Preserving Alpha through Successful Execution (Ended)
Essential Insights on Market Structure Today
What's measured can be managed. Explicit trading costs - fees, commission and spreads - are readily quantified, but how does an investment manager minimize the hidden costs - market impact, opportunity cost, execution delay and price slippage? The inability to fully capture the value of an investment decision may be the greatest execution cost of all.
Learn how these aspects of today's equity markets conspire to destroy alpha
- Market Fragmentation
- The rise in off-exchange trading
- Maker-taker pricing
- Proliferation of order types
Michael Thompson, CFA - Partner and Head of Domestic Equity and Derivatives Trading, William Blair Investment Management
Haim Bodek - Managing Principal, Decimus Capital Markets, LLC
Nanette Buziak - Head of Equity Trading, Voya Investment Management
Larry Harris, Ph.D., CFA - Fred V. Keenan Chair in Finance at the USC Marshall School of Business
Members - $45 or FREE with Function Ticket
Student Members - $10
Non-Members - $65
(member pricing underwritten by CFA Chicago)
*Limited sponsorships available, contact Kaugustyn@cfachicago.org
CFA Institute Qualified Activity: Eligible for 2 credit hours
Attire: Business Casual
Menu: Light appetizers and refreshments
3:30 pm - 4:00 pm: Registration & Networking (Sponsored by OCC - The Options Industry Council)
4:00 pm - 5:00 pm: Speaker Presentations
5:00 pm - 5:10 pm: Break
5:10 pm - 6:00 pm: Moderated and Audience Q&A
Hosted by: Education Advisory Group
Michael Thompson, CFA, is a Partner and Head of Domestic Equity and Derivatives Trading for William Blair Investment Management. He joined William Blair in 1997, having previously worked as a Senior Equity Trader and Partner with Brinson Partners from 1991-1997. Prior to that, he was a Security Trading Associate with Principal Financial Group for four years. Michael is a member of the CFA Institute and the CFA Society of Chicago. Thompson is a member of the Security Traders Association of Chicago, currently serving on the Buy-Side Advisory Panel, and previously serving on the Board of Directors. He is also a member of the National Security Traders Association Institutional Advisory Committee and the Institutional Investor Trader Forum Advisory Board. Thompson graduated from Drake University with a B.S.B.A.
Haim Bodek is a Managing Principal of Decimus Capital Markets, LLC, a tactical consulting and strategic advisory firm focused on high frequency trading and U.S. equities market structure. Mr. Bodek was formerly a founder and Chief Executive Officer of Trading Machines LLC, an independent high frequency options trading firm. Prior to his tenure at Trading Machines, Mr. Bodek was a Managing Director and Joint Global Head of Electronic Volatility Trading at UBS. He is an electronic trading executive and algorithmic trading strategist with two decades of experience in the automated trading space. Mr. Bodek's career, experiences, and advocacy for regulatory reform of securities markets are described extensively in Dark Pools by Scott Patterson, a freelance writer and staff reporter for The Wall Street Journal. Mr. Bodek is also the author of two books on market structure, The Problem of HFT and The Market Structure Crisis, as well as the subject of the documentary film The Wall Street Code directed by Marije Meerman. Mr. Bodek is known as a whistleblower who brought attention to several questionable practices of high-frequency traders and trading venues. He is generally credited with unleashing the so-called "order type controversy," which focuses on abusive practices relating to complex nontransparent order types. Mr. Bodek's contributions have influenced the ongoing public policy debate and the rapidly changing landscape for regulatory, enforcement, and litigation issues, and he has actively assisted the SEC in several investigations that resulted in substantial monetary fines and significant changes in practices of certain trading venues, including admissions of inaccurate disclosure.
Nanette Buziak is the head of equity trading, responsible for all facets of equity trading and related operations. Buziak manages a team of traders that transact equities, currencies and futures for their U.S. equity team. Prior to joining Voya Investment Management, she had been a senior portfolio manager at JPMorgan Asset Management responsible for their structured equity portfolios. Her previous experience includes roles as trader and portfolio manager for First Marathon America, Inc.'s domestic convertible bond arbitrage portfolio and was a member of their program trading team. Buziak started her career as a financial analyst at Bear Stearns & Company, Inc. and received a BBA in applied actuarial mathematics from Bryant University and holds FINRA Series 3, 7, 55 and 63 licenses. Buziak is a member of NOIP, the National Organization of Investment Professionals, the ICI Global Trading and Market Structure Committee, SIFMA's Asset Management Group Equity Trading Committee and the FIX Trading Community Global Buyside Committee. She was also the 2011 inaugural year winner of the Trader Magazine Wall Street Women Industry Trailblazer Award.
Larry Harris, Ph.D., CFA, holds the Fred V. Keenan Chair in Finance at the USC Marshall School of Business. His research, teaching, and consulting address regulatory and practitioner issues in trading and investment management. His introduction to the economics of trading, Trading and Exchanges: Market Microstructure for Practitioners, is widely regarded as a "must read" for entrants into the securities industry. Dr. Harris is lead independent director of Interactive Brokers, Inc. (IBKR), director of the Selected Funds, research coordinator of the Institute for Quantitative Research in Finance (the Q-Group), and executive director of the Financial Economists Roundtable. He has served as Chief Economist of the SEC, associate editor of several academic journals, and director of CFA Society Los Angeles. He also has worked for an institutional broker and for a proprietary trading firm. Professor Harris received his Ph.D. in Economics from the University of Chicago in 1982, and is a designated CFA charterholder.
*Special Notes Regarding Fees:
Regular, Candidate, and Affiliate Members may apply function tickets as payment for Non-member or Student-Member. Credit card required to guarantee ALL reservations except for reservations using Function Tickets. Day-of-event registrations accepted on-site only if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted. Cancellations accepted until 5:00 pm, November 23.
Members of any CFA society may attend at the CFA Society Chicago member rate. If you are only a member of CFA Institute, you do not qualify for the society member rate.
CFA Institute CE Qualified Activity
This program qualifies for credit under the guidelines for the CFA Institute Professional Development Program.
Content shared during CFA Society Chicago programs is not, and nothing in it should be construed as, an offer, invitation or recommendation of any specific financial services company or professional, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. By registering for and attending this event, you acknowledge that any photographs that may be taken are the property of CFA Society Chicago and give your consent to their use in CFA Society Chicago's online and print business communications and marketing.