Tag Archives: market structure

Business

SEC Enforcement Issues in the World’s Most Highly Sophisticated Market Structure at HFT Conference

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Golden Networking brings Tech2Trade Expo 2013 (www.Tech2TradeExpo.com), World’s Most Influential Alternative Investments Conference Series, including High Frequency Trading Leaders Forum 2013, “Strategic and Tactical Insights for Investors, Speed Traders, Brokers and Exchanges,” New York City, London, Chicago, Singapore and Frankfurt (www.High-Frequency-Trading-Conference.com).

New York City, NY, USA (July 18, 2013) — Mary Jo White, the recently named chairman of the Securities and Exchanges Commission, had the opportunity to highlight the new priorities for the agency. Enforcement and high-frequency trading figured prominently in the brief to-do-list she presented to members of the Senate Banking Committee.

Further strengthening the enforcement function of the SEC, fair but also bold and unrelenting, was top of mind in her presentation. Investors and all market participants, she said, needed to know that the playing field of the markets was level and that all wrongdoers, individual and institutional, of whatever position or size, would be aggressively and successfully pursued by the SEC. Strong enforcement, she noted, was necessary for investor confidence and was essential to the integrity of financial markets. Proceeding aggressively against wrongdoers was not only the right thing to do, but it also would serve to deter the sharp and unlawful practices of others who must be made to think twice, and stop in their tracks, rather than risk discovery, pursuit, and punishment by the SEC.

The SEC needed, she added, to be in a position to fully understand all aspects of today’s high-speed, high-tech, and dispersed marketplace so that it could be wisely and optimally regulated, which meant without undue cost and without undermining its vitality. High frequency trading, complex trading algorithms, dark pools, and intricate new order types raised for her many questions and concerns. Were they problematic for retail and non-institutional investors? Did they result in unnecessary volatility, or create an uneven playing field? Or did these modern-day features bring benefits such as efficiency, price reduction, and healthy competition to our markets? Did they do all of these things? The experts and studies to date, she claimed, had not been consistent or definitive in their observations and findings about whether and to what extent harm was caused by the current market structure and practices. There must be a sense of urgency brought to addressing these issues to understand their impact on investors and the quality of the markets so that the appropriate regulatory responses could be made. Finally, chairman White committed herself to work not only to ensure that the SEC had the cutting-edge technology and expertise necessary to enable it to keep pace with the markets and its responsibilities to monitor, regulate, and enforce the securities laws, but also to see around the corner and anticipate issues.

To further elaborate on SEC enforcement issues in the world’s most highly sophisticated market structure, Robert Cohen, Assistant Director of Market Abuse Unit, Division of Enforcement, U.S. Securities and Exchange Commission, will keynote High Frequency Trading Leaders Forum 2013 New York City (http://www.HFTLeadersForum.com), July 30th, as part of Tech2Trade Expo 2013 New York City (http://www.Tech2TradeExpo.com).

Cohen joined the Securities and Exchange Commission in 2004. He has been involved in significant enforcement actions involving investment advisers and companies, insider trading, market manipulation, public company accounting and financial disclosure violations. Currently, he is responsible for supervising investigations of large-scale market conduct. Prior to joining the SEC, Cohen was in private practice and served as a law clerk to the Honorable Alexander Williams, Jr., United States District Court for the District of Maryland. He received his J.D. from New York University School of Law, where he served on the Law Review, and received a B.S. from Cornell University.

Golden Networking’s High Frequency Trading Leaders Forum 2013 will examine the speed trading industry from various angles, in an opened and unbiased environment highly conducive to networking. Topics to be discussed at High Frequency Trading Leaders Forum 2013 will include:

– Low Latency: How can Ultra-Low Latency be Achieved for High-Frequency Trading?
– Emerging Markets: How will Emerging Markets from Brazil to China Affect the Scope of High-frequency Trading?
– Robotic Markets: As High-frequency Trading Embraces Robotic Markets Worldwide, How Will Participants be Able to Find new Opportunities to Sustain Alpha Creation?
– Regulatory Impact: With High-frequency Trading in the Spotlight, how will New Regulations Change the Industry?
– The Future of HFT: How will High-frequency Trading Evolve in Ever-changing Technology and Regulatory Environments?

Tech2Trade Expo 2013, to be held in New York City, London, Chicago, Singapore and Frankfurt, is the world’s most influential alternative investments forum for the hedge fund, high-frequency trading and derivatives communities. With dozens of practitioners, experts and regulators speaking in our programs, Tech2Trade Expo 2013 provides hundreds of investors, traders and portfolio managers with the key lessons, proven recipes and penetrating insights they are looking for to capture alpha in up and down markets.

High Frequency Trading Leaders Forum 2013 is produced by Golden Networking (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs and investors. Panelists, speakers and sponsors are invited to download our Information Package or contact Golden Networking directly by calling +1-414-FORUMS0 or sending an email to information@goldennetworking.net.

Media Contact:
Julia Petrova
Media Relations Coordinator
Golden Networking
+1-414-FORUMS0
jpetrova@goldennetworking.net
http://www.goldennetworking.net

Business

Newly Appointed Executive Markets Director, AMF, at World’s Most influential London HFT Conference

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Golden Networking hosts the World’s Most Influential High-Frequency Trading Conference Series, High Frequency Trading Leaders Forum 2013 London “Strategic and Tactical Insights for Investors, Speed Traders, Brokers and Exchanges”, March 21 (www.High-Frequency-Trading-Conference.com).

New York City, NY, USA (March 12, 2013) — Philippe Guillot the newly appointed Executive Director of the Markets Directorate, Autorité des Marchés Financiers, will be speaker at upcoming, Golden Networking‘s High Frequency Trading Leaders Forum 2013 London, “Strategic and Tactical Insights for Investors, Speed Traders, Brokers and Exchanges”, March 21. The Markets Directorate is a new entity formed in 2011 to monitor the markets, infrastructures and market stakeholders. With a headcount of around 40, it reports to the Asset Management and Markets Directorate, run by Arnaud Oseredczuk. The AMF Markets Division monitors financial markets, infrastructures and market stakeholders.

According to Waters Technology’s Steve Dew-Jones, regulators are giving Mifid I-which increased competition-a vote of confidence, but are also highlighting the increased complexity and unintended consequences that followed the legislation. In this regard, Guillot says that “market microstructure is incredibly fragile and we do not know exactly what will happen when we change it.”

Mr. Guillot added: “If you take the minimum resting time proposition, this is something that is very harsh and there is no way back after you have done it because if you put it at 500 milliseconds, afterward it will be very difficult to say, ‘Oh, maybe we should have put it at 480 or 520.’ Look at what happened in Mifid I. If you decide to create competition, it’s very difficult to come back, and you have lots of unintended consequences.”

Mr. Guillot began his career in finance in 1987 at DKL James Capel (now HSBC), where he held various positions focused on financial markets. In 1991 he joined Enskilda Securities as a market maker, first in Paris then in London. In 1998 he moved to Crédit Agricole Cheuvreux in Paris, taking over as head of Facilitation, before being appointed Group Trading Director in 2006, in Paris then London.

Throughout all these years, Mr. Guillot has played an active role in numerous working groups and market authorities dealing with MiFID issues. He was a member of the Securities Trading Committee of the AFME (Association for Financial Markets in Europe), and represented Cheuvreux with the Regulated Markets and MTF (Multilateral Trading Facilities). Mr. Guillot holds a degree in private law from Paris XI University.

The AMF was established by the Financial Security Act of August 1st 2003, and was formed from the merger of the Commission des Opérations de Bourse (COB), the Conseil des Marchés Financiers (CMF) and the Conseil de Discipline de la Gestion Financière (CDGF). The objective in amalgamating these bodies was to improve the efficiency of France’s financial regulatory system and to give it greater visibility. The AMF also lends its support to financial market regulation at the European and International levels.

Mr. Guillot, 50, began his career in finance in 1987, at DKL James Capel (now HSBC), where he held various positions working on the markets. In 1991 he joined Enskilda Securities as a market maker, first in Paris then in London. In 1998 he moved to Crédit Agricole Cheuvreux in Paris, taking over as head of Facilitation, before being made Group Trading Director in 2006, in Paris then London. Throughout all these years Philippe played an active role in numerous working groups and market authorities dealing with MiFID issues. He was a member of the Securities Trading Committee of the AFME (Association for Financial Markets in Europe), and represented Cheuvreux with the Regulated Markets and MTF (Multilateral Trading Facilities).

High Frequency Trading Leaders Forum 2013 is produced by Golden Networking (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs and investors. Panelists, speakers and sponsors are invited to contact Golden Networking by calling +1-414-FORUMS0 or sending an email to info@goldennetworking.net.

Media Contact:
Julia Petrova
Media Relations Coordinator
Golden Networking
+1-414-FORUMS0
jpetrova@goldennetworking.net
http://www.goldennetworking.net