Conference Organizer ûProfessor Robert A. SchwartzûHandling the large orders of institutional participants some of the most complex problems for system design. How well are our current systems operating and how effective are new facilities on the scene? To what extent is market quality impaired for all participants when institutional trading costs are not properly contained? Can institutional order flow be efficiently integrated with the orders of retail customers, or are separate facilities needed? What are the impediments to market structure change, and how might they best be overcome? These are some of the questions that will be addressed. In so doing, the conference will consider major ways in which to improve the efficiency of our equity markets. • April 29, 2003