Ops, Tech Execs Named for SEC Market Stability Roundtable
September 28, 2012
Operations executives from the four largest operators of national stock exchanges, as well as heads of technology from brokerages and trading firms will take part in Tuesday’s Securities and Exchange Commission roundtable on the stability of market technology.
The SEC, which announced plans to hold the roundtable on causes and fixes for errors in August, will be looking on October 2 at “ the operational stability and integrity of the securities markets and the ways that market participants design, implement, and manage complex and interconnected trading technologies.”
The one-day roundtable went into the works after the August 1 market disruption when Knight Capital unleashed a flood of erroneous orders onto national exchanges in the first 45 minutes of trading.
But it also comes after a series of disruptions that started with the May 6, 2010 Flash Crash and continued through the failure of the BATS Global Markets initial public offering of its stock in March and the delays in carrying out orders sent in for the first day of trading in Facebook shares on the NASDAQ Stock Market in May.
A first panel of experts will discuss how to prevent errors in the automatic generation and routing of orders, matching trades, confirming of transactions and distribution of market data. This will last from 10:15 a.m. to 12:15 p.m.
The panelists include:
- Sudhanshu Arya, Managing Director, ITG
- Chris Isaacson, Chief Operating Officer, BATS Exchange
- Dave Lauer, Market Structure and HFT Consultant, Better Markets, Inc.
- Dr. Nancy Leveson, Professor of Aeronautics and Astronautics and Engineering Systems, MIT
- Jamil Nazarali, Head of Citadel Execution Services, Citadel
- Lou Pastina, Executive Vice President – NYSE Operations, NYSE
- Christopher Rigg, Partner – Financial Services Industry, IBM
- Jonathan Ross, Chief Technology Officer, GETCO LLC
The second panel, from 2 p.m. to 4 p.m., will focus on how to respond to errors. This will range from how to filter traffic for potential errors, testing and other “real-time processes or crisis-management procedures” and how to “possibly terminate erroneous market activities when they do occur, thereby limiting the impact of such errors.”
That panel includes:
- David Bloom, Head of UBS Group Technology, UBS
- Chad Cook, Chief Technology Officer, Lime Brokerage LLC
- Anna Ewing, Executive Vice President and Chief Information Officer, NASDAQ OMX
- Albert Gambale, Managing Director and Chief Development Officer, Depository Trust and Clearing Corp.
- Saro Jahani, Chief Information Officer, Direct Edge
- Dr. M. Lynne Markus, Professor of Information and Process Management, Bentley University
- Lou Steinberg, Chief Technology Officer, TD Ameritrade
The roundtable discussion will be held in the multi-purpose room of the SEC headquarters at 100 F Street, NE, in Washington, DC on September 14 from 10:00 a.m. to 4:00 p.m.
Seating will be available on a first-come, first-served basis.
The roundtable also will be available via webcast at www.sec.gov.