www.ici.org

ICI Capital Markets Conference 
October 10, 2013 
New York, NY

Program

7:30–9:00 a.m.

Registration and Continental Breakfast


9:00–9:30 a.m.

Opening Remarks 

Karrie McMillan
General Counsel
Investment Company Institute

Keynote Speaker

Scott D. O’Malia                                    
Commissioner
Commodity Futures Trading Commission


9:30–10:30 a.m.

The Influence of Economics in Order Routing, Order Execution, and Attracting Order Flow: Examining the Impact on Price Discovery and Integrity of the Quote

  • Addressing investor concerns regarding liquidity rebates, access fees, and other incentives for directing order flow
  • Increased transparency regarding order routing and execution practices as a solution?
  • Impact of the internalization of orders and issues surrounding establishing price improvement requirements
  • Examining the pros and cons of establishing a trade-at rule

Ari Burstein, Moderator
Senior Counsel
Investment Company Institute

Gregg E. Berman
Associate Director, Office of Analytics and Research, Division of Trading and Markets
U.S. Securities and Exchange Commission

Andrew Brooks
Vice President and Head of Equity Trading
T. Rowe Price Associates

Joe Gawronski
President and COO
Rosenblatt Securities

Joe Mecane
Executive Vice President and Head of U.S. Equities
NYSE Euronext

William White 
Head of Equities Electronic Trading
Barclays


10:30–10:45 a.m.

Refreshment Break


10:45–11:15 a.m.        

Keynote Address

Robert Greifeld
CEO
NASDAQ OMX


11:15 a.m.–12:15 p.m.

Giving Investors a Clearer View of Today’s Markets: What the Media and Market Participants Can Do to Help the Public Understand Today’s Trading Issues

  • Examining the impact of media coverage of the markets on investor sentiment
  • Enhancing the media’s understanding of market events to better inform investors
  • How can the media, market participants, and regulators work better together to educate the public on how the markets operate?

Mike McNamee, Moderator
Chief Public Communications Officer
Investment Company Institute

Brian Conroy
President
Fidelity Capital Markets

Francesco Guerrera
Editor, Money & Investing
Wall Street Journal

Tyler Mathisen
Power Lunch Coanchor, Vice President for Strategic Editorial Initiatives, and Coanchor of Nightly Business Report
CNBC

William O’Brien
CEO
Direct Edge

Steve Sachs
Head of Capital Markets
ProShare Advisors


12:15–1:30 p.m.

Luncheon Keynote Address

Duncan Niederauer
Chief Executive Officer
NYSE Euronext


1:30–2:45 p.m.

“Fireside Chat” with Past and Present Directors of the SEC Division of Trading and Markets 

  • Does the current regulatory environment work for today’s market structure?
  • Looking forward—where will the future challenges for the markets develop?
  • What lessons can the industry learn from missteps of the past?

Robert Colby, Moderator
Chief Legal Officer
FINRA

Brandon Becker
Executive Vice President and Chief Legal Officer
TIAA-CREF

Robert W. Cook
Partner
Cleary Gottlieb Steen & Hamilton LLP

William H. Heyman
Vice Chairman and Chief Investment Officer
The Travelers Companies, Inc.

Richard G. Ketchum
Chairman and CEO
FINRA

Andrew M. Klein
Partner
Schiff Hardin

Richard Lindsey
President and CEO
Callcott Group LLC

Annette L. Nazareth
Partner
Davis Polk & Wardwell

John Ramsay
Acting Director, Division of Trading and Markets
U.S. Securities and Exchange Commission


2:45–3:45 p.m.

Addressing Operational Risks in the Markets and Examining the Impact on Investor Confidence

  • Challenging the premise: Are investors really losing confidence in our markets?
  • Is there a need to develop industry best practices to address market disruptions?
  • Discussion of additional regulatory initiatives necessary to lower risks
  • Impact of high-frequency trading and algorithmic trading on market risk

Jamie Selway, Moderator
Head of Electronic Brokerage and Sales
ITG

James R. Burns
Deputy Director, Division of Trading and Markets
U.S. Securities and Exchange Commission

Chris Isaacson
Chief Operating Officer
BATS Global Markets

Matt Lyons
Senior Vice President, Global Trading Manager
The Capital Group

Eric Noll
Executive Vice President, Transaction Services
NASDAQ OMX

Paul M. Russo
Managing Director, Securities Division
Goldman Sachs


3:45-4:00 p.m.

Refreshment Break


4:00–5:00 p.m.

Addressing Problems Specific to Small-Cap and Mid-Cap Stocks

  • Is liquidity truly a problem in small-cap and mid-cap stocks?
  • Discussion of legislative initiatives to increase minimum price increments
  • Prospects for SEC action regarding decimalization and tick sizes
  • Examination of the need for greater market maker compensation and incentives

Brett W. Redfearn, Moderator
Head of Market Structure Strategy for the Americas
J.P. Morgan Securities Inc. 

Joseph Cavatoni
Managing Director, Head of iShares Americas Capital Markets
BlackRock

Michael J. Masone
Director and Counsel, Equities Division
Citigroup Global Markets Inc.

John A. McCarthy
General Counsel
KCG

Robert Minicus
Senior Vice President, Head of Global Equity Trading
Fidelity Management & Research Company


5:00 p.m.

Networking Reception