2021, New York

SEC Technology and Trading Roundtable: Promoting Stability in Today's Markets

SEC Technology and Trading Roundtable: Promoting Stability in Today's Markets

The Securities and Exchange Commission hosted a technology roundtable on ways to promote stability in markets that rely on highly automated systems.

The roundtable entitled “Technology and Trading: Promoting Stability in Today’s Markets” took place on October 2 and convened experts on designing, operating, and controlling the systems that form the core of our market’s infrastructure.

Nearly all trading in the equity and options markets depends on the reliable performance of highly automated systems used by investors, broker-dealers, and exchanges and other trading systems.

“Reliance on technology has enabled the markets to achieve extraordinary levels of speed and efficiency,” said SEC Chairman Mary L. Schapiro. “But with technology comes a responsibility for getting it right, minimizing errors and protecting the interests of investors.”

Recent events have highlighted some of the risks of increasingly complex and interconnected trading systems, setting aside the larger public debate regarding high frequency trading. The roundtable discussions will be focused on the design and control of all types of automated market systems. When these systems do not work as intended, the failures can directly harm not only the operator of the system but in some cases a range of other innocent parties.

“The roundtable is part of the Commission’s ongoing effort to keep pace with the rapid changes in market structure and technology over the last several years,” said Chairman Schapiro. “I look forward to hearing the views of experienced technologists on how we can strengthen the stability of our market structure while still preserving the many benefits of electronic trading.”More...Video: Morning Session

  • Sudhanshu Arya, Managing Director, ITG
  • Chris Isaacson, Chief Operating Officer, BATS Exchange
  • Dave Lauer, Market Structure and HFT Consultant, Better Markets, Inc.
  • Dr. Nancy Leveson, Professor of Aeronautics and Astronautics and Engineering Systems, MIT
  • Jamil Nazarali, Head of Citadel Execution Services, Citadel
  • Lou Pastina, Executive Vice President — NYSE Operations, NYSE
  • Christopher Rigg, Partner — Financial Services Industry, IBM
  • Jonathan Ross, Chief Technology Officer, GETCO LLC

  • Video: Afternoon Session

  • David Bloom, Head of Group Technology - Americas
  • Chad Cook, Chief Technology Officer, Lime Brokerage LLC
  • Anna Ewing, Executive Vice President and Chief Information Officer, NASDAQ OMX
  • Albert Gambale, Managing Director and Chief Development Officer, Depository Trust and Clearing Corp.
  • Saro Jahani, Chief Information Officer, Direct Edge
  • Dr. M. Lynne Markus, Professor of Information and Process Management, Bentley University
  • Lou Steinberg, Chief Technology Officer, TD Ameritrade

  • - Panelists

    - Agenda

    - Panelist Bios

    - Comments