Third Annual Market Structure Conference  
Sourcing and Managing Liquidity
Navigating Crossing Networks, Dark Pools, Fragmented Markets and Other Changes to Market Structure

January 16, 2007
Bayards, New York City (Map)

   

Preliminary Agenda

8:30      Breakfast with Exhibitors

9:00      Chairperson’s Opening Remarks
               Joe Rosen, President, RKA Inc.
               Former Managing Director, Trading Technology
               New York Stock Exchange

9:15      Opening Roundtable
             Evolution of Market Structure on Sourcing Liquidity
               Moderator:
                 Daniel S. Shaffer, CPA, President
                 Shaffer Asset Management, LLC
               Panelists:
                 Jason McLean, Head of Trading
                 Iridian Asset Management
                 Paul Davis, Retired Senior Managing Director
                 TIAA-CREF
                 Michael Bleich, Senior Vice President, Head of Liquid Strategy Group
                 Lehman Brothers
                 Robert A. Schwartz, Marvin M. Speiser Professor of Finance,
                   University Distinguished Professor
                 Zicklin School of Business
               
10:00    Keynote Address
             How Have Regulatory Efforts Affected Transparency
             and the Search for Liquidity?
               Douglas Shulman, Vice Chairman
               NASD
               President, Markets, Services and Information

10:45    Refreshment Break with Exhibitors

11:00    Impact of exchange Crossing Products on Liquidity
               Moderator:
                 Joe Gawronski, President, Chief Operating Officer
                 Rosenblatt Securities
               Panelists:
                 Brian K. Hyndman, Senior Vice President
                 The NASDAQ Stock Market
                 Jim Ross, Vice President
                 NYSE MatchPoint
                 Andrew Brenner, Managing Director, Head of ISE Stock Exchange
                 International Securities Exchange

11:45    Crossing Networks: Finding Liquidity While Reducing Fees
               Jay Biancamano, Director, Corporate Strategy
               LiquidNet
               Jeff Brown, Vice President - Electronic Brokerage Services
               Fidelity Capital Markets Services
               Michael Bleich, Senior Vice President, Head of Liquid Strategy Group
               Lehman Brothers

12:15    Luncheon with Exhibitors

1:15      Fragmented Liquidity: Tapping into Dark Pools
               Moderator:
                 Michael Hayes, Vice President, Executive Director of Client Services
                 Pipeline Trading Systems, LLC
               Panelists:
                 Eric Karpman, Vice President
                 Bank of New York Asset Management
                 Steven B. Kreichman, Managing Director, Global Portfolio and
                   Electronic Trading
                 Merrill Lynch
                 Brian R. Carr, Chief Executive Officer
                 NYFIX Millennium LLC
                 Joseph Wald, Chief Executive Officer
                 EdgeTrade, Inc.

2:00      Traders' Forum
             How Are Traders Dealing with Market Structure
             Changes in the Quest for Liquidity?
               Moderator:
                 George Sofianos, Vice President, Equity Execution Strategies
                 Goldman, Sachs & Co
               Panelists:
                 Mark Madoff, Co-Director of Trading
                 Bernard L. Madoff Investment Securities LLC
                 Gregory J. Komansky, Vice President, Senior Trader
                 ClearBridge Advisors
                 Dan Mathisson, Managing Director and Head of Advanced
                   Execution Services
                 Credit Suisse

2:45      Refreshment Break with Exhibitors

3:00      Using Algorithms to Access the Widest Range of Liquidity
             pools and Ensure Best execution
               Moderator:
                 Michael Richter, Executive Vice President
                 Lime Brokerage LLC
               Panelists:
                 Harish Devarajan, Managing Director
                 Deep value
                 Chip Murphy, President
                 CJM Securities, Inc.
                 Leslie Boni, Managing Director of Quantitative Strategies and
                   Performance Analytics
                 UNX

3:45      Trading Clusters and Latent Liquidity
               Asani Sarkar, Senior Economist, Capital Markets Research
               Federal Reserve Bank of New York

4:30      Conference Adjourns