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PREVIEW: SEC Roundtable on Market Data and Market Access Agenda
Traders Magazine Online News, October 24, 2018
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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