joe was executive vice president at GAIN Capital where he ran GTX, the institutional electronic FX trading business. Prior to Gain, Joe was managing director and head of Knight Direct, Knight Capital Group’s institutional electronic trade execution business. Before Knight Capital, Joe was CEO and co-founder of EdgeTrade Inc., the pioneer developer of agency-only, liquidity seeking algorithms and direct market access technologies for the U.S. equities market. EdgeTrade was sold to Knight Capital Group in 2008. Joe holds a B.S. in Business, Management and Finance from Brooklyn College.
Co-Founder and Executive Director
Deesha Dyer is an award-winning event strategist, community organizer, and speaker who is transforming ideas into causes that create tangible change. A 2019 Resident Fellow for the Harvard Kennedy School Institute of Politics, her career and personal journey reflects an unwavering passion for servant leadership, civic engagement, and social justice.On her journey from a 31-year old community college student intern to social secretary for the Obama White House, Deesha resolved to not only open, but build doors of opportunity, support, and access to others. Deesha worked with the President and First Lady to plan and arrange all official and personal events hosted at the White House. She coordinated the historic visit of Pope Francis, State Dinners with leaders from China, Canada, Italy, Singapore and Italy, and booked legendary acts like Beyonce, Bruce Springsteen, Aretha Franklin and more.Deesha is the co-founder and Executive Director of beGirl.world, an organization that empowers teen girls through global education and travel. In 2019, beGirl.world awarded scholarships to two black female college students who have been accepted into study abroad programs. She also oversees additional initiatives, including Black Girl 44, a scholarship fund for young black women seeking internships in Washington, D.C., and the Deesha Dyer Second Chance Scholarship at the Community College of Philadelphia.Deesha recently completed a two-year tenure at the Ford Foundation. She is a sought after keynote speaker known for delivering engaging talks on topics spanning women in leadership, diversity, wellness and social change. She was named to Marie Claire’s new guard of women changing the world and the Root’s most influential African-Americans. A proud Philly native who currently resides in Harlem, she has been featured in national media outlets including TIME, the New York Times, Elle, Glamour, Marie Claire, Essence, Vogue, Forbes, Travelnoire and Washington Post.
Vice President, Chief Diversity Officer
Eaton Vance Management
Ingrid Jacobs is a vice president of Eaton Vance Management and chief diversity officer. She is responsible for leading efforts to attract, develop and retain a diverse workforce and to foster more inclusive work environments across the firm’s subsidiaries and affiliates. She joined Eaton Vance in 2018.Ingrid has a wealth of experience designing and implementing diversity and inclusion strategies at global corporations. Before joining Eaton Vance, she was head of corporate diversity and inclusion at Raytheon Corporation. Previously, she was global head of diversity and inclusion at Whirlpool Corporation and was associated with Fifth Third Bank, General Electric and Bank of America.Ingrid earned a B.S. in agricultural business from The Ohio State University and a master's degree in human resources development from Xavier University.
VP, Financial Services
Deeply impressed with Alli Young’s vision of an execution platform democratizing career advancement, Jennifer Litwin joined The Forem in early 2020. She is responsible for bringing The Forem’s personalized learning management tech, streaming platform with customized curriculums, and expert coaching to the financial services sector. In addition to running this vertical within The Forem, she also serves as a Career Mentor, sharing the insights and skills she honed over 24 years in the industry.Jennifer’s most recent role was as Senior Vice President and Head of Relationship Management at Greenwich Associates. During a 13-year tenure, she was responsible for leading a large team of relationship managers, spearheaded Greenwich Associates’ RM initiatives with key decision-makers at select priority buy-side institutions, and was a frequent speaker at industry conferences. Prior to this, Jennifer was a senior sales-trader on the Synthetic Guaranteed Investment Contract (GIC) desk at UBS Investment Bank. She began her career as an Associate in the back-office at AIG Financial Products Corp. Jennifer is a recipient of Traders Magazine “Wall Street Women, A Celebration of Excellence 2012 – Crystal Ladder Award”, and was elected to the National Organization of Investment Professionals (NOIP) in 2016.Also a coloratura soprano, Jennifer maintains a concurrent career as a professional freelance musician, with extensive experience as an opera singer, recitalist, and orchestral soloist, and is a voice and piano teacher. Her vocal and performance skills have also played a role in developing curriculum for The Forem, most notably in the form of her “Know Your Voice” presentation. KYV highlights techniques based in classical singing, helping those who wish to enhance their public speaking skills by teaching them to harness the expressive power of their voices. Jennifer earned her Bachelor of Music degree at Oberlin Conservatory, and her Master of Music degree at Yale University.Jennifer is excited to bring her unique skill set, dedication to Diversity & Inclusion initiatives, enthusiasm, and vast professional network to The Forem in order to help reach a wide audience via its powerful platform.
VP, Head of Emerging and Diverse Talent
April L. Taylor’s professional journey has led her to a variety of industries, including manufacturing, management consulting, aerospace and defense, healthcare, and finance, across 9 states. She’s currently the VP, Head of Emerging and Diverse Talent with AllianceBernstein, leading a team to execute the Firm’s campus recruiting and diverse talent strategy. In this role, April is responsible for developing the Firm’s national campus recruiting strategy, aligning with various business unit’s talent needs, creating and enhancing process, and infrastructure, around internship and rotation programs, in addition to developing and executing the diverse recruiting strategy. April is active in her community, enjoys reading, traveling, and relaxing with her furbaby, Sunday. One of her most memorable trips was to South Africa.April is a native of Nashville, TN where she graduated from Tennessee State University, receiving a BS in Electrical Engineering, with a concentration in Computers. A lifelong learner, April later pursued graduate studies – Brandeis University, MS in Software Engineering, Indiana University, Bloomington, for her MBA, in Organizational Management, and obtained her Associate Certified Coach credential, from the International Coaching Federation. April is also a wellness advocate, most recently receiving her Yoga Teacher Certification. April serves on the Board of Governors for the Speed Museum of Art, Alumni Trustee for the Consortium for Graduate Study in Management, and Board Member of the Rocketship Nashville Charter School Network. She was recognized for her exceptional dedication to helping the community, through community service and personal example, as a 2017 YMCA Black Achiever. April continues to share her love of STEM, volunteering at the National Society of Black Engineer’s annual conference, with the NSBE Jr. FIRST Lego League competition. April’s passion is developing people and sharing the power of choice, and it’s readily demonstrated in her personal and professional commitments.
Head of Trading Analytics
T. Rowe Price
Teresa Woodard is the Head of Trading Analytics in Global Trading. Her primary focus is transaction cost analysis. Teresa joined the firm in 2001 as a member of front office systems. She assumed her current role in 2010. Teresa earned a B.A. in Political Science and Spanish from Loyola University Maryland and a Master’s in Liberal Arts from Johns Hopkins University. She is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.