Symposium to Explore U.S. Market Structure and Securities Trading

April 11, 2016

The 10th annual law and business symposium at the University of Virginia School of Law on April 22 will explore U.S. securities trading and current market fragmentation and structure. (Schedule)

Co-sponsored by the Virginia Law & Business Review and the John W. Glynn, Jr. Law & Business Program, “The Modern Structure of U.S. Securities Trading: High-Frequency Trading, Dark Pools, and Regulatory Concerns” will be held from 8:45 a.m. to 2:30 p.m. in Caplin Pavilion.

Panelists will discuss a wide range of topics, including the costs and benefits of high-frequency trading, sponsored access, and dark pools (private exchanges or forums for trading securities); the effect that current market fragmentation has on investors; and the proper regulatory responses to the challenges presented by the current market structure.

“The equity markets have been fragile and volatile in recent years,” said UVA Law professor Andrew Vollmer, director of the John W. Glynn, Jr. Law & Business Program. “Computers and high-speed dominate trading in the stock exchanges and alternative trading systems. The exchanges have seen market disruptions, and charges of unfairness have been leveled at high-frequency traders and dark pools.”

Panelists include regulators, practitioners, scholars and market executives from the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA), WilmerHale, King & Spalding, Vanderbilt Law School, Babson College, the Securities Industry and Financial Markets Association (SIMFA), the Intercontinental Exchange and IEX group.

The symposium will hold a keynote Q&A with Stephen Luparello, director of the SEC’s Division of Trading and Markets, and Robert Colby, the chief legal officer of FINRA, at noon.

Along with the keynote Q&A, the symposium will host four panels with opening remarks from Dean Paul G. Mahoney and Shannon Rice, editor-in-chief of the Virginia Business & Law Review. Vollmer will moderate the final panel of the day, “Realistic Ways to Address Harms from the Current Equity Structure” at 1:15 p.m.

The Modern Structure of U.S. ​Securities Trading: High-Frequency Trading, Dark Pools, and Regulatory Concerns

Friday, April​ 12

8:15 a.m.
Breakfast

8:45 a.m.

Welcome Remarks from the Editor-in-Chief, Shannon Rice
Introductory Remarks by Dean Paul G. Mahoney

9 a.m. 
Panel 1: The Role of High-Frequency Trading, Dark Pools and Sponsored Access in the Current Market Structure

  • Jessica Harris, Senior Trading Investigator, U.S. Commodity Futures Trading Commission
  • Jon Kroeper, Executive Vice President, Quality of Markets, FINRA
  • Brendon Weiss, Co-Head, Government Affairs, Intercontinental Exchange
  • Moderator: Stephen Luparello, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission

10 a.m. 
Panel 2: Supervision and Compliance Responsibilities for Firms Offering Dark Pools and Direct Market Access

  • Andy Brooks, Head, U.S. Equity Trading, T. Rowe Price
  • Dixie Johnson, Partner, King & Spalding; Co-leader, Securities Enforcement and Regulation Practice
  • T.R. Lazo, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association
  • Moderator: Richard B. Evans, Associate Professor of Business Administration, Darden School of Business

11 a.m. 
Panel 3: Market Fragmentation Regulatory Concerns

  • Andre Owens, Partner, WilmerHale
  • John Ramsay, Chief Market Policy Officer, IEX Group Inc.
  • Yesha Yadav, Associate Professor, Vanderbilt Law School

Noon 
Lunch and Keynote Q&A 

  • Robert Colby, Chief Legal Officer, FINRA
  • Stephen Luparello, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission

1:15 p.m.
Panel 4: Realistic Ways to Address Harms from the Current Equity Structure

  • Brandon Becker, Partner, WilmerHale
  • Robert Colby, Chief Legal Officer, FINRA
  • Erik Sirri, Professor, Babson College
  • Moderator: Andrew Vollmer, Professor, University of Virginia School of law

 

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