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PREVIEW: SEC Roundtable on Market Data and Market Access Agenda

Traders Magazine Online News, October 24, 2018

John D'Antona Jr.

Tomorrow the Securities and Exchange Commission will hold a two-day roundtable event to discuss the ongoing conversation regarding the cost of market data and access. The event features several panels and discussions featuring some of the best and brightest. Traders Magazine presents the official agenda below:


Day One – Assessing Current Market Data Products, Market Access Services, and Their Associated Fees

10:30    Opening Statements

10:45 a.m.         

Panel One – Overview of Current Landscape for Market Data Products and Market Access Services

Panel One will discuss the evolution in recent years of market data products and market access services, both those provided by the central securities information processors (SIPs) and those provided directly by national securities exchanges (Exchanges).  Has the evolution of SIP and Exchange products and services affected the ability of market participants to obtain the data and access needed to trade effectively in today’s market structure?

Doug Cifu, Virtu Financial

Chris Concannon, Cboe

Stacey Cunningham, NYSE

Brad Katsuyama, IEX

Mehmet Kinak, T.Rowe Price

Hal Scott, Committee on Capital Markets Regulation

Tom Wittman, Nasdaq

12:15 p.m.          Lunch

1:15 p.m.           

Panel Two – SIP Core Data Products and Exchange Top-Of-Book Data Products

Panel Two will focus on the extent to which SIP data products meet the needs of all or most market participants in today’s market structure.  What are the differences, such as latencies and data content, between the SIP data products and Exchange proprietary products?  What works well and does anything need to be improved with respect to SIP data products?

Oliver Albers, Nasdaq

Matt Billings, TD Ameritrade

Michael Blaugrund, NYSE

Jeff Brown, Charles Schwab

Simon Emrich, Norges Bank Investment Management

Adam Inzirillo, Bank of America Merrill Lynch

Mark Skalabrin, Redline Trading Solutions

2:45 p.m.            Break

3:00 p.m.           

Panel Three – Exchange Depth-Of-Book Data Products and Market Access Services

Panel Three will focus on those Exchange proprietary data products and access services that offer the most content and the lowest latencies.

James Brooks, ICE

Michael Friedman, Trillium Management

Chris Isaacson, Cboe

Vlad Khandros, UBS

Jamil Nazarali, Citadel Securities

Ronan Ryan, IEX

Joseph Wald, Clearpool Group

4:30 p.m.            End of Day One


Day Two – Assessing Potential Steps to Improve Market Data Products and Market Access Services

9:00 a.m.            

Panel Four – Elements of the Core Data Infrastructure

Panel Four will focus on potential steps to modernize the infrastructure for providing the market data products (Core Data) and market access services (Core Access) that market participants need to trade effectively in today’s market structure (collectively, the Core Data Infrastructure).  Should Exchanges disseminate Core Data directly from their respective data centers as a means to minimize geographic latencies?  If data vendors and market participants could obtain direct access to Core Data, would the current SIP model with a central plan processor be improved if there were multiple data aggregators?

Robert Bartlett, UC Berkeley 

Michael Blaugrund, NYSE

Isaac Chang, AQR Capital Management

Adam Nunes, Hudson River Trading

Paul O’Donnell, Morgan Stanley

Dominick Paniscotti, Nasdaq

Jarrod Yuster, PICO Quantitative Trading

10:30 a.m.          Break

10:45 a.m.         

Panel Five – Governance of Core Data Infrastructure

Panel Five will focus on potential steps to improve the governance of the Core Data Infrastructure.  Issues for discussion may include confidentiality policies, use of executive sessions, conflicts of interest, and voting structure.

Kevin Cronin, Invesco

Hubert de Jesus, Blackrock

Bryan Harkins, Cboe

Emily Kasparov, CHX 

Richard Ketchum, Former FINRA CEO

Michael Masone, Citigroup

John Ramsay, IEX

12:15 p.m.          Lunch

1:15 p.m.           

Panel Six – Funding of Core Data Infrastructure

Panel Six will focus on potential steps to assure that a modernized Core Data Infrastructure is appropriately funded and that the associated fees and revenues are fair, reasonable, and not unreasonably discriminatory.

Greg Babyak, Bloomberg

Adrian Facini, IEX

Bradley Jonas, Quantlab Financial

Marcy Pike, Fidelity Investments

Brian Schell, Cboe

Larry Tabb, Tabb Group

John Yetter, Nasdaq

2:45 p.m.            Break

3:00 p.m.           

Panel Seven – Public Transparency

Panel Seven will conclude the Roundtable by focusing on the information available to the public about data products and access services, including their associated fees, revenues, costs, and respective latencies.

Kevin Carrai, Cboe

Bill Conti, Goldman Sachs

Jeff Davis, Nasdaq

Tyler Gellasch, Healthy Markets

Melissa Hinmon, Glenmede Investment Management

Anthony Masso, Succession Systems

Rich Steiner, RBC Capital Markets

4:30 p.m.            End of Program

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